ASTANA – Kazakhstan’s National Fund plans to invest around $1 billion in high-tech projects in Kazakhstan, Central Asia, and the Caucasus, Deputy Governor of the National Bank Aliya Moldabekova said at a Jan. 29 meeting of the Senate committee on finance and budget.
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The 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 not be included, reported Kazinform.
Under the plan, up to $500 million will be allocated to private equity, $200-250 million to infrastructure, and up to $200 million to private debt. An additional $50-100 million may be invested in venture capital and start-up companies. Up to 70% of the funds will be directed to projects within Kazakhstan, with the remainder invested in Central Asian and Caucasian countries.
Moldabekova said international asset managers will play a key role in the program. Non-binding memoranda of cooperation have been signed with Cerberus, Brookfield, and Ashmore to help attract international investors and ensure independent project assessments.
National Fund assets near $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 assets totaled 39.6 trillion tenge ($78.6 billion), or 26.3% of GDP, as of Jan. 1, including $63.9 billion in foreign currency assets.
In 2025, total revenues reached 10.2 trillion tenge (US$20.3 billion), including 3.7 trillion tenge (US$7.3 billion) in direct tax revenues and 6.5 trillion tenge (US$13 billion) in investment income for the first nine months. Adilkhanov noted a decline in tax revenues in recent years due to lower oil production and exports, as well as challenges in hydrocarbon transportation.
Investment income accounted for nearly two-thirds of National Fund revenues in 2024-2025, becoming the primary source of growth, he said.
