Deputy Prime Minister – Minister of National Economy Serik Zhumangarin delivered remarks at a meeting of the Swiss Subgroup under the World Bank and the International Monetary Fund, DKNews.kz reports.
In his address, he emphasized that Kazakhstan’s strategic partnership with the World Bank Group, which has lasted for more than 30 years, has played a crucial role in advancing economic reforms aimed at promoting growth, reducing poverty, and developing infrastructure.
“The performance of Kazakhstan’s national economy demonstrates a stable positive trend. This year, Kazakhstan’s GDP will exceed 310 billion US dollars, accounting for about 60 percent of Central Asia’s total economy,” Serik Zhumangarin stressed.
He noted that Kazakhstan’s economy has been growing by more than 5 percent annually for three consecutive years: 5.1 percent in 2023, 5 percent in 2024, and 6.3 percent in January–September 2025 — one of the highest growth rates in the world.
According to him, these high rates of economic growth will be maintained going forward. In the medium term, Kazakhstan has set an ambitious goal — to increase GDP to 450 billion US dollars by 2029, which will require sustaining annual growth rates of 5–6 percent.
“Our country has real and significant opportunities to ensure such growth. In this context, cooperation with the World Bank remains one of the key foundations for ensuring timely, confident, and sustainable development,” Serik Zhumangarin stated.
He also highlighted the importance of the new Partnership Framework Agreement (PFA), which defines the priority areas of cooperation between the World Bank and Kazakhstan. The ratification of the Agreement will enable organizations in the quasi-public sector to attract financing fully in line with World Bank standards.
On the same day, Serik Zhumangarin met with Antonella Bassani, World Bank Vice President for Europe and Central Asia. The parties discussed prospects for further cooperation. The Kazakh side proposed exploring potential partnerships in the chemical industry, deep and medium processing of agricultural products, transport, modernization of water supply and irrigation systems, and other sectors. The World Bank representatives expressed interest in Kazakhstan’s export potential, logistics development, and the country’s capacity to sustain annual economic growth of at least 5 percent, among other areas of economic development.
The Kazakh delegation also took part in a workshop organized by the International Finance Corporation (IFC), a member of the World Bank Group, dedicated to public-private partnerships (PPP). Representatives from the U.S. side shared experiences from implementing PPP projects in countries with strong state participation, such as Saudi Arabia, India, and Indonesia, and provided recommendations on improving the efficiency of PPP project development.
