OPEC Fund Plans To Provide Millions For Projects In Kazakhstan By 2030

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, December 3. The OPEC Fund for International Development plans to provide up to $400 million for projects in Kazakhstan from 2026 through 2030, Trend reports via the Kazakhstan's Mazhilis (lower house of parliament).

The Mazhilis has ratified the Framework Agreement on private sector operations between the Government of Kazakhstan and the OPEC Fund for International Development.

Originally signed on September 4, 2024, in Astana, the agreement permits the OPEC Fund to finance investment projects in Kazakhstan through loans bearing interest rates of 2.5–5%, without the requirement for state guarantees. The document further provides the Fund with tax exemptions on its assets and income, guarantees currency conversion and fund transfers, and delineates its status, privileges, and mechanisms for dispute resolution through arbitration.

According to the chamber, the ratification of this agreement is expected to facilitate the attraction of additional financing to support Kazakhstan's national development priorities across sectors including energy, industry, transport infrastructure, finance, agriculture, water, telecommunications, education, and healthcare, with a strategic emphasis on the water-food-energy nexus.

Over the past two decades, the OPEC Fund has invested more than $1.4 billion in Central Asia. Established in 1976, the Fund has to date committed over $30 billion to development projects in more than 125 countries, representing an estimated total project cost exceeding $200 billion.

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