ASTANA – Kazakhstan has become the first country in Central Asia to join the World Bank Group’s Metals and Minerals Compact, a partnership aimed at attracting around $20 billion in investment by 2031 and expanding the country’s mineral resource base and processing capacity.
The official accession ceremony took place on Oct. 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 board of the National Geological Service under the Ministry of Industry and Construction, reported the Prime Minister’s press service.
Developed by Kazakhstan’s Ministry of Industry and Construction, the Agency for Strategic Planning and Reforms, and the World Bank Group, the country compact establishes a framework for cooperation in the metals and minerals sector for 2026-2030. It brings together the World Bank Group’s financial, analytical and technical support to advance the country’s industrial and investment priorities.
The compact builds on Kazakhstan’s existing development strategies, 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.
The targeted investment of approximately $20 billion by 2031 is expected to support the expansion of mineral exploration, the development of mining and processing facilities, the adoption of modern technologies and the construction of supporting infrastructure.
The first is improving public policy and regulatory frameworks for the mining and metallurgical complex to strengthen transparency, regulatory predictability and the investment climate, while promoting international environmental and social standards. The second involves developing geological exploration, infrastructure and workforce capacity.
Priorities include digitizing geological data, improving energy and transport infrastructure, introducing advanced metal-processing technologies and training qualified specialists. The third focuses on attracting private investment into mineral extraction and downstream processing.
The World Bank Group will support investment projects through financial and guarantee instruments, with an emphasis on higher-value-added production and international investor participation. “Kazakhstan is committed to the principles of responsible and sustainable development of the mineral resource sector.
Cooperation with the World Bank Group supports the implementation of national priorities in raw material processing and the expansion of higher-value-added production,” said Minister of Industry and Construction Yersaiyn Nagaspayev. He added that Kazakhstan expects the partnership to strengthen the sector’s competitiveness and resilience, diversify the economy and improve the use of the country’s natural resource potential.
Implementation of the compact is expected to promote deeper processing of raw materials, create new jobs and strengthen Kazakhstan’s position in global production chains.