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Kazakhstan, Islamic Development Bank become strategic partners

October 02, 2012, 12:31 UTC+3

There are 56 shareholding member states in the Bank

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ASTANA, October 2 (Itar-Tass) — At the international conference Day of the Islamic Development Bank (IDB) the signing of the Country partnership Strategy between the Government of Kazakhstan and the IDB for the 2012-2014 period took place. Vice Prime Minister - Minister of Industry and New Technologies Asset Issekeshev signed the document from the Kazakh side, and from the IDB - the bank’s President Ahmad Mohamed Ali.

The Islamic Development Bank is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation). The bank officially began its activities on 20 October 1975, inspired by King Faisal. There are 56 shareholding member states in the Bank.

“The Country Partnership Strategy provides for investment in the economy of Kazakhstan of more than 1 billion US dollars, which will make it possible to direct large-scale investment to the target economy sectors - transport and energy infrastructure, agriculture, science, interregional cooperation,” Issekeshev stressed.

According to the Ministry of Industry and New Technologies, this strategy is a new model of the IDB Group’s medium-term partnership, “which will consolidate its operations in Kazakhstan within the framework of the state program of accelerated industrial-innovative development.”

Kazakhstan joined the IDB on November 30, 1995. To date, the bank’s total volume of financing of projects in the country is 987 million dollars.

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