Government • 06 June, 2018

EBRD President Suma Chakrabarti names three breakthrough investment spheres of Kazakhstan

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The 31st plenary session of the Foreign Investors’ Council chaired by the President of Kazakhstan N. Nazarbayev is held June 6 in Astana.

The subject of the plenary session is "Accelerated Modernization." In his speech, the President of the European Bank for Reconstruction and Development Suma Chakrabarti described the three breakthrough investment areas in Kazakhstan, reports

"This is the annual meeting of the Foreign Investors’Council, I believe this is a very important date for each participant. I think that the transformation that is taking place in the country is incredible. Kazakhstan is really a country with an average income level and this new status brings new interesting opportunities and puts new risks. We need to strengthen work in accelerating modernization, it is especially important to talk about future cooperation between Kazakhstan and the EBRD. Today we see when two partners work on a common goal and reach it," Chakrabarti said.

For all the years of cooperation, the EBRD's investments in Kazakhstan amounted to about $9 billion.

"Together we are trying to speed up the modernization. This gives us very high hopes for its acceleration. I would like to point out three main areas. I would call them breakthrough. I would like to congratulate all those who took part in the signing of investment agreements on PPP BAKAD. This is the first project in Central Asia that works on the basis of modern international practices, gives a powerful signal to the world that Kazakhstan can attract more foreign direct investment," the EBRD president said.

Secondly, Suma Chakrabarti noted Kazakhstan's progress in the field of renewable energy. The transfer of Kazakhstan's economy to green lines is vital for the modernization of the country and makes Kazakhstan even more competitive.

"Today, a joint project of the Clean Technology Fund and the EBRD allows us to finance new solar installations, and we have already signed a new project worth $38 million," Chakrabarti said.

The third successful investment sphere is the Astana International Financial Centre.

"This is a big priority in the EBRD's work. We are very excited about the potential of the AIFC," Suma Chakrabarti said.

Also during his speech at the plenary session, the EBRD head expressed his admiration for the pace of Kazakhstan's development.

"The admiration for Astana and Kazakhstan as a whole is something I always note when I come here. It's worth it. I am very proud to be a co-chairman of the Foreign Investors’ Council, and I heartily welcome the further changes that are taking place now, as well as the dialogue between investors and the Government of the country. Such a dialogue, I believe, plays a crucial role in accelerating our work to modernize Kazakhstan," he said.

In an interview with the reporters of, Suma Chakrabarti noted that he has come to Kazakhstan for the sixth year already.

"I like that Kazakhstan always develops, all the time in motion. Plus it is the progressive dynamics. It learns from other countries, shows some lessons for other countries. Here, of course, we cannot fail to recognize the importance of leadership of the Head of State and a strong team of ministers, as well as the younger generation that shapes the future, the private sector. I look very optimistic about Kazakhstan's further future," Suma Chakrabarti said.

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