ASTANA – Kazakhstan has returned 1.154 trillion tenge (US$2.5 billion) in assets to state ownership since launching its asset-recovery program in September 2023. The central question now is how effectively these funds can be converted into long-term public benefits, particularly in regions facing infrastructure shortages.
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President Kassym-Jomart Tokayev has repeatedly stressed that the asset-recovery process should serve a broader public purpose.
“The restoration of social justice through the return of illegally acquired assets is not a matter of political expediency or a PR campaign, but a principled position of the state,” Tokayev said in a Jan. 5 interview with the Turkistan newspaper.
The funds are channeled through the Special State Fund, created to finance social and infrastructure projects. According to the General Prosecutor’s Office, 617.6 billion tenge (US$1.3 billion) has been allocated to 466 projects, with water supply, healthcare and education accounting for the largest share. The scale and geographic distribution of this spending indicate that asset recovery is becoming not only a legal and fiscal process, but also a mechanism for addressing regional infrastructure gaps.
From recovered assets to public infrastructure
Of the 1.154 trillion tenge returned, 1.044 trillion tenge (US$2.3 billion) is in cash, while the remainder consists of real estate, company shares, land and other assets. Annual returns increased sharply from 302.5 billion tenge (US$653.9 million) in 2024 to 773.7 billion tenge (US$1.67 billion) in 2025. The fund returned a further 77.7 billion tenge (US$167.9 million) this year.
The Special State Fund has allocated financing for 235 water-supply projects, 190 healthcare facilities, 17 education projects, 11 infrastructure projects, seven transport facilities and six sports facilities, reported Kazinform on Aug. 17.
Implementation has already moved beyond the allocation stage. More than 253 billion tenge (US$546.9 million) has been spent on 364 projects, of which 349 have been commissioned. Completed projects include 188 water-supply facilities, 163 healthcare facilities, seven education facilities, three sports facilities, one transport facility and two infrastructure projects.
The figures show that the program is producing physical assets, but they also highlight an important implementation issue: the impact of returned funds will depend on whether projects address persistent local infrastructure deficits and remain operational over the long term.
Where the money is going
Eastern Kazakhstan received the largest allocation at 78.9 billion tenge (US$170.5 million), followed by North Kazakhstan with 69.4 billion tenge (US$150 million) and Astana with 64.7 billion tenge (US$139.8 million). The lowest allocations went to Shymkent, the Atyrau Region and the Mangystau Region.
These differences do not necessarily reflect a region’s size or economic importance. According to the General Prosecutor’s Office, allocations depend on the number of applications submitted by local authorities, the availability of completed design and cost documentation, project priorities and the severity of infrastructure shortages.
This makes project preparation an important factor in determining access to financing. Regions with clearly prepared projects and pressing infrastructure needs are better positioned to receive funding.
The National Budget Commission decides how funds are distributed. Once financing is approved, projects are implemented under Kazakhstan’s budget legislation and subject to financial control, state audit and treasury procedures.
What to watch next
The program’s success will depend not only on the amount recovered, but on how well the money is used. Key measures will be completed projects, better infrastructure and improved access to essential services.
The long-term goal is to ensure that recovered funds reach regions with the greatest needs and improve people’s quality of life.
