ADB’s Operations in Kazakhstan Should Continue Focusing on Sustainable Development and Innovation

Giovanni Capannelli “The results we were able to accomplish with the ADB group in Kazakhstan over the last four years have been truly amazing. We exponentially increased operations both with the general public and private sector, helped the country making exceptional, constant development with sustainable development objectives (SDGs), and placed the ADB as one of the most credible international monetary organizations in the country,” Capannelli informed The Astana Times.

Capannelli has been working in Kazakhstan considering that 2014 and completed his mission in September 2020. Hailing from Italy, Capannelli brings vast experience in financial advancement and growth as well as policymaking.

“At the start, it was rather a shock, specifically due to Nur-Sultan’s harsh weather, however I got rapidly utilized to it and the long, cold winter. Kazakhstan is a big nation, with numerous places in the far East and West, North and South which are so different from one another. I do not recall any dull moments, but only an increasing thirst to see increasingly more places in the country. This country boasts amazing nature and terrific people. The enthusiasm for Kazakhstan is something that grows in you,” stated Capannelli.

He stated he felt at house in Kazakhstan and chose to stay completely in the nation once his term ended stating that this was due to “the hospitality of the people, the appeal of nature, and the chances Kazakhstan offers.”

“As an Italian wed to a Japanese female, I discover myself in your home here in Kazakhstan: it well reflects a mix of European and Asian cultures– and way of lives. The fact that our mixed-race kids look Kazakh, location-wise, Almaty is essentially midway between Tokyo and Ancona, my home town in Italy,” he said.

Capannelli also noted the significance of seeing the real outcomes of ADB’s operate in the country. He stated that the most touching work-related memories of his work were when he traveled to the country’s regions and witnessed the benefits farmers and female entrepreneurs received from ADB loans for small and medium-sized business as part of the bank’s cooperation with the Damu company development fund.

“(My most touching memories were) when we talked about with President Tokayev and the then ADB President, Mr. Nakao, future areas of ADB’s contribution to the nation’s development, when we signed a $1 billion budget assistance loan to help weather the continuous COVID-19 pandemic, and when the National Economy Minister, Mr. Ruslan Dalenov, handled me a certificate of honour for services rendered to Kazakhstan,” he recalled.

Kazakhstan and the ADB

Kazakhstan became a member of the ADB in 1994, and the first ADB workplace opened in Almaty in 1998. The bank was the first multilateral advancement institution that moved to the brand-new capital, then Astana, following the Kazakh government.

In 2015, Kazakhstan and ADB investing more than $5.2 billion in jobs throughout Kazakhstan.

The current work is directed by the ADB Country Partnership Strategy for 2017-2021 that covers three strategic pillars– financial diversity, promoting sustainable and inclusive growth, and achieving sustainable development.

“Forging close ties with personal sector entities, civil society, believe tanks and scholastic institutions will assist facilitate the way ADB cooperates with Kazakhstan and its lots of stakeholders. Eventually, it will assist reinforce the nation’s institutional capability to improve the implementation of much required structural reforms,” he stated.

Capannelli said Kazakhstan might discover to much better promote agriculture, tourism, local cooperation and diversifying its economy with the assistance of ADB, which he thinks is crucial in restarting economic development after the COVID-19 pandemic.

Over the previous months, assisting its member countries battle the COVID-19 pandemic has been a concern for the bank. Capannelli stated that the bank has actually mobilized more than $50 billion of funds for this function.

“Notwithstanding its reasonably small population in contrast to other Asian nations, Kazakhstan has actually gotten the highest per-capita financial backing from ADB with regard to other member nations, consisting of a $1 billion budget assistance loan and $5 million as technical help grants,” he stated.

A $1 billion loan was suggested to help to mitigate the spread of the disease and assistance government measures to contain the negative impact of the pandemic as well as to support the nation’s efforts with the health policy response, social security and employment, as well as the federal government’s economic strategy indicated to revive the post-pandemic economy.

To help the country integrate a sustainable development program, ADB hosted the first local summit on SDGs in 2019 with the government, a number of United Nations’ firms, and the World Bank, and to promote development, it also recently started ADB Ventures, a brand-new program intended at supporting startups and equity capital.

“These are all very good initiatives which assisted channel ADB monetary resources and know-how towards areas where Kazakhstan requires assistance from advancement partners,” he stated.

ADB has also been active in supporting the nation’s little and medium size companies and public private collaborations, including the Huge Almaty Ring Roadway, among Kazakhstan’s most significant jobs.

One of the ADB’s distinct tasks with Kazakhstan is a knowledge and experience exchange program (KEEP) that offers understanding and proficiency through technical reports, policy advisory services, and capacity-building programs financed halfway by the government.

“Offered the success of this program, the fourth phase of KEEP will be begun and other ADB members are now thinking about presenting comparable programs in their countries also,” said Capannelli.

The post ADB’s Operations in Kazakhstan Must Continue Focusing on Sustainable Advancement and Innovation appeared initially on The Astana Times.