Kazakhstan and the European Bank for Reconstruction and Development (EBRD) have strengthened their long-standing cooperation by signing a new Enhanced Partnership Framework Arrangement (EPFA), setting out joint priorities through 2030.

The agreement was signed during the EBRD’s 35th Annual Meeting in Riga and is designed to accelerate economic modernization, attract foreign investment, and support the growth of Kazakhstan’s private sector, The Caspian Post reports via Kazinform.

Under the new five-year framework, the partners will focus on expanding support for small and medium-sized enterprises (SMEs), encouraging innovation, and creating new opportunities for high-tech businesses and startups. Artificial intelligence, cybersecurity, and venture capital development are expected to play a key role in the partnership.

A major pillar of the agreement is Kazakhstan’s transition to a low-carbon economy. The EBRD and the government plan to promote clean technologies, nature-based solutions, and sustainable infrastructure projects, including investments in electricity networks, water supply systems, and wastewater treatment facilities.

The partnership will also aim to strengthen Kazakhstan’s position as a major logistics and trade hub in Central Asia, while expanding sustainable finance initiatives, developing local currency markets, and enhancing the role of the Astana International Finance Centre as a regional center for green finance.

In addition, the agreement supports reforms designed to increase private-sector participation in the economy and promote greater inclusion of women, young people, and regional communities.

To help achieve these goals, Kazakhstan will provide up to €6 million in grant funding, which will be matched by the EBRD to support key reforms and development initiatives.

The new agreement builds on a strong partnership that has already seen the EBRD invest nearly $12.8 billion (€11 billion) across 354 projects in Kazakhstan, making the country the Bank’s largest and longest-standing investment destination in Central Asia.