Islamic finance development in Kazakhstan discussed

ASTANA. June 1. KAZINFORM Kazakh Minister of Industry and New Technologies Asset Issekeshev met with Vice President of Islamic Development Bank Birama Sidibe on Friday, the Ministry's press service said.

The sides discussed further steps to implement the initiatives of President Nursultan Nazarbayev. In particular, they talked about establishing OIC food security fund, fund for development of small and medium businesses, Fund on investments in renewable energy, as well as the development of Islamic finance in Kazakhstan and regional cooperation and integration in Central Asia.

The sides noted the importance of signing of the Country Partnership Strategy between Kazakhstan and the IDB Group (to the amount of USD 1.2 billion), which would be an effective tool to enhance the bank's activities in Kazakhstan, aimed at diversifying the economy in terms of supporting SMEs, developing transport and energy infrastructure, agriculture, Islamic financial sector and regional integration.

As Issekeshev noted, Kazakhstan, during its presidency over OIC, has received strong support for its initiatives from the structural institutions of the Organization, particularly from the Islamic Development Bank.