China and the United Arab Emirates (UAE) are going to invest US$6 billion in Kazakhstan”s economy in the nearest future, Kazakh Prime Minister Karim Masimov said.
“Kazakhstan is about to receive US$6 billion,” he told at a Tuesday meeting of the government.
Out of this sum US$1 billion will be invested by Arab side and other US$5 billion will come from China,
Kazakh Minister of Economy and Budget Planning Bakhyt Sultanov said .
“One billion dollars will be allocated for establishing an Islamic bank in Kazakhstan and forming its charter capital,” Sultanov said.
“The remaining US$5 billion come from China for financing projects in oil and gas field, joint construction of gas pipeline and other investment projects,” he said.
A framework agreement on establishing a US$5 billion credit facility was signed between Development Bank of Kazakhstan (DBK) and Eximbank of China within the framework of the official visit of Kazakh President Nursultan Nazarbaev to China.
Moreover, another framework agreement on widening cooperation in oil and gas sector, as well as establishing another US$5 billion loan facility was signed between KazMunaiGas and CNPC.
Al Hilal Bank, one of the leading Islamic Banks in UAE, plans to enter Kazakhstan”s market and is currently considering a possibility of opening the bank”s offices in Astana and Almaty.
