Almaty, Kazakhstan, February 25, 2019—IFC,
a member of the World Bank Group, and the Mayor’s Office of the City of
Almaty signed an agreement by which IFC will be supporting the municipality
to access long-term capital and ramp up its investments in critical infrastructure.
Almaty is the largest city in Kazakhstan with
a fast-growing population of 1.8 million. IFC will help identify long-term
private finance solutions to support the city’s ambitious infrastructure
program. This includes expanding basic services available to the population
such as urban transportation, water and waste management, as well as affordable
housing. Furthermore, IFC will provide advice on obtaining a credit rating
from one of the major international ratings agencies, a step that would
also help the city to attract long-term commercial investment.
“IFC has vast international experience in
supporting the sustainable development of urban infrastructure projects
through public-private partnerships and in helping cities access long-term
financing,” said Bauyrzhan Baybek, the mayor of Almaty. “IFC’s expertise
will help make the city's infrastructure projects more attractive to investors,
mobilizing foreign investment and improving essential services."
Almaty is also Kazakhstan’s business, financial
and cultural center, accounting for about 20% of the country’s gross domestic
Georgina Baker, IFC Vice President for Latin
America and the Caribbean, Europe, and Central Asia, said: “Today’s announcement
is only a first step in building a long-term strategic partnership with
the City of Almaty. Our objective is to help spur investments and support
Almaty in expanding services to more of its residents.”
This collaboration is part of IFC’s Cities
Initiative, an innovative approach to problem-solving for urban centers
that creates markets and opportunities for investment.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In fiscal year 2018, we delivered more
than $23 billion in long-term financing for developing countries, leveraging
the power of the private sector to end extreme poverty and boost shared
prosperity. For more information, visit www.ifc.org.