EBRD and Kazakhstan to work on diversification and modernisation of economy

By Anton Usov

BRD and Kazakhstan to work on diversification and modernisation of economy

Global competitiveness, green economy, privatisation and infrastructure among top priorities

The EBRD and the government of the Republic of Kazakhstan have identified key areas of cooperation required to continue joint efforts aimed at the modernisation and diversification of the national economy. A corresponding protocol signed by the two parties today will provide for the continuation of joint activities in attracting investments, the development of the financial and small business sectors, the stimulation of entrepreneurship and sustainable regional development.

The new three-year accord builds on the Partnership Framework Arrangement (PFA) between the Republic of Kazakhstan and the EBRD for Enhanced Cooperation for Promotion of Sustainable Development and Growth signed in May 2014. The PFA provided major impetus to joint activity between the EBRD and Kazakhstan in such areas as municipal infrastructure sector. Also PFA identifies new priority spheres of cooperation, which will include the development of green economy and the renewable energy sector, the improvement of Kazakhstan’s global competitiveness, the preparation of privatisations in the country and many others.

"In current circumstances,, when the global competitiveness of countries depends on investments, technology development, and human capital, the cooperation and support from International Financial Institutions is crucial for our country. In this regard, we put the highest value to expanding cooperation with the EBRD and look forward to a further fruitful partnership." emphasised Minister of National Economy of Kazakhstan Timur Suleimenov.

Agris Preimanis, EBRD Director for Kazakhstan, said: “Over the past three years our joint work within the Partnership Framework has helped boost investments and has driven forward a number of significant reforms in the country. I would like to commend our Kazakh counterparts for the effective work of the Coordination Council and for their financial contribution to various investment projects. We have jointly achieved tangible results in different areas including SME support, innovation, investment climate, regional development and institutional reforms and municipal sector development to name a few.”

The EBRD is the largest institutional investor in Kazakhstan with more than €7.3 billion invested in various sectors of the country’s economy, with a focus on diversification and private sector support.