AIIB, Kazakhstan discuss regional presence and $2.2 billion project portfolio
The possibility of opening a regional office of the Asian Infrastructure Investment Bank (AIIB) in Kazakhstan to cover Central Asian and CIS countries was discussed by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin and AIIB President Zou Jiayi on the sidelines of the second Tian Shan Forum for Central Asia Economic Cooperation, Qazinform News Agency reports, citing the Ministry of National Economy.
The Kazakhstani side expressed its readiness to provide the necessary support for implementing the initiative.
The meeting focused primarily on the practical implementation of the Framework Partnership Agreement between the Government of Kazakhstan and the AIIB. The agreement expands opportunities to attract financing, including direct loans from the bank for specific projects, broadens the range of available financial instruments and simplifies their implementation mechanisms.
Over the past 10 years of cooperation with the AIIB, five projects worth a total of $1.6 billion have been completed in Kazakhstan. Eight more projects, worth approximately $2.2 billion, are currently underway in energy, healthcare, infrastructure modernization and other sectors.
On the same day, Zhumangarin also met with Yingming Yang, Vice-President at the Asian Development Bank (ADB) for South, Central and West Asia.
Since beginning cooperation with the ADB 32 years ago, Kazakhstan has implemented more than 154 projects, including technical assistance initiatives, with a total value of approximately $7 billion.
The two sides discussed preparations for the ADB's new Country Partnership Strategy for Kazakhstan for 2028-2032.
Zhumangarin stressed that the strategy should take into account the country's ongoing structural transformations, changing economic conditions and long-term development priorities.
Kazakhstan is also interested in expanding cooperation with the bank in public-private partnerships, attracting private investment and developing infrastructure.
On the sidelines of the forum, the deputy prime minister also met with Pakistan's Federal Minister for Investment, Qaiser Ahmed Sheikh. The sides discussed expanding trade and economic cooperation, attracting investment and developing transport connectivity.
According to Zhumangarin, the potential for increasing bilateral trade is estimated at approximately $645 million across 218 product categories.
