World Bank discusses cooperation with Nazarbayev

President of Kazakhstan Nursultan Nazarbayev has met with the the managing director at the World Bank Sri Mulyani Indrawati to discuss cooperation between the Central Asian country and the World Bank, Tengrinews reports citing Akorda.

The latest framework agreement on cooperation between Kazakhstan and the World Bank was signed in May 2014.

“Indrawati noted the progress achieved by Kazakhstan in regional and global integration. He expressed hope that Kazakhstan would play a key role in ensuring proper use of water and energy resources in the region,” the press office reported.

Nazarbayev and Indrawati discussed economic challenges that Kazakhstan and the world was facing. The Kazakh President noted that the World Bank had been Kazakhstan’s strategic partner since the country gained its independence in 1991. “According to the estimates of the World Bank, Kazakhstan’s share of the population with substandard income that used to amount to 35%, has decreased to 3%,” Nazarbayev said.

“Cooperation between Kazakhstan and the World Bank is very successful and is directed towards helping the diversification of the economy and strengthening the sustainable development process. Signing of the new partnerships agreement and coordination of work of various international organisations in the framework of this agreement are very important for us,” Indrawati said.

Kazakhstan joined the World Bank group in 1992. The World Bank has become Kazakhstan’s major development partner and has funded 41 projects totally worth $6.8 billion.

By Gyuzel Kamalova