Kazakhstan and Islamic Development Bank expand cooperation in fighting climate change

President Kassym-Jomart Tokayev and Muhammad Sulaiman Al Jasser, head of the Islamic Development Bank (ISDB), have signed a set of agreements totaling $1.153 billion at the UN Climate Change Conference in Baku. This financing is aimed at supporting Kazakhstan’s water resource development to enhance the country’s climate resilience. It marks the largest deal in the bank’s history.

The agreements cover the first stage of a large-scale water resource management project, which includes the construction and renovation of eight reservoirs and 115 water canals across seven regions of Kazakhstan. The execution of this program will ensure a stable water supply to more than 322,000 hectares of farmlands. Furthermore, the bank will issue a $3.5 million grant to Kazakhstan. 

The two sides also discussed the prospects of ecological and climate initiatives, including the transition to green energy and efforts to mitigate climate change. Tokayev praised the September meeting of the Arab Coordination Group in Astana, highlighting its contribution to the development of multilateral strategic cooperation.