The World Bank approved an $88 million loan on Monday that would support Kazakhstan's efforts to facilitate commercially and socially viable innovation in technology. 

The Fostering Productive Innovation Project aims to improve the country in areas that are able to foster and support technological innovation. Some of these areas include increasing access to quality research with scientific institutions, company spending on development and research, and partnerships between the industries and colleges and universities. 

“Innovation is key to boosting economic development and unleashing the potential of the private sector as Kazakhstan is striving to build a more diversified and competitive economy,” Ludmilla Butenko, World Bank country manager for Kazakhstan, said. “Building on achievements of the ongoing Technology Commercialization Project and similar World Bank projects implemented worldwide, the new project will help make innovations a more active element of the country’s economy.”

The loan will help finance competitive grants to scientists and research institutions that are able to produce commercially viable ideas in technology industries and markets.

The project will be implemented once the country approval process is complete. It is expected to begin in 2015.