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By Trend

The European Bank for Reconstruction and Development (EBRD)and the government of the Kazakhstan have identified key areas of cooperation required to continue joint efforts aimed at the modernisation and diversification of the national economy.

The Bank reported that a corresponding protocol was signed by the two parties on Dec.21. The document will provide for the continuation of joint activities in attracting investments, the development of the financial and small business sectors, the stimulation of entrepreneurship and sustainable regional development.

The new three-year accord builds on the Partnership Framework Arrangement (PFA) between Kazakhstan and the EBRD for Enhanced Cooperation for Promotion of Sustainable Development and Growth signed in May 2014.

The PFA provided major impetus to joint activity between the EBRD and Kazakhstan in such areas as municipal infrastructure sector. Also PFA identifies new priority spheres of cooperation, which will include the development of green economy and the renewable energy sector, the improvement of Kazakhstan’s global competitiveness, the preparation of privatisations in the country and many others.

EBRD Director for Kazakhstan Agris Preimanis said that over the past three years the joint work within the Partnership Framework has helped boost investments and has driven forward a number of significant reforms in the country.

"We have jointly achieved tangible results in different areas including SME support, innovation, investment climate, regional development and institutional reforms and municipal sector development to name a few," he said.

The EBRD is the largest institutional investor in Kazakhstan with more than €7.3 billion invested in various sectors of the country’s economy, with a focus on diversification and private sector support.

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