BAKU, Azerbaijan, October 16. Kazakhstan has become the first country in Central Asia to join the World Bank Group's global Metals and Minerals Compact initiative, the government of Kazakhstan reported.
The official ceremony marking Kazakhstan's accession to the initiative took place on October 16 on the sidelines of the Annual Meetings of the World Bank Group and the International Monetary Fund in Thailand. Kazakhstan was represented by Yerlan Galiyev, Chairman of the Management Board of the National Geological Service under the Ministry of Industry and Construction.
In line with the tasks set by the head of state in his Address to the Nation regarding the development of the mining and metallurgical sector and attracting investment into the economy, Kazakhstan's Ministry of Industry and Construction and the Agency for Strategic Planning and Reforms, in cooperation with the World Bank, developed a country-specific Metals and Minerals Compact.
"The document defines the main areas of partnership for 2026-2030 and brings together the World Bank Group's financial, analytical and technical support instruments," the government reported.
The Compact is based on Kazakhstan's strategic documents, including the National Development Plan through 2029, the Concept for the Development of the Geological Industry for 2023-2027, and the Comprehensive Plan for the Development of the Rare and Rare Earth Metals Industry for 2024-2028.
One of its key objectives is to help attract approximately $20 billion in investment by 2031. The investment is expected to support the expansion of the mineral resource base, the development of mining and processing facilities, the introduction of modern technologies, and the construction of the necessary infrastructure.
The Compact provides for three main areas of cooperation.
The first focuses on improving public policy and regulatory mechanisms in the mining and metallurgical sector. This is expected to help establish a transparent and predictable business environment, improve the investment climate, and promote the adoption of international environmental and social standards.
The second covers the development of geological exploration, infrastructure, and human capital. Priorities include digitizing geological data, developing energy and transport infrastructure, introducing modern metal processing technologies, and training qualified personnel.
The third aims to attract private investment in mineral extraction and advanced processing. The initiative provides support for investment projects through the World Bank Group's financing and guarantee instruments, the development of higher-value-added production, and efforts to attract international investors.
"Kazakhstan is committed to the principles of responsible and sustainable development of its mineral resources sector. Cooperation with the World Bank Group supports the implementation of national priorities in developing raw material processing and expanding the production of higher-value-added goods. We look forward to further strengthening our partnership, which will help improve the competitiveness and resilience of the sector, diversify the economy, and make more efficient use of our country's natural resource potential," Kazakhstan's Minister of Industry and Construction Yersaiyn Nagaspayev said.
The implementation of the Compact is expected to promote further mineral processing, create new jobs, and strengthen Kazakhstan's position in global value chains.