Kazakhstan’s National Fund to Allocate $1 Billion for High-Tech Investments
Kazakhstan’s National Fund plans to invest approximately $1 billion in high-tech projects across Kazakhstan, Central Asia, and the Caucasus, Deputy Governor of the National Bank Aliya Moldabekova announced during a meeting of the Senate Committee on Finance and Budget.
The investment program will focus on non-extractive sectors, including digitalization and artificial intelligence, logistics and transport, healthcare, education, agriculture, and digital infrastructure. Mining and oil production will be excluded from the initiative.
Funding allocation under the program will include:
- Up to $500 million for private equity investments,
- $200–250 million for infrastructure projects,
- Up to $200 million for private debt
- An additional $50–100 million for venture capital and start-ups.
Up to 70% of the funds will be directed to projects within Kazakhstan, with the remainder invested in Central Asian and Caucasian countries. International asset managers are expected to play a central role in the program, and non-binding memoranda of cooperation have been signed with Cerberus, Brookfield, and Ashmore to attract global investors and ensure independent project assessments.
National Fund assets approach $64 billion. According to Duisen Adilkhanov, Deputy Director of the Finance Ministry’s Department of Budget Lending, National Fund, and Financial Sector Interaction, the National Fund’s total assets reached 39.6 trillion tenge (US$78.6 billion), equivalent to 26.3% of GDP, as of January 1, 2026, including $63.9 billion in foreign currency assets.
Total revenues in 2025 amounted to 10.2 trillion tenge (US$20.3 billion), comprising 3.7 trillion tenge (US$7.3 billion) in direct tax revenues and 6.5 trillion tenge (US$13 billion) in investment income during the first nine months. Adilkhanov noted that tax revenues have declined in recent years due to reduced oil production and exports, as well as challenges in hydrocarbon transportation.
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