Deputy PM Zhumangarin highlights World Bank’s role in Kazakhstan’s economic growth
Kazakhstan’s Deputy Prime Minister – National Economy Minister Serik Zhumangarin attended a meeting of the Swiss Constituency of the International Monetary Fund and the World Bank Group on Friday, the press service of the Kazakh Government reported.
In his remarks, Zhumangarin noted that Kazakhstan’s strategic partnership with the World Bank Group, which has continued for more than 30 years, has played a key role in implementing economic reforms aimed at promoting growth, reducing poverty, and developing infrastructure.
The results of Kazakhstan’s national economic development demonstrate a stable upward trend. This year, Kazakhstan’s GDP will exceed 310 billion US dollars, accounting for about 60% of Central Asia’s total economy, stressed the Kazakh Deputy Premier.
Zhumangarin added that Kazakhstan’s economy has been growing by more than 5% for the third consecutive year - 5.1% in 2023 and 5% in 2024. As of January–September 2025, growth reached 6.3%, demonstrating one of the highest rates in the world.
According to him, the high pace of economic growth will continue in the coming years. In the medium term, Kazakhstan has set an ambitious goal - to increase GDP to 450 billion US dollars by 2029, which will require maintaining annual growth rates of 5-6%.
Our country has real and significant opportunities that make it possible to ensure such growth. In this regard, cooperation with the World Bank remains one of the key foundations for timely, confident, and sustainable development, noted Serik Zhumangarin.
He also emphasized the special importance of the new Partnership Framework Agreement (PFA), which defines the priority areas of cooperation between the World Bank and Kazakhstan. The ratification of the Agreement will enable quasi-public sector organizations to attract financing fully in line with World Bank standards.
On the same day, Serik Zhumangarin met with Antonella Bassani, the World Bank Vice President for Europe and Central Asia. The parties discussed prospects for further bilateral cooperation. In particular, the Kazakhstani side proposed exploring potential partnerships in the chemical industry, deep and medium processing in agriculture, transport, as well as the modernization of water supply and irrigation systems, among other areas.
The U.S. side expressed interest in Kazakhstan’s potential for expanding exports, developing logistics, and achieving sustainable annual economic growth of at least 5%, as well as in other areas of the country’s economic development.
Kazakhstan’s delegation also took part in a workshop organized by the International Finance Corporation (IFC), a member of the World Bank Group, dedicated to public-private partnerships (PPP). Representatives of the U.S. side shared their experience in implementing PPP projects in other countries with a strong presence of state-owned enterprises, such as Saudi Arabia, India, and Indonesia. They also presented recommendations for improving the efficiency of PPP project development.
Earlier, Deputy Prime Minister – National Economy Minister Serik Zhumangarin presented Kazakhstan’s investment and economic potential for U.S. business in Washington.
