Government • 05 July, 2018

Kazakh PM meets with leadership of Islamic Development Bank and Oppenheimer

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July 5 in the framework of the official launch of the Astana International Financial Center, Prime Minister Bakytzhan Sagintayev held meetings with Managing Director of Oppenheimer Fund John Tonelli and President of Islamic Development Bank Dr. Bandar Mohamed Hamza Hajjar, reports

In the course of the meetings, issues of further cooperation in terms of financing for investment projects in Kazakhstan as well as expanding opportunities of international business were considered.

At the meeting with President of Islamic Development Bank Dr. Bandar Mohamed Hamza Hajjar, prospects for deeper cooperation in the priority sectors of the economy, including agriculture, infrastructure projects, as well as development of science and technologies were considered.

In 1995, after joining the Organization of Islamic Cooperation, Kazakhstan became a member of the Islamic Development Bank. In 2012-2015 in Kazakhstan the IDB realized its first Country Strategy on the territory of the CIS, which allowed attracting about $650 million to the country's economy, in particular, in trade finance, private sector development and insurance. To date, the Bank has approved 67 projects totaling $1.874 billion. The main areas of support for IDB are: the development of transport infrastructure (55.8% of total operations), agriculture (23.3%), small and medium-sized businesses and the financial sector ( 19%), education (1%), health (0.8%), information and communication technologies, sanitary control and city services.

The participants of the meeting noted that the launch of a representative office of the International Islamic Trade Finance Corporation on the basis of the AIFC in Astana will influence the expansion of cooperation between Kazakhstan and IDB.

Dr. Bandar Mohamed Hamza Hajjar informed that the joining the Corporation will contribute to the promotion of Kazakhstan’s national export and mutual trade, as well as open the access to new instruments and stable financial resources and markets of the member states of Organization of Islamic Cooperation. In addition, the joining will allow Kazakhstan to acquire an important experience of mutual trade with the Organization’s member countries, as well as to apply the gained experience and the Corporation’s technologies for the development of exports of finished products.

At the meeting with the Director of Oppenheimer Fund John Tonelli, the company's participation in the privatization of the Samruk-Kazyna Sovereign Wealth Fund, the creation of an infrastructure fund, and the emerging of Kazakh companies in the foreign capital markets were discussed.

Oppenheimer is one of the leading investment banks and a multidisciplinary investment company that provides financial services and advice to investors, individuals, businesses and institutions. Within the framework of the official visit of the President of Kazakhstan to the United States in January 2018, a memorandum was signed for the creation of an infrastructure fund for financing and long-term crediting of infrastructure projects between Oppenheimer and Kazakh Invest NC.

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