IDB to finance Kazakhstan projects worth 1 bln USD in 2012-2014
Almaty. September 19. Kazakhstan Today - As part of the implementation of the country strategy together with Kazakhstan, in 2012-2014 the Islamic Development Bank may finance projects worth 1 billion USD.
According to Caspionet, in the interview to the Kazakh TV channel the vice president on finance Abdulaziz Al-Hinai has announced that at the beginning of October in Astana the Islamic Development Bank will sign a new country strategy of the bank in Kazakhstan. He hasn't told about the document in details and just announced that the sides are still discussing some issues of the strategy. In his turn, at the meeting in Almaty the deputy minister of industry and new technologies Bakhytzhan Dzhaksaliyev noted that in the nearest 2 years the IDB will finance projects worth to 1 billion US dollars in Kazakhstan.
"On the 2nd-3rd of October it will be a very important to decide the work plan for the coming five years for Kazakhstan and the IDB. All was there for the support of its member countries. And we consider that Kazakhstan is one of those important countries we need to work with to fulfill the development agenda of the government," Abdulaziz Al-Hinai, Vice President on finance of IDB told.
As part of the meeting representatives of international organizations defined the main issues Islamic financiers are facing in Kazakhstan. Additionally, they have told why Kazakhstan appeals to foreign countries.
"However, the unemployment is still very high in this region. And one of the major constraints for doing business and growing in the country is the access to financial services that should be tackled by the forum of the financial sector. And certainly the development of Islamic finance could be a useful element of such a strategy and this model, where members shall risk and buffer with borrowers is particularly attractive to financing SMEs and infrastructure projects," Zeine Zindane, IMF Department advisor told.
"Developing and implementing the Road Map, which would articulate any legislative and legal regulatory supervisory reforms is needed for full integration of the Islamic finance in each country. So we noticed defining the architecture and then coming out to the Road Map with actual steps, thirdly implementing clear regulations and then lastly developing synergies and linkages between the subsectors of the Islamic finance," Haseeb Siddiqui, Division manager, Advisory&Support of IDB told.
Currently, Kazakhstan is facing a lack of bankers, who are able to work according to Sharia laws. In this connection, international experts suggested the creation of the school of Islamic coaches under the National Bank of Kazakhstan.
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