Astana recently hosted a round table meeting of the Arab Coordination Group (ACG), where discussions centered on the potential financing of $7bn for critical infrastructure and social projects in Kazakhstan.
The ACG includes leading institutions such as the Islamic Development Bank, the Saudi Fund for Development, the OPEC Fund for International Development, the Kuwait Fund for Economic Development, and the Abu Dhabi Fund for Development.
Deputy Prime Minister and Minister of National Economy of Kazakhstan, Nurlan Baibazarov; President of the Islamic Development Bank Group, Muhammad Sulaiman Al-Jasser; heads of Arab investment funds; Kazakhstani government officials; and representatives from quasi-state companies attended the event.
The meeting aimed to explore funding opportunities for Kazakhstan’s priority projects. In his opening remarks, Baibazarov thanked the ACG for its interest in Kazakhstan’s investment prospects.
“Today we are taking the first joint step towards strong and long-term cooperation by holding the first round table meeting of the Arab Coordination Group in the Republic of Kazakhstan. Your support and willingness to cooperate are an important recognition of our country’s potential for us,” Baibazarov voiced.
Discussions covered projects in transport, energy, water resources, and healthcare, and included a presentation of Kazakhstan’s National Infrastructure Plan through 2030. ACG representatives praised Kazakhstan’s socio-economic and infrastructure development efforts.
Key agreements were signed, including the Protocol of the Round Table Meeting, a Framework Agreement on Private Sector Operations between Kazakhstan and the OPEC Fund, and a Protocol of Negotiations between the Ministry of Water Resources and Irrigation and the Islamic Development Bank. These agreements define future collaboration areas and potential projects.
The initial $7bn investment agreement is expected to increase over time. Baibazarov expressed confidence in strengthening the partnership and advancing large-scale projects that will support Kazakhstan’s sustainable development and enhance economic ties with the participating countries.
