The World Bank has expressed readiness to assist Kazakhstan with a $600 million Development Policy Loan to support recovery efforts following extreme flooding, said Vice-President for the Europe and Central Asia Region Antonella Bassani during the World Bank Spring Meetings in Washington, the World Bank Kazakhstan’s press service reported on April 23.
The World Bank stands ready to help Kazakhstan with the Global Rapid Post-Disaster Damage Estimation approach, she added.
Initially approved by the World Bank’s Board of Executive Directors on April 14, the loan is the first phase of a series of reforms intended to promote Kazakhstan’s sustainable and inclusive economic growth. It is now pending approval by the Parliament.
During discussions with the Kazakh delegation headed by National Bank Governor Timur Suleimenov, Bassani congratulated Kazakhstan on the successful launch of the Digital Tenge, a significant milestone in its digital transformation journey, and pledged support for these initiatives through the Joint Economic Research Program.
The partnership between the World Bank and Kazakhstan is strengthening as both parties explore new avenues for collaboration, including the Middle Trade and Transport Corridor initiative and energy sector advancements.
Bassani confirmed that World Bank Group President Ajay Banga will co-chair the One Water Summit with President Kassym-Jomart Tokayev and the United Nations Secretary-General in New York this September.