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WB to continue cooperation with Kazakhstan

14 November 2018 17:35 (UTC+04:00)
WB to continue cooperation with Kazakhstan

By Abdul Kerimkhanov

Kazakhstan and the World Bank eye new prospects of successful cooperation.

Timur Suleimenov, Minister of National Economy of the Republic of Kazakhstan, and Cyril Muller, Vice-President of the World Bank, signed a Protocol on Amendments to the Framework Partnership Agreement, Kazakh media reported.

After signing the document, Suleimenov said that this gives the legal basis to use the extensive experience, expertise of the World Bank.

He stressed that the signing of the agreement is very important for the financial sector of Kazakhstan.

The minister explained that the World Bank group includes an international financial corporation, which deals specifically with investments in the financial sector. Therefore, this framework agreement is of very practical importance for ministry of Kazakhstan, the Government, and the country as a whole.

The Framework Agreement itself was signed on the initiative of the Head of State in 2014. In accordance with the Framework Partnership Agreement with the World Bank, projects are currently being implemented in such priority areas as the development of SMEs, the promotion of productive innovation, the development of human capital, environmental protection, and the reconstruction of roads.

This year, the World Bank proposed to expand the areas of cooperation indicated in the Partnership Framework Agreement, including such areas as assistance in implementing the Development Strategy of Kazakhstan until 2025, deepening cooperation with the OECD, developing PPP, logistics, regional infrastructure, agriculture, and stimulating technological innovation and digitalization.

During the period of cooperation, the World Bank provided loans to Kazakhstan to finance 46 projects totaling over $ 8.1 billion. The World Bank’s project portfolio includes 22 projects, of which seven are ongoing and 15 projects under partnership agreements totaling $ 4.1 billion.

Founded in 1944, the World Bank has 189 member countries, staff from more than 170 countries, and over 130 offices. Today the Bank's work touches nearly every sector that is important to fighting poverty, supporting economic growth, and ensuring sustainable gains in the quality of people’s lives in developing countries.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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