Kazakh President Hails World Bank’s $650 Million Investment in Transport Resilience Project

Photo: Akorda

On the sidelines of the One Water Summit in Riyadh, Kazakh President Kassym-Jomart Tokayev met with Ajay Banga, President of the World Bank Group, according to the Akorda press service.

The head of state noted the importance of strategic partnership of Kazakhstan and the World Bank, The Caspian Post reports, citing Kazakh media.

According to him, Kazakhstan and the World Bank are implementing today five major joint projects worth $3.5 billion in the field of water resources, transport and education.

The Kazakh President also welcomed the World Bank’s financing of Kazakhstan’s $650 million worth project launched under the Transport Resilience and Connectivity Enhancement (TRACE) program. He highlighted strategic role of investments for the development of the Middle Corridor, namely for the repair of Zhezkazgan-Karaganda highway.

Ajay Banga highly praised the level of interaction between the World Bank and Kazakhstan and confirmed readiness for further enhancement of cooperation. In particular, the head of the World Bank expressed interest in implementation of major joint projects in various sectors of economy.

In order to boost the dialogue and determine the long-term prospects for joint activity, Kassym-Jomart Tokayev invited the President of the World Bank to pay a visit to Kazakhstan.