Kazakhstan Expands Cooperation With OPEC Fund

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, January 29. Senators of Kazakhstan's Parliament have ratified a framework agreement between the country's government and the OPEC Fund for International Development on the organization of private sector operations, Maxim Spotkay, Head of the Senate Administration, said on his social media account, Trend reports.

The agreement is expected to establish a sustainable legal framework for direct financing of the private sector through loans, guarantees, and other financial instruments provided by the OPEC Fund.

The document also confirms the Fund's independence in making financing decisions and provides for long-term and concessional borrowing terms aimed at supporting sustainable economic development.

In addition, the OPEC Fund is granted full legal capacity in Kazakhstan. The agreement guarantees the protection of investments, free currency conversion and transfer of funds, as well as the exemption of the Fund's assets and income from direct taxation.

Overall, the ratification is expected to facilitate the attraction of long-term financing into Kazakhstan's economy and contribute to the development of the private sector.

The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities, and empower people. To date, the Fund has committed more than $30 billion to development projects in over 125 countries with an estimated total project cost of more than $200 billion.

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