WB to allocate USD 2,5 bln to support Kazakhstan's economic diversification

Karim Massimov, Kazakh Prime Minister, Laura Tuck, World Bank Vice President for Europe and Central Asia, Karin M. Finkelston, Vice President, Asia Pacific, International Finance Corporation (IFC), Saroj Kumar Jha, World Bank Regional Director for Central Asia, Keiko Honda, Executive Vice President, Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group, Sebnem Akkaya, World Bank's Country Manager for the Republic of Kazakhstan, participated in the meeting. The Head of the State noted the symbolism of the date of the meeting, which falls on May 1 that is the Unity Day of Kazakhstan and expressed gratitude to the World Bank for the active support given to Kazakhstan's economy and realization of important social and infrastructure projects. The President stressed that the World Bank is the important international economic partner of Kazakhstan and its activity is always highly appraised. At the meeting the Government of Kazakhstan, International Bank for Reconstruction and Development, International Financial Corporation and Multilateral Investment Guarantee Agency signed a Framework Agreement on partnership on strengthening cooperation to contribute to steady development of Kazakhstan. The agreement provides USD 2,5 bln to support Kazakhstan's economic diversification and raising the country's competitiveness through attracting investments, mainly, into non-primary economic sector, entrepreneurship and innovations development, upgrading quality and availability of state services and measures to ensure sustainable regional development. As the President noted, the coordination council will be set up soon to realize the Framework Agreement.