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Islamic Development Bank intends to intensify systemic cooperation with Kazakhstan

The Minister of Foreign Affairs of the Republic of Kazakhstan Beibut Atamkulov met with the President of the Islamic Development Bank Group (IsDB) Dr. Bandar Hajjar as part of the 14th session of the Summit of the Organization of Islamic Cooperation (OIC).

The sides discussed issues of further participation of the Bank in the national investment projects of our country. Kazakhstan is interested in cooperation with the IsDB within the framework of the initiative of the First President of the Republic of Kazakhstan - Elbasy Nursultan Nazarbayev on the development of a strategic program document "Islamic Infrastructure Integration", which provides for the infrastructure integration of OIC member states.

Of course, the Bank’s participation in the economic development programs of Kazakhstan demonstrates its firm intention to develop cooperation with our country. “Our goal is to enhance cooperation with Kazakhstan and develop Islamic finance mechanisms in your country. I invite Kazakhstan to take part in the International Conference on the Islamic Securities Sukuk in Luxembourg and send specialists for training through special scholarship programs of the Bank,” Dr. Bandar Hajjar said.

The interlocutor informed about the creation of the IsDB Science and Technology Fund with an initial capitalization of USD500 million.

The Kazakhstan side expressed its gratitude to the IsDB President for active participation in the international events held in Nur-Sultan, in particular the first OIC Summit on Science and Technology in September 2017, the opening ceremony of the Astana International Financial Center (AIFC) and the Forum “Astana Finance Days” in July 2018.

In addition, they discussed issues of cooperation between the Bank and the AIFC, where Dr. Bandar Hajjar is a member of the Council for the Management of the Center. It was noted that the Memorandum of Cooperation signed between the IsDB and the AIFC contributes to the development of the Islamic finance in the CIS region and allows us to study the valuable experiences of the IsDB in this area. The Kazakhstan side invited the IsDB to participate in the development of the Islamic Financial Services Industry based on the AIFC and to provide assistance in attracting other Islamic financial institutions to cooperate with this financial center, including by localizing the IsDB structures and issuing of the Sukuk Islamic Securities on the AIFC Stock Exchange.

Attention was also paid to the accelerated completion by Kazakhstan of the procedure for ratifying the Charter of the International Islamic Corporation for Islamic Finance in order to attract significant financial resources for the development of exports to the OIC countries.

The issue of food safety is extremely important for the whole world. Kazakhstan is actively working in this area. In this regard, the Islamic Development Bank was thanked for the support provided, including within the framework of the Islamic Organization for Food Security, headquartered in Nur-Sultan.

Preparatory work is currently underway to hold the second meeting of the Executive Council of the Islamic Organization for Food Security in Nur-Sultan and the second session of the General Assembly in Jidda in August this year.