Kazakhstan's investment model shifts to private capital as budget share falls to 14%

September 18, 2026 at 08:41 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan's government presented a new investment model on September 18, 2026, centered on attracting private and foreign capital. The share of budget funds in fixed capital investment fell to 14% in January–August 2026, while off-budget sources reached 86%. The new portfolio includes 667 projects worth $162.5 billion.

Key Facts

In 2025, fixed capital investment in Kazakhstan grew 16.7% to 23.5 trillion tenge, up from 19.4 trillion tenge in 2024.
In January–August 2026, fixed capital investment exceeded 13.5 trillion tenge, 8.1% more than the same period a year earlier.
The new investment portfolio comprises 667 projects worth $162.5 billion, with an additional $42.6 billion for raw-material base development projects.
Kazakhstan Investment House will be established in Astana on the basis of Kazakh Invest under a one-window principle.
Baiterek holding plans to maintain real-sector financing at 8 trillion tenge in 2026, with 5.4 trillion tenge already directed to entrepreneurship.

Investment Growth

Fixed capital investment in Kazakhstan reached approximately 23.5 trillion tenge in 2025, up from 19.4 trillion tenge in 2024. Real growth accelerated from 8% to 16.7%. In January–August 2026, investment exceeded 13.5 trillion tenge, an 8.1% increase year-on-year. The share of investment in GDP was 14.2% in 2024, 14.7% in 2025, and 13.4% in the first half of 2026.

New Investment Model

The government presented the new investment model on September 18, 2026, shifting from waiting for investors to targeted search and project support from proposal to launch. The Baiterek holding becomes a key financial center of the new model. The share of off-budget sources in fixed capital investment reached 86% in January–August 2026, while budget funds fell to 14%. Enterprises' own funds remain the main source at 66.7%. The share of manufacturing in investment rose to 14.1%, while mining's share fell from 18.7% in 2024 to 13.9% in January–August 2026.

Project Portfolio

The new investment portfolio includes 667 projects worth $162.5 billion, with an additional $42.6 billion for raw-material base development projects. Kazakhstan Investment House will be created in Astana on the basis of Kazakh Invest under a one-window principle. New projects include deep processing, industry, agriculture, and transport infrastructure, with examples such as Fufeng Group, Dalian Hesheng Holding Group, Roca Group, Solico Group, and Harvest Group SA. Baiterek plans to maintain real-sector financing at 8 trillion tenge in 2026, with 7.4 trillion tenge total support including housing and 5.4 trillion tenge directed to entrepreneurship.