Kazakh Parliament Ratifies Partnership Framework with World Bank Group

The Mazhilis, the lower house of the Kazakh Parliament, has ratified a series of international documents, including a pivotal partnership framework with institutions from the World Bank Group. The agreement was approved during a plenary session chaired by Speaker Yerlan Koshanov and has been forwarded to the Senate for further consideration.

The ratified framework establishes a formal partnership between the Government of Kazakhstan and three key World Bank Group entities: the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The core objective is to expand cooperation aimed at fostering sustainable development and economic growth in Kazakhstan.

According to Deputy Prime Minister – Minister of National Economy Serik Zhumangarin, this agreement introduces a significant shift in procedural norms. For projects financed through state-guaranteed loans and grants, it mandates the application of World Bank Group standards instead of national legislation in several key areas. These include rules for procurement of goods, works, and services, as well as anti-corruption, environmental, social, labor, gender equality, and information disclosure standards.

Officials state that this framework will broaden financing instruments for major projects and streamline their implementation procedures. A key expected benefit is a reduction in budgetary pressure by reallocating state expenditures toward priority initiatives.

Serik Zhumangarin outlined that upon the agreement's entry into force, work will commence on financing several large-scale infrastructure projects. These include the reconstruction and construction of the "Zhezkazgan-Karaganda" and "Beyneu-Saksaulsk" highways, a project for transforming railway communication and transport connectivity across Kazakhstan, and the construction of Kambarata HPP-1.

In a supplementary report, Mazhilis deputy Yerlan Stambekov highlighted the long-term benefits anticipated from implementing projects in collaboration with the World Bank. These encompass job creation, stimulation of innovation, development of the private sector and SMEs (micro-, small-, and medium-sized enterprises), adoption of international best practices, and an overall improvement in Kazakhstan's investment climate.