26 June 2023

Kazakhstan is expanding its international investment cooperation by considering the use of sukuk, a financial instrument compliant with Sharia principles, to attract foreign investment and reduce dependence on external debt. Representatives from the Ministry of Foreign Affairs and the Islamic Organization for Food Security discussed the potential of sukuk in increasing liquidity in domestic capital markets and attracting investment in the real economy. Kazakhstan's Ministry of Agriculture is actively working on around 40 projects involving foreign investors, highlighting the country's high investment attractiveness.

The Director General of the Islamic Food Security Organization, Yerlan Baydaulet, mentioned the successful attraction of investments through sukuk certificates, with the process being active worldwide. In July, Kazakhstan attracted 2 billion tenge through sukuk certificates for the development of leasing operations, marking the first issuance of such securities in the national currency.

Erbol Karashukeyev, the Minister of Agriculture, emphasized the positive trend in investment in fixed assets, showing a 30% increase in the first five months of 2023. This growth indicates dynamic development in the industry and reflects the country's progress in attracting investments.

Overall, Kazakhstan aims to leverage sukuk certificates to strengthen investment cooperation, boost its domestic capital markets, and attract foreign investment, contributing to the country's economic growth and development.


The original version of the article can be found below : https://24.kz/ru/news/economyc/item/606250-kazakhstan-rasshiryaet-investitsionnoe-sotrudnichestvo