Kazakhstan expands cooperation with the Asian Infrastructure Investment Bank

The Kuryltai adopted in two readings the law "On Ratification of the Framework Partnership Agreement between the Government of the Republic of Kazakhstan and the Asian Infrastructure Investment Bank." According to the document, projects financed by the Bank will now be implemented based on its rules. Specifically, they must comply with requirements regarding anti-corruption activities, banking practices, fund allocation, financial control, information disclosure, procurement, and environmental and social standards. Thus, the Framework Agreement establishes uniform legal norms for future AIIB projects in Kazakhstan, eliminating the need to establish the same requirements for each new project and mitigating future legal risks. The main objectives of the document are to expand financing instruments for infrastructure projects, identify priority financing sectors, and streamline project implementation procedures. Ratification of the agreement provides Kazakhstan with the opportunity to attract investment to finance projects in transport, energy, digital communications, and other economic sectors.