Kazakhstan Strengthens Legal Framework For Cooperation With World Bank Group

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, March 4. Kazakhstan's Mazhilis (lower house of the parliament) has ratified the Framework Partnership Agreement between the Government of Kazakhstan and the International Bank for Reconstruction and Development, the International Finance Corporation, and the Multilateral Investment Guarantee Agency, which are a part of the World Bank Group, aimed at expanding cooperation to support the country's sustainable development and economic growth, Trend reports via the Mazhilis.

The document establishes a legal framework and outlines key principles of engagement with organizations that are part of the World Bank Group. It also defines priority areas for joint activities focused on advancing Kazakhstan's strategic reforms.

The main objectives of the agreement include enhancing macroeconomic and fiscal sustainability, strengthening the resilience of the financial sector, modernizing infrastructure, and supporting the development of the agricultural sector. Other key priorities involve improving access to finance for small and medium-sized enterprises and increasing investment in infrastructure and social sectors, including healthcare and education.

The ratification of the agreement is expected to reinforce Kazakhstan's international standing as a reliable partner, broaden cooperation with leading global financial institutions, and boost foreign investor confidence. In turn, this will open the door to extra funding and cutting-edge technologies for rolling out socio-economic and infrastructure projects nationwide.

The World Bank is currently preparing a new Country Partnership Framework (CPF) for Kazakhstan for 2026-2031. The framework is a strategic document that defines priority areas for support and will guide cooperation between the World Bank Group and the Government of Kazakhstan. It is aimed at implementing key government projects and policy reforms to reduce poverty and promote shared prosperity using a full range of financial and analytical instruments, including investment financing, reform-linked budget support, guarantees, and technical advisory services.

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