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Sunday, September 26th, 2021

Islamic Finance and Infrastructure Fund: B. Sagintayev meets with the leadership of the IDB and the Oppenheimer fund

by July 5, 2018 Fun

Today, within the framework of the official launch of the Astana International Financial Center, Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev met with the Managing Director of the Oppenheimer fund John Tonelli and the President of the Islamic Development Bank, Dr. Bandar Mohammed Hamza Hajjar.

During the meetings, issues of further cooperation in financing investment projects in Kazakhstan were discussed, as well as expanding opportunities for international business.

At the meeting with the President of the Islamic Development Bank, Dr. Bandar Mohammed Hamza Hajjar, the interlocutors considered prospects for deepening cooperation in priority sectors of the economy, including agriculture, infrastructure projects, as well as the development of science and technology.

In 1995, after joining the Organization of Islamic Cooperation, Kazakhstan became a member of the Islamic Development Bank. In 2012-2015, in the territory of the Republic of Kazakhstan, the IDB implemented the first in CIS Country Strategy, which allowed attracting about $ 650 million to the country’s economy, in particular, in trade finance, private sector development and insurance. To date, the Bank has approved 67 projects totaling $ 1.874 billion. The main areas for IDB’s support are: the development of transport infrastructure (55.8% of total operations), agriculture (23.3%), small and medium-sized businesses and the financial sector (19%), education (1%), health (0.8%), information and communication technologies, sanitary control and city services.

The participants of the meeting noted that the expansion of cooperation of Kazakhstan with IDB will be influenced by the opening in Astana of the representative office of the International Islamic Trade Finance Corporation (ITFC) on the premises of the AIFC.

Dr. Bandar Mohammed Hamza Hajjar said that the accession of Kazakhstan into ITFC will promote the national export and mutual trade, and will also facilitate Kazakhstan’s access to new instruments and stable financial sources, markets in the face of OIC member countries. In addition, the accession will enable Kazakhstan to acquire valuable experience in mutual trade with OIC countries, as well as use the accumulated experience and ITFC technologies for development of export of finished products.

The meeting with Director of the Oppenheimer fund D. Tonelli focused on the company’s participation in NWF Samruk-Kazyna’s privatization program, the creation of an infrastructure fund, and the placement of Kazakh companies to foreign capital markets.

Oppenheimer is one of the leading investment banks and a multidisciplinary investment company providing financial services and advice to investors, individuals, businesses and institutions. Within the framework of the official visit of the President of the Republic of Kazakhstan to the United States in January 2018, a memorandum was signed for the creation of an infrastructure fund for financing and long-term crediting of infrastructure projects between the Oppenheimer fund and NC Kazakh Invest.

Source: Government of the Republic of Kazakhstan