Kazakhstan, Islamic Development Bank to sign $1.5 bln agreement for water projects

ALMATY. Oct 15 (Interfax) - Kazakhstan and the Islamic Development Bank (IDB) are set to sign a $1.5 billion financing agreement for water projects soon, National Economy Minister Nurlan Baibazarov said.

He said that this year, financial institutions from the IDB Group and investment funds from the Persian Gulf had shown significant interest in investing in Kazakhstan. "We expect to sign the agreement with the Islamic Bank for over $1.5 billion to implement water projects," Baibazarov said during a government briefing on Tuesday.

Additionally, there are preliminary plans to finance around 30 projects in Kazakhstan totaling more than $7 billion. These projects span sectors such as water resource management, construction and renovation of transport infrastructure, healthcare, oil and gas, and education.

Previously, it was reported that the IDB would allocate up to $2 billion for infrastructure projects in Kazakhstan this year, particularly in water management and transport. The Water Resources and Irrigation Ministry of has prepared 16 projects for financing this year, which include the construction and renovation of reservoirs, dams, irrigation canals, control regulators and associated infrastructure.