By Trend

Kazakhstan has implemented 47 projects worth some $8 billion together with the World Bank (WB), Kazakhstan’s prime minister Askar Mamin said, Trend reports with reference to the press office of the prime minister.

Mamin made the statement during the discussion session of the World Bank and Kazakhstan’s Government on attracting foreign direct investment.

“Since 1992, together with the World Bank, we have successfully implemented 47 projects in fields of finance, infrastructure, energy, small and medium-sized businesses for about $8 billion, as well as over 250 technical assistance projects worth $40 million, which contributed to improving the quality of life of Kazakhs, as well as creating new opportunities in the private and public sectors of Kazakhstan,” said Mamin.

Mamin also noted that as of the end of 2019, Kazakhstan’s GDP grew by 4.5 percent, the attracted foreign direct investment value exceeded $25 billion, and trade with foreign countries reached $96 billion.

“Our priority is to maintain and strengthen this trend. In order to do so we will focus on attracting foreign investment and advanced technologies. Our strategic goal is to bring the volume of investments in fixed assets to at least 30 percent of GDP, which will increase the creation of added value in the fields of energy, transport, infrastructure, agriculture, tourism and other industries,” said Mamin.

During the meeting models and factors affecting the attraction of foreign direct investment, the tasks to strengthen the investment policy of Kazakhstan, legal regulation issues, as well as the potential for privatization and public-private partnerships were discussed.