UAE’s ADCB plans to triple project financing in Kazakhstan

The meeting focused on expanding the participation of ADCB Group in strategically important projects in Kazakhstan, with the development of the real sector of the economy and modernization of digital infrastructure.

The importance of Kazakhstan’s ongoing economic and institutional reforms, which are helping strengthen the country’s investment appeal, was highlighted. A new investment cycle has been launched under the direction of President Kassym-Jomart Tokayev, alongside a proactive approach to attracting investors.

The prime minister also noted the UAE’s contribution to Kazakhstan’s economic development. Over the past 20 years, Emirati investments in Kazakhstan have exceeded 7 billion US dollars, with around 3 billion US dollars invested over the past two and a half years.

According to the government, ADCB Group’s role in attracting investors from the UAE and other Middle Eastern countries could help Kazakhstan expand and diversify its sources of external financing.

Al Marzooqi, meanwhile, highlighted the bank’s cooperation with Kazakhstan in financing projects in the energy and railway sectors, as well as agreements covering petrochemicals, transport and logistics.

Over the past 15 years, ADCB Kazakhstan has provided financial support to more than 100 business initiatives, with small and medium-sized enterprises accounting for about 90 percent of those projects.

The ADCB Kazakhstan head said the bank intends to triple its financing of projects in Kazakhstan over the next 18 months, from the current level of 2.5 trillion tenge.

Following the meeting, the sides confirmed their interest in further expanding mutually beneficial cooperation.

Earlier, Qazinform reported Kazakhstan and the UAE discussed strengthening bilateral partnership.