Kazakh Industry and Construction Minister Yersaiyn Nagaspayev met with President of the Islamic Development Bank (IsDB) Group Muhammad Sulaiman Al Jasser as part of his working visit to Jeddah, Saudi Arabia.

Talks focused on the current state and prospects of cooperation between the IsDB and financial institutions of Kazakhstan, as well as expanding investment interaction in key economic sectors such as industrial infrastructure and utility system modernization. Special attention was placed to implementing joint projects aimed at sustainable development and boosting the country’s investment appeal.

The meeting resulted in the signing of a framework agreement between the IsDB and Kazakhstan’s Industrial Development Fund on raising funds in the amount of 1.3 billion US dollars for financing the construction and modernization of special economic zones and industrial zones, as well as an agreement between the IsDB and the Kazakh Industry and Construction Ministry on the provision of a technical assistance grant totaling 1.3 million US dollars.

The documents signed establish a solid financial and institutional foundation for infrastructure modernization within zones, as well as are a key step toward strengthening strategic partnership between Kazakhstan and the Islamic Development Bank, said Nagaspayev.

It is worth noting that the IsDB grant will enable Kazakhstan to enhance SEZ management mechanisms, digitize processes, and implement modern administration standards, as well as improve the professional competencies of management companies

By implementing these measures, Kazakhstan will create a transparent, efficient zone model tailored to attract investment and develop export-oriented production.

Source : https://www.gov.kz/memleket/entities/mfa-jeddah/press/news/details/1171830?lang=kk