IsDB President Confers with the President of the Republic of Kazakhstan on ways to boost ongoing cooperation

Jeddah- Kingdom of Saudi Arabia, 24 July 2022 - President of the Islamic Development Bank (IsDB) and Group Chairman, HE Dr. Muhammad AL Jasser, met, today, in Jeddah,  with Kazakhstan President, H.E. Mr. Kassym-Jomart Tokayev, to discuss issues pertaining to the cooperation between the Bank and the Republic of Kazakhstan.

On this occasion, Dr. Muhammad Al Jasser praised the cooperation between the IsDB Group and the Government of Kazakhstan and reiterated the Bank’s full commitment and continued support for member countries to respond to their development challenges.  “Our meeting, today, is a testimony of the strong partnership between the Republic of Kazakhstan and the IsDB Group. I would like to avail myself of this opportunity to express sincere gratitude and appreciation to the esteemed Government of Kazakhstan for its continued support to IsDB Group, for hosting the IsDB regional office for 25 years, and for being one of the first countries to approve subscription to IsDB's 6th General Capital Increase,” he stated.

While welcoming the meeting, H.E. Mr. Kassym-Jomart Tokayev congratulated H.E. Dr. Al Jasser for his election at the helm of the IsDB Group and praised IsDB for being a trusted development finance partner of the Government of Kazakhstan. He lauded the exemplary cooperation between IsDB and Kazakhstan and thanks H.E Dr. Muhammad Al Jasser for the IsDB Group’s support to the efforts of his government to improve the lives of its people. “Kazakhstan is committed to the partnership with IsDB and we are looking forward to boost the ongoing cooperation with the IsDB Group,” he declared.

Under Kazakhstan’s National Program, the government plans to construct 1,000 new schools by 2025, establish and equip university clinics in five cities by 2025, reconstruct 11,000 km of roads, and rebuild 53 water treatment facilities in 27 cities. The IsDB has already expressed a willingness to participate in financing the national program and has  engaged with all concerned line ministries on the subject projects.

As of March 2022, the IsDB Group has approved total financing of about US$1.6 billion for Kazakhstan. This includes US$625.5 million project financing by IsDB; US$172 million approved by ICD; US$810 million trade operations by ITFC, and US$37.9 million by other IsDB Group funds and operations. In addition, ICIEC has provided US$2.2 billion as business insured and US$1.8 billion as new insurance commitments.

Kazakhstan, which has been a member of IsDB since November 1995, has confirmed its participation in the 6th General Capital Increase.