(MENAFN - Arab News) The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDBG), has agreed to finance the new Aluminum Extrusion plant.
The event in Almaty took place with the support of the deputy prime minister of Kazakhstan and the Islamic Development Bank Group (IDBG) President
The new plant is being built by Aluminum of Kazakhstan LLC Co. (ALKA).
ALKA is a newly established Kazakh-Turkish joint venture with the aim of setting up a fully-integrated Aluminum casting and extrusion industry in Kazakhstan.
ICD will provide 10 million to finance the production lines of the plant and raw materials for the first year of production.
The project's total cost will reach 22 million, creating 150 direct jobs.
The project will contribute to the development of Kazakhstan economy by launching local production from a first integrated plant in Kazakhstan that produces state-of-the-art aluminum profiles for buildings, car industry, solar PV panels and other applications according to the latest European standards
Khalid Al-Aboodi, CEO of ICD, commented: "We are delighted to sign this agreement which we hope boosting the aluminum production, supply and trade."
Al-Aboodi said the project will also lead to creation of jobs, transfer of technology and promotion of sustainable practices.
The agreement represents an important element in the corporation's strategy as a catalyst for private sector development, he said
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group.
The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia.
ICD also provides advice to Governments and private organizations to encourage the establishment, expansion and modernization of private enterprises