28.07.2026

"Baiterek" Holding has funded 318 projects to modernize the energy and utility sectors

Baiterek National Investment Holding JSC reviewed and approved 318 projects of 47 subjects of natural monopolies totaling 625 billion tenge within the framework of the National Project "Modernization of the Energy and Utility Sectors" (MEKS). This was announced at a meeting of the Government of the Republic of Kazakhstan by Acting Chairman of the Board of the Holding Nurbolat Aydapkelov.

The Holding has been designated as the financial operator of the National Project and uses several financing mechanisms: direct lending through the Development Bank of Kazakhstan, second-tier banks and international financial organizations, as well as financing through the purchase of government securities of local executive bodies through a Kazakhstani Housing Company.

Of the total amount of financing approved by the Development Bank of Kazakhstan, projects worth 51.9 billion tenge were approved, financing of private entities of natural monopolies for 211.6 billion tenge was approved by second-tier banks, and projects for 233.9 billion tenge were approved by international financial organizations. The Kazakh Housing Company has purchased securities of local executive bodies to finance projects in the amount of 127.6 billion tenge.

Special attention was paid to the mechanism of budget lending during the report. This year, 37.5 billion tenge of the budget loan provided for 50 billion tenge has already been received. These funds are used for mixing with market loans, which has reduced the final financing rate for the regions from 19% to 13% per annum.

"The mechanism of budget lending shows a concrete result: every 50 billion tenge of budget funds can additionally attract 150 billion tenge of market financing. This gives the regions the opportunity to modernize their infrastructure at a rate that is significantly lower than the market rate," said Nurbolat Aydapkelov.

It was also noted during the meeting that, taking into account the reduction in the cost of financing and reducing the burden on local budgets, the capitalization of the Kazakh Housing Company in the amount of 50 billion tenge will be required in 2027. This will additionally attract up to 150 billion tenge of market financing and increase the volume of support for regional infrastructure projects to 200 billion tenge.

Background information

Baiterek National Investment Holding JSC has been designated as the financial operator of the National Project "Modernization of the Energy and Utility Sectors", approved by Resolution of the Government of the Republic of Kazakhstan No. 1102 dated December 25, 2024. The holding considers projects of natural monopoly entities and provides financing through direct lending, the involvement of international financial organizations and the purchase of government securities of local executive bodies.