Tokayev ratifies World Bank partnership agreement amid economic growth goals
Kazakhstan's President Kassym-Jomart Tokayev signed a law ratifying a partnership agreement with the World Bank Group. The agreement aims to enhance cooperation for sustainable development and economic growth. This move comes as Kazakhstan seeks to align with the World Bank's strategic goals for 2020-2025.
Partnership Agreement Details
The ratified agreement between Kazakhstan and the World Bank Group includes the International Bank for Reconstruction and Development, the International Finance Corporation, and the Multilateral Investment Guarantee Agency. It aims to strengthen cooperation to achieve the World Bank's partnership strategy goals in Kazakhstan from 2020 to 2025. The agreement will facilitate financing for projects promoting sustainable economic growth and improving living standards, while reducing budgetary pressure.
Implementation and Impact
The agreement allows Kazakhstan to apply World Bank policies on anti-corruption, procurement, and environmental and social standards. It also enables the country to secure concessional financing under state guarantees, as reported by Vlast.kz. Key areas of cooperation include macroeconomic stability, infrastructure modernization, and increased investment in health and education. The framework also supports innovation, digital development, and climate resilience.
What's Next
Kazakhstan will begin implementing the agreement's provisions in upcoming projects. It remains uncertain how quickly these initiatives will translate into tangible economic benefits.
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Tokayev ratifies World Bank partnership agreement amid economic growth goals
