Inspection Visit: Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), visited Kazakhstan to review the BAKAD ring-road project, emphasizing IsDB's commitment to enhancing its partnership with Kazakhstan and supporting regional infrastructure.
Project Overview: The 66-kilometer BAKAD ring-road, designed to handle up to 38,000 vehicles daily, aims to improve economic growth and regional connectivity by linking major trade routes and alleviating city center traffic congestion.
Public-Private Partnership: The project represents Kazakhstan's first large-scale public-private partnership and involves collaboration between IsDB, the European Bank for Reconstruction and Development, and the Economic Development Bank, aiming to boost economic activity and regional integration.
Jeddah, September 7, 2024 – Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), recently undertook an important visit to Kazakhstan to inspect the BAKAD ring-road project. This visit underscores the IsDB's commitment to enhancing its partnership with Kazakhstan and advancing key infrastructure initiatives in the region.
The BAKAD ring-road project, a significant undertaking spanning 66 kilometers, is a vital infrastructure development designed to support Kazakhstan's economic growth and regional connectivity. With the capacity to accommodate up to 38,000 vehicles per day, the ring-road is poised to become a critical transport corridor that links major trade routes and facilitates smoother movement across Kazakhstan and Central Asia.
This ambitious project represents the first large-scale public-private partnership in Kazakhstan, demonstrating a successful collaboration between public entities and private investors. The BAKAD ring-road is expected to alleviate traffic congestion in the city center by diverting through traffic to the ring-road, thus enhancing the efficiency of urban transport. Moreover, by improving regional connectivity, the project will stimulate economic activity, promote trade, and support broader economic development in the region.
Dr. Al-Jasser's visit highlights the ongoing collaboration between the IsDB, the European Bank for Reconstruction and Development, and the Economic Development Bank, reflecting a unified effort to support vital infrastructure projects that drive economic progress and regional integration.