Media Center

News Release

Kazakhstan and ADB Strengthen Partnership in Private Sector

ASTANA, KAZAKHSTAN (19 April 2005) - The Asian Development Bank (ADB) Vice President responsible for private sector operations, Liqun Jin, met yesterday with Deputy Prime Minister concurrently Minister of Industry and Trade Sauat Mynbaev, Minister of Finance and ADB Governor for Kazakhstan Arman Dunayev, Minister of Foreign Affairs Kassymzhomart Tokayev, Chairman of National Bank Anvar Saidenov, and other senior government officials of Kazakhstan to discuss the strengthening of the partnership in the area of private sector development and regional cooperation in Asia.

During the meetings, Mr. Jin underscored Kazakhstan's continued and remarkable economic development. He also emphasized that ADB is encouraged by the Government's efforts for economic diversification and promoting sustainable and balanced growth.

Mr. Jin outlined that Kazakhstan has a wealth of opportunities for private sector investment. "ADB will explore any opportunities in private sector to ensure sustainable economic growth. We have no fixed budget for these operations and are guided by market opportunities," - he added. An important aspect of ADB's private investment to Kazakhstan is a complementarity with other private sector investors. Transport, energy, finance and trade were marked among possible areas of collaboration.

"Kazakhstan and ADB share views on development. We are committed to long-term partnership with Kazakhstan through active private sector operations. As a regional development partner from Asia, we will pay close attention to promoting Kazakhstan's lead role in developing closer ties between Central and South Asia," - said Mr. Jin.

Mr. Jin also met with key representatives of the private sector and had very useful exchange of views on ADB's involvement in the private sector of Kazakhstan. In particular, discussions concerned formation a regional financial center in Almaty. Mr. Jin acknowledged the leading role of Kazakhstan in the development in Central Asia, and briefed about ongoing and planned grant technical assistance to financial sector support. Key deliverables are enhancement of regulatory framework to promote private sector investments. With these, ADB hopes to provide complementary support to further enhance economic activities in Kazakhstan.

Kazakhstan joined ADB in 1994. The ADB's Country Strategy and Program in medium-term supports Kazakhstan's efforts to achieve Millennium Development Goals through (i) human development, (ii) private sector development, (iii) sustainable environmental management, and (iv) regional cooperation. Knowledge transfer through technical assistance grant and loans remains the key instrument.

As of end-March 2005, ADB had approved 12 loans for nine projects in Kazakhstan totaling US$ 502 million and 56 technical assistance projects amounting to US$ 27,9 million. In 2004, ADB approved 4 technical assistance grants for a total of $1.7 million.

Contacts