BAKU, Azerbaijan, September 9. Abu Dhabi
Commercial Bank (ADCB) Kazakhstan plans to triple the volume of
financing for projects in Kazakhstan over the next 18 months, from
the current 2.5 trillion tenge ($5.5 billion), Chairman of the
Board Farooq Abdulrahman Al Marzooqi said.


According to the Kazakh government, he made the remarks during a
meeting with Kazakh Prime Minister Olzhas Bektenov.


“The meeting focused on further expanding ADCB Group’s
participation in the implementation of projects important for
Kazakhstan, with the development of the real sector of the economy
and modernization of digital infrastructure identified among the
priority areas of cooperation,” the government’s press service
said.


Bektenov noted the contribution of the UAE to the development of
Kazakhstan’s economy. Over the past 20 years, the volume of UAE
investments in Kazakhstan has exceeded $7 billion, of which around
$3 billion has been invested over the past 2.5 years.


He noted that ADCB Group’s participation in attracting investors
from the UAE and other Middle Eastern countries would help expand
and diversify external financing sources for projects in
Kazakhstan.


The parties discussed further expansion of ADCB Group’s
participation in projects of importance to Kazakhstan. Priority
areas included the development of the real sector of the economy
and modernization of digital infrastructure.







The meeting also highlighted the importance of Kazakhstan’s
large-scale economic and institutional reforms, which are
contributing to the country’s investment attractiveness. A new
investment cycle has been launched on the instructions of President
Kassym-Jomart Tokayev, along with a proactive approach to
attracting investors.


In turn, Al Marzooqi highlighted the productive cooperation with
Kazakhstan in financing projects in the energy and railway
infrastructure sectors, as well as implementing agreements in
petrochemicals, transport and logistics. Over the past 15 years,
ADCB Kazakhstan has provided financial support to more than 100
business initiatives, with small and medium-sized businesses
accounting for 90% of them.


The parties confirmed their interest in further developing
mutually beneficial cooperation.


The currency conversion is made by Trend and based on the official exchange rate
of 1 USD = 454.46 tenge as of September 9.