Kazakhstan and the Islamic Development Bank (IsDB) have signed a Protocol of Intent providing for financing of up to USD 1.1 billion for the implementation of priority infrastructure projects. The document was signed following a meeting between Advisor to the Prime Minister of Kazakhstan Nurlan Baibazarov and President of the Islamic Development Bank, Dr. Muhammad Sulaiman Al Jasser. The meeting focused on expanding cooperation, particularly in the development of engineering and transport infrastructure within special economic and industrial zones, Kazakh Invest reported.
The implementation of the agreements is expected to attract over KZT 1.6 trillion in investments into the Kazakh economy and create more than 16,000 jobs, accelerating industrialization and economic diversification processes.
This cooperation aligns with the strategic partnership outlined in the Framework Program Agreement signed by Kazakhstan and IsDB in June 2024. Under this agreement, the parties committed to launching joint investment projects worth over USD 8 billion.
The first stage was the financing of a sustainable water resources development project, which involved the largest loan in IsDB history — USD 1.15 billion. The funds are being allocated to the construction and modernization of reservoirs and irrigation canals to enhance Kazakhstan’s water and environmental security.
Further steps were also identified to attract Islamic investments with the participation of national development institutions.
