Kazakh Minister of Industry and Construction Kanat Sharlapayev and First Vice President of the European Bank for Reconstruction and Development (EBRD) Jürgen Rigterink signed a memorandum of understanding on May 16 to develop and modernize Kazakhstan’s mining industry, reported the EBRD’s press service.
Photo credit: EBRD.
The agreement establishes a more modern and sophisticated system for capturing, processing, and disseminating geoscientific documents such as maps and data.
As a key element of the European Union-Kazakhstan critical raw materials roadmap and part of their strategic partnership, this document will push Kazakhstan further to develop the mining sector’s legal and regulatory frameworks.
The parties will also enhance the ministry’s ability to adopt, implement, monitor and enforce sector regulation.
Being part of the EBRD’s approach to the responsible exploration and mining of critical raw materials, the memorandum aligns with the bank’s mining strategy, which was recently approved by its shareholders.
The EBRD plans to increase investment in mining of critical raw materials essential for the green transition, manufacturing wind turbines, solar panels, lithium-ion and electric car batteries, traction motors, heat pumps, and similar equipment.
The bank emphasizes that these raw materials must be produced in an environmentally sound, sustainable, resilient, and circularly.
Pylyp is an experienced private banker and asset manager.