IslamicFinance.de

The Islamic Development Bank Group (IDB) announced its intention to invest into four new EXPO-2017-oriented projects in Kazakhstan in 2014 through the Islamic Corporation for the Development of the Private Sector (ICD). ICD, Baiterek Holding and LGK Holdings signed a memorandum to create the Central Asian Fund of Renewable Energy with the initial capital of $50 million. Moreover, ICD is going to cooperate with the Investment Fund of Kazakhstan in the development of float-glass production in southern Kazakhstan, a project worth$200 million. Besides, ICD will provide $10 million for procurement of manufacturing lines and raw materials during the first year of a new Aluminum Extrusion Plant's operations. ICD has also achieved an agreement with OLZHA Holding to cooperate in the construction of a grain terminal and elevator western Kazakhstan. The construction is expected to begin this summer.