OREANDA-NEWS. May 22, 2015. Asian Development Bank (ADB) Vice-President Wencai Zhang is in Kazakhstan for a 2-day visit where he has been holding talks with government officials on partnership opportunities. He also delivered the keynote address at the 8th Astana Economic Forum.

Mr. Zhang, who is responsible for ADB’s operations in Central, South and West Asia, met with Prime Minister Karim Massimov, Minister of National Economy and ADB Governor for Kazakhstan, Erbolat Dossaev, and Minister of Finance Bakhyt Sultanov. During the meetings, Mr. Zhang and the government officials discussed ADB’s current operations in Kazakhstan and how to further strengthen their partnership.

“ADB will continue to support the Government of Kazakhstan’s development agenda through appropriate investment projects under the Partnership Framework Arrangement signed in May 2014,” said Mr. Zhang. “We will also pursue further knowledge cooperation to enhance the efficiency and competitiveness of the country’s economy.”

ADB’s current assistance in Kazakhstan includes support to strengthen transport infrastructure to boost the country’s transit potential; public sector lending to small- and medium-sized enterprises to increase employment and competitiveness; and a program to facilitate knowledge solutions and best practices. ADB is also working with the government and other development partners to promote cross-border links through the Central Asia Regional Economic Cooperation (CAREC) Program.

“The CAREC Program has already undertaken investment projects for more than \\$24.6 billion, of which ADB provided about \\$9 billion in regional infrastructure,” said Mr. Zhang in his keynote address at the Astana Economic Forum. “This will help lead countries into global value chains—an important way of fostering diversification and structural change.”

Mr. Zhang also highlighted the importance of financial sector development to sustain growth in Asia.

“Developing Asia needs a deep, robust financial sector to sustain growth,” said Mr. Zhang. “Further developing the financial sector to broaden access to finance and lower the cost of capital would set a cornerstone for inclusive growth.”

Since joining ADB in 1994, Kazakhstan has received about \\$3.4 billion in sovereign and nonsovereign loans for agriculture and irrigation, education, finance, transport, water supply, and sanitation.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.  In 2014, ADB assistance totaled \\$22.9 billion, including cofinancing of \\$9.2 billion.