WEEKLY REVIEW: Kazakhstan takes measures to improve investment climate, expanding cooperation with the World Bank

On Monday, April 28, the interior minister Kalmukhanbet Kassymov reported that the number of police officers will increase the security of living in Astana. This is due to lack of coverage of the population. Forces working in the capital are provided only for 240 thousand people. While the last census showed an increase up to 810,000 people.

First Deputy Minister of Regional Development Kairbek Uskenbayev said Monday that Kazakhstan's cattle meat export potential increased by 5 times. Vice Minister also noted about expected inflow of investments, including from Russian Federation, in the border areas of our country.

Tuesday, April 29, Minister of Economy and Budget Planning Yerbolat Dossayev said that he plans to take additional measures to improve the investment climate in the country. The Central Asian country particularly intends to establish unilateral visa-free requirements for most of the developed countries for a period of 90 days and provide investor visas for the heads of structural departments in foreign companies, he said.

The terms of the lease on agricultural lands for foreigners who invest in commodity agricultural production will also increase. At the same briefing which took place in Central Communications Service, Regional Development Minister Bolat Zhamishev said that the government has approved the Comprehensive Plan for the development of small and medium business based on the recommendations of the Organization for Economic Cooperation and Development.

The same day, Deputy Prime Minister - Minister of Industry and New Technologies Asset Issekeshev said that Kazakhstan entered the top ten countries in terms of "Protecting the rights of investors" according to the Global Competitiveness Report of the World Economic Forum.

On Wednesday, April 30, The Government of Kazakhstan and the International Bank for Reconstruction and Development (IBRD) have signed two loan agreements amounting to 102.9 million U.S. dollars for the project of modernization of irrigation infrastructure and 36 million U.S. dollars for the project on institutional strengthening of justice in Kazakhstan.

On Thursday, May 1, President of Kazakhstan Nursultan Nazarbayev held a meeting with top officials of the World Bank in Akorda.

Prime Minister of Kazakhstan Karim Massimov, World Bank's Vice President for Europe and Central AsiaLaura Tuck, IFC's first Vice President for Asia Pacific Karin Finkelston, World Bank Regional Director for Central Asia Saroj Kumar Jha,Executive Vice President of the Multilateral Investment Guarantee Agency of the World BankKeiko Honda, and Permanent Representative of the World Bank in Kazakhstan Sebnem Akkaya participated in the meeting.

The President stressed the symbolic date chosen for the meeting - the Day of Unity of People of Kazakhstan and expressed gratitude to the World Bank for strong support of economic development of Kazakhstan and implementation of important social and infrastructural projects. A framework partnership agreement on strengthening of cooperation aimed at support of sustainable development of Kazakhstan was signed at the meeting between the Government of Kazakhstan, International Bank of Reconstruction and Development, International Finance Corporation and Multilateral Investment Guarantee Agency of the World Bank.

In accordance with the agreement, the World Bank Group will allocate 2.5 billion U.S. dollars to Kazakhstan for diversification of the economy and improvement of competitiveness of Kazakhstan by means of attraction of investments in non-primary sector of the economy, development of entrepreneurship and innovations, promotion of development of small and medium business, development of institutional and human capital and improvement of quality and affordability of the public services measures on ensuring sustainable regional development.

On Friday, May 2, at 47th annual meeting of the Asian Development Bank, the Deputy Prime Minister A.Issekeshev said that Kazakhstan intends to improve the investment climate of the country. The Minister also noted that according to Ernst & Young, leading consulting company in the world, Kazakhstan ranks first among Central Asian states and second among CIS on attractiveness for foreign investors.