Azernews.Az

By Aynur Jafarova

Kazakhstan and the Asian Development Bank (ADB) have signed a new agreement on co-financing.

The agreement was signed between ADB President Takehiko Nakao and Kazakh Prime Minister Karim Massimov during the opening ceremony of the 47th annual meeting of ADB Board of Governors in Astana. Kazakh President Nursultan Nazarbayev also attended the ceremony.

The agreement sets forth a new paradigm for partnership on the country's development agenda.

Enhanced cooperation under the agreement will be co-financed by the program recently announced by Nazarbayev to allocate around 1 trillion tenge ($5.5 billion) from the National Fund to support industrial policy, small and medium enterprises, and the banking sector.

Under the new agreement on co-financing, the ADB will assist the government in implementation of the development program by ensuring the rational and efficient use of the funds attracted from the National Fund.

"This agreement has been built on the fruitful 20-year partnership between the ADB and Kazakhstan with the focus on the diversification of economy, sustainable development and inclusive growth," Nakao said. "We look forward to enhancing our cooperation to facilitate a more diversified economy with improved competitiveness," he said.

ADB is a key development institution in Kazakhstan, delivering a total of $3.2 billion in the form of 25 public sector loans, $31 million for around 68 projects, and $455 million for six private sector projects since 1994.