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10/9/12

Islamic Development Bank to invest $1 billion in Kazakhstan during 2012-2014

The Islamic Development Bank (IsDB) will invest $ 1 billion into the Kazakhstan’s economy in 2012-2014. Respective partnership strategy was signed October 2, 2012 in Astana, KazTag Agency reports.

“The new strategy enables to (…) channel sizable investments into transport, power industry infrastructure, agriculture, science, regional cooperation projects”, the country’s Minister of Industry and New Technology Asset Issekeshev said before the signing ceremony.

According to the ministry’s press-release, as of the beginning of October the Bank invested into the Kazakh economy a total of $987 million. Cooperation with the Bank dates back to November 30, 1995.

“Further cooperation with the Bank is of great interest to Kazakhstan. Kazakhstan was the first CIS nation to develop a partnership program with the Bank. The current industrial programs in Kazakhstan offer wide opportunities for bilateral cooperation”, President Nazarbayev said following his talks with the Bank’s President Ahmad Mohamed Ali Al-Madani.

Read more: Islamic Development Bank to invest $1 billion to Kazakhstan in 2012-2014. Politics. Tengrinews.kz

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