Islamic Development Bank to invest over $1 bln in Kazakhstan's water projects

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The Islamic Development Bank (IsDB) will allocate $1.153 billion to Kazakhstan for the implementation of a major water project, according to a report by Eurasiatoday.ru.

This project, aimed at improving the resilience of the country’s water resources to climate change, will become the largest initiative in terms of funding in the history of the IsDB.

Support for Sustainable Water Supply

The "Climate-Resilient Water Resource Development" project involves the construction and modernization of key water infrastructure.

Eight new reservoirs, one counter-regulator, and 115 canals spanning 3,450 km will be built in seven regions of Kazakhstan.

These infrastructure changes will provide reliable water supply for more than 332,000 hectares of agricultural land, contributing to the growth of the agricultural sector and the country’s food security.

Kazakhstan’s Minister of National Economy, Nurlan Baibazarov, noted that the agreement includes not only a main loan of $1.153 billion but also grant support of $3.5 million, emphasizing the significance of this cooperation for Kazakhstan’s sustainable development.

Meeting at the Climate Summit in Baku

At the climate summit in Baku, President Kassym-Jomart Tokayev of Kazakhstan met with the head of the Islamic Development Bank, Muhammad Sulaiman Al-Jasser, where the leaders discussed prospects for cooperation in water and environmental projects.

The agreement on financing the water project marks an important step in Kazakhstan’s long-term strategy for sustainable development and climate change adaptation.

Islamic Development Bank’s Experience in Uzbekistan

The Islamic Development Bank has already accumulated significant experience in Uzbekistan, where it supported several major projects:

- Irrigation System Modernization Project: As part of the program to improve water infrastructure in Uzbekistan, irrigation networks were modernized, ensuring effective water supply for over 200,000 hectares of agricultural land.
- Construction of Pumping Stations: The IsDB funded the construction and reconstruction of key pumping stations in Uzbekistan, significantly increasing water availability for agricultural and industrial needs.
- Projects in Health and Education: The bank has also actively invested in the social sectors, including funding for the construction of medical and educational facilities in various regions of the country, contributing to the sustainable development of human capital.

Significance of the Project for Central Asia

Support for water projects in Kazakhstan and other Central Asian countries reflects the IsDB’s strategic intent to help address the region's climate and infrastructure challenges.

These investments aim to strengthen water security and sustainable development, improving the quality of life and enhancing food and economic security.

CentralasianLIGHT.org

November 13, 2024