1. Main
  2. Learn
  3. Politics
  4. Politics

Islamic Development Bank to invest $1 billion to Kazakhstan in 2012-2014 03 октября 2012, 13:39

Cooperation with the Bank dates back to November 30, 1995.
IsDB President Ahmad Mohamed Ali Al-Madani. ©REUTERS/Stephanie McGehee IsDB President Ahmad Mohamed Ali Al-Madani. ©REUTERS/Stephanie McGehee
Islamic Development Bank (IsDB) will invest $ 1 billion into the Kazakhstan’s economy in 2012-2014. Respective partnership strategy was signed October 2, 2012 in Astana, KazTag Agency reports. “The new strategy enables to (…) channel sizeable investments into transport, power industry infrastructure, agriculture, science, regional cooperation projects”, the country’s Minister of Industry and New Technology Asset Issekeshev said before the signing ceremony. According to the ministry’s press-release, as of the beginning of October the Bank invested into the Kazakh economy a total of $987 million. Cooperation with the Bank dates back to November 30, 1995. “Further cooperation with the Bank is of great interest to Kazakhstan. Kazakhstan was the first CIS nation to develop a partnership program with the Bank (…) the current industrial programs in Kazakhstan offer wide opportunities for bilateral cooperation”, President Nazarbayev said following his talks with the Bank’s President Ahmad Mohamed Ali Al-Madani. “The partnership program will strengthen cooperation between Kazakhstan and the Bank and deepen interaction of Kazakhstan and Organization of Islamic Cooperation member states, notably in power industry and construction of motor and rail ways”, Ahmad Mohamed Ali Al-Madani said in his turn. The Islamic Development Bank (IsDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation). The bank officially began its activities on 20 October 1975, inspired by King Faisal. There are 56 shareholding member states.

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan