The Chairman of NIB’s Board, Sven Hegelund, being interviewed by President Nazarbayev's media team.

The Chairman of NIB’s Board, Sven Hegelund, being interviewed by President Nazarbayev's media team.

17 Oct 2018

NIB signs Framework Agreement with Kazakhstan

NIB has signed a Framework Agreement on financial cooperation with the Republic of Kazakhstan. The agreement makes it possible for NIB, as an international financial institution, to fund investment projects in the country.

The signing took place in connection with a high-level business forum in Helsinki organised by the Confederation of Finnish Industries and Business Finland. The event was part of the official state visit by Hon Mr Nursultan Nazarbayev, President of Kazakhstan, to Finland on 16–17 October.

The Chairman of NIB’s Board, Sven Hegelund, gave a speech at the business forum’s roundtable. Mr Hegelund spoke about how NIB recognised the importance of the projects outside the Bank’s member countries for mutual beneficial development early on. This is why NIB has entered into country-specific framework agreements with countries around the world, now totalling 39 after the signing with Kazakhstan.

“We are very pleased to sign an agreement with the Republic of Kazakhstan, and we look forward to offering financing to projects in Kazakhstan with shared beneficial opportunities”, says Mr Hegelund.

He emphasised the rapid development and modernisation of Kazakhstan since it gained its independence in 1991. According to Mr Hegelund, NIB could play an important role in assisting Kazakhstan in its future efforts to accelerate the modernisation of the economy. He mentioned some of the sectors where organisations in NIB’s owner countries have developed key technologies, such as the renewable energy sector, telecommunications and transportation.

In addition to Mr Hegelund, NIB was represented at the business forum by Mr Heikki Cantell, General Counsel, who had negotiated the Framework Agreement and Mr Thomas Wrangdahl, First Vice-President. On behalf of Kazakhstan, the agreement was signed by Mr Timur Suleimenov, Minister of National Economy.

NIB has active agreements with 43 countries around the world—39 framework agreements and four memorandums of understanding. NIB can finance project outside its membership region only when a framework agreement has been signed with a country that recognises NIB’s status as an international financial institution.