The Arab Coordination Group held a roundtable focusing on water and irrigation development in the Kazakh capital of Astana, Kazinform News Agency correspondent reports.
Attending the meeting were Deputy Prime Minister, Minister of National Economy of Kazakhstan Nurlan Baibazarov, representatives of the Kazakh Ministries of Transport, Healthcare as well as Water Resources and Irrigation. The Arab Coordination Group included representatives of the leading investment funds of the Persian Gulf – the Islamic Development Bank, OPEC Development Fund, Saudi Fund for Development and others.
They are major investors, providing financing on very attractive terms, as they pursue the aim of development. You’re aware of the feature of Islamic financing, that has no hidden commission. Funds are provided for development purposes, good cause, that’s why these investments are very beneficial and long-term ones for us. It’s also important to note that it’s infrastructure, including social infrastructure, that the Arab Coordination Group seeks to finance, said National Economy Minister Nurlan Baibazarov.
According to Yerbolat Ibraikhanov, vice minister of water resources and irrigation, Kazakhstan will face a shortage of water of 12-15 cubic kilometres per year by 2040. The Kazakh vice minister presented seven projects for construction and four projects for reconstruction of water storage facilities across the country, as well as repairs of 3,618 km of irrigation channels. The total investments necessary for this purpose are estimated at 2.6 billion US dollars.
Delivering their speeches were also Vice Minister of Transport Satzhan Ablaliyev, presenting 67 infrastructure projects worth 27.6 billion US dollars, as well as Health Vice Minister Yerzhan Nurlybayev, presenting the project of a medical centre in Almaty.
The first deal, we’re concluding now with the Islamic Development Bank, is to attract investments to restore our country’s water system and water sector. The active construction is set to begin in the next year. We will fully fix our water sector in the next two to three years, said Baibazarov.
Source: http://surl.li/wiqsnt
Image credit: Primeminister.kz
