The parties signed the relevant agreement at the UN Climate Change Conference (COP29) held in Baku. Deputy Prime Minister and Minister of National Economy Nurlan Baybazarov noted that this is the largest project financed by the Islamic Bank in history, El.kz cites primeminister.kz.
In addition, the Islamic Development Bank (IDB) will allocate a grant of $3.5 million for the development of the water sector of Kazakhstan.
The IDB will also participate in the implementation of the project ‘Development of Climate Resilient Water Resources’ developed by the Ministry of Water Resources and Irrigation. Earlier the parties signed the Protocol of negotiations on the first phase of the project.
The first stage of the financed project envisages construction of 4 new and reconstruction of 4 existing reservoirs, reconstruction and overhaul of 115 canals, including the Astana reservoir recharge project. Construction works will take place in Akmola, Almaty, Zhambyl, Kyzylorda, Turkestan, West Kazakhstan regions, Zhetisu region and Astana city.
In addition, the project envisages technical cooperation between IDB and the Ministry in the study of water and river basin problems by the Kazakh Research Institute of Water Management, as well as evaluation of the implementation of early response systems for the Information and Analytical Centre for Water Resources.
This includes plans to technically equip the Republican State Enterprise Kazvodkhoz and build an automation centre to improve water management.
"The Head of State has repeatedly emphasised the importance of attracting investment in the water sector. We are facing the task of modernising and adapting water infrastructure to the ongoing climatic changes. Financing by such a reputable institution as the Islamic Development Bank demonstrates the high confidence in our country, the investment policy and the ongoing socio-economic reforms," Nurlan Baibazarov noted.