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. Last Updated: 07/27/2016

Wolfensohn to Advise Kazakh President

Former World Bank president James Wolfensohn has agreed to become an adviser to Kazakh President Nursultan Nazarbayev.

Wolfensohn, who headed the World Bank for more than 10 years, will help develop Kazakhstan's biggest city into a financial hub, under the Regional Financial Center of Almaty project, or RFCA. The announcement was made Friday by the Kazakh state agency overseeing the project.

Wolfensohn will help promote the country's exchanges as Kazakhstan urges its companies to sell more bonds and shares at home. The International Monetary Fund late last month said Kazakhstan's external borrowing was making it more vulnerable to a reduction in the availability of financing from abroad.

Wolfensohn was "glad to accept'' Nazarbayev's offer and "hopes for a strong relationship,'' said a spokesperson for the agency overseeing the RFCA.