Islamic Development Bank to invest $1 billion in water projects in Kazakhstan
The Government of Kazakhstan and the Islamic Development Bank signed an agreement on financing a $1.15 billion water resources development project. This happened at the World Climate Summit, which is attended by the President of Kazakhstan Kassym-Jomart Tokayev, the press service of Akorda reported.
As follows from the message, we are talking about signing the first phase of the financial and technical agreement on the project “Development of water resources resistant to climate change.” The project involves the construction and modernization of eight reservoirs, one counterregulator and 115 channels with a total length of 3,450 km in seven regions of Kazakhstan. “This will ensure sustainable water supply of agricultural land with an area of more than 332 thousand hectares,” the report says.
The amount of the agreement is $1.153 billion, including a grant of $3.5 million. “This project is the largest in terms of funding in the 51-year history of the bank,” the Akorda press service added.
Tokayev received the president of the Islamic Development Bank Muhammad Suleiman Al-Jasser, the report said. They discussed the implementation of the agreements reached and prospects for further cooperation, joint projects in the field of environmental protection, including measures to mitigate the effects of climate change and the transition to green energy, the report said.
The World Climate Summit is being held in Baku, Azerbaijan.
