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Kazakhstan strategy

Kazakhstan’s macroeconomic performance was strong for most of the past decade. A combination of better macroeconomic policies, structural reforms and high prices for its main exports contributed to rapidly rising incomes, robust consumption, increasing FDI inflows, and the emergence of an urban middle class. But certain vulnerabilities were magnified by the global financial crisis starting in mid-2007.

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Challenges

Kazakhstan faces a number of strategic challenges. The global economic and financial crisis highlighted its excessive dependence on primary industries and commodity exports: it is necessary to diversify the economy towards value-added industries. It is also important to reform the financial sector and ensure that it emerges from the crisis with a sustainable business and funding model. Remaining transition gaps in the country’s infrastructure, including shortages and imbalances in power and energy, and transport bottlenecks, also need to be filled.

The EBRD and Kazakhstan

EBRD will assist Kazakhstan promote economic diversification and move towards a more sustainable model of financial development.

In its support to the corporate sector, the Bank will address immediate financing needs as part of the EBRD’s crisis response, while promoting economic diversification and innovation, best business and environmental practices, and energy efficiency.

In developing the financial sector, the EBRD will work with Kazak authorities and other IFIs to help formulate a sustainable financial model. It will also work towards transforming the infrastructure sectors - pivotal to further economic diversification and longer-term sustainable growth.

Last updated 21 April 2010

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