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Kazakh FM and World Bank discussed cooperation issues

Фото: MFA

Фото: MFA 07.08.2024 19:15 575

First Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Akan Rakhmetullin met with Andrei Mikhnev, the World Bank Country Manager for Kazakhstan, and Zafar Hashimov, the Regional Director of the International Finance Corporation (IFC). The meeting focused on the current projects and initiatives of the World Bank and IFC in Kazakhstan, and future cooperation priorities, El.kz cites MFA.

Akan Rakhmetullin underscored the crucial support of the World Bank and IFC as principal partners for Kazakhstan. Their support has enabled the successful implementation of numerous joint projects that have made a positive contribution to the country’s socio-economic development. In the current economic climate, these projects are of critical importance in supporting Kazakhstan’s new economic direction.

The parties reaffirmed their commitment to ongoing projects in both the public and private sectors. They also emphasized the importance of strengthening bilateral cooperation and attracting investment to achieve national goals and promote economic growth.

Andrei Mikhnev also noted that the World Bank’s involvement in Kazakhstan will expand under the upcoming Partnership Strategy for 2026-2030, which will outline key strategic priorities. Lately, the World Bank has approved financing for two projects with the goal of providing equal access to quality and affordable broadband infrastructure in remote rural areas and supporting policy reforms for sustainable and equitable growth.

Zafar Hashimov emphasized that the IFC, a leading global development institution focused on the private sector, is committed to fostering new markets and opportunities in Kazakhstan. In order to achieve this goal, the IFC is engaged in a number of strategic initiatives. Since 1993, the IFC has allocated over 2.5 billion US dollars to finance projects across a range of sectors within the Kazakh economy.

The discussions also addressed strategies and tools to combat climate change, including the reduction of methane emissions in the oil and gas sector. Furthermore, the potential of surface geothermal energy as an alternative renewable source to mitigate environmental impact was discussed.