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Prime Minister B. Sagintayev, ADB Vice President W. Zhang discuss topical issues of cooperation

by May 16, 2018 Key Issues

Today in the Astana, within the framework of the XI Astana Economic Forum, Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev met with Vice President of the Asian Development Bank Wencai Zhang.

The discussion covered issues of cooperation with ADB in the light of the new ADB Country Strategy for Kazakhstan for 2017-2021 on 5 main areas of accelerated technological modernization, improvement of business environment, expansion of private sector activities, macroeconomic stability, improvement of human capital quality, institutional changes, security and fight against corruption. A number of key priorities for cooperation on economic diversification, inclusiveness and sustainable growth were considered.

To date, ADB’s operational business plan for 2018-2020 includes such important projects as the urban infrastructure modernization project, sustainable road maintenance, restoration of the irrigation sector, improvement of the public debt and financial management program, housing finance development in the green zone, and others.

ADB is considering investing until 2021 about a trillion tenge in agriculture, water, energy, rural and urban development, transport, health, education and financing of small and medium-sized enterprises in Kazakhstan.

Recall, Mr. Wencai Zhang has extensive experience in banking. He was the Director General of the Foreign Economic Cooperation Department of the Ministry of Finance of the People’s Republic of China, the Executive Director of ADB from the PRC, serving as Chairman of the Budget Committee and member of the Development Effectiveness Committee, as well as the Ethics Committee of the Board of Directors. He worked as Advisor to the Executive Director from China at the World Bank in Washington. He holds a Ph.D. in finance from the Chinese Academy of Social Sciences, as well as a master’s and bachelor’s degree in International Economics from the Nankai University in China.

For reference: ADB was established in 1966 and is an international financial development institution. ADB consists of 67 member-states: 48 represent the Asia-Pacific region, 19 are outside the region.

ADB’s main tools for financing are loans, guarantees and technical assistance, which are provided to member countries for specific projects and programs.

In Kazakhstan, ADB’s office is the ADB Permanent Represented Office in Kazakhstan, located in Astana. The ADB regional office in Almaty deals with the development of private business and public-private partnership. Cooperation is carried out within the framework of the Partnership Framework Agreement, the Country Partnership Strategy for 2017-2021, and the Knowledge Sharing Program.

Since the establishment of cooperation between Kazakhstan and ADB, beginning from 1994 to date, the Bank has provided 28 government loans for about $ 4.6 billion, 9 loans in the private sector without a state guarantee for $ 575.2 million, 89 technical assistance projects amounting to $ 44.4 million. In the current year, the active portfolio consists of 3 ADB projects worth over $ 831.1 million and 14 technical assistance projects.

Source: Government of the Republic of Kazakhstan