Baiterek Holding held a meeting with the IMF mission

On June 10, a meeting was held in Astana between the management of Baiterek National Investment Holding JSC and a mission from the International Monetary Fund, led by Amina Lares, Head of the Central Asia Division of the Middle East and Central Asia Department. The meeting was part of the IMF mission's regular visit to Kazakhstan, which is taking place from June 3 to 12, 2026. The parties discussed infrastructure investments, the Holding's updated development strategy, and funding plans.

The meeting was attended by Deputy Chairmen of the Holding's Management Board, Usen Galym and Ersain Khamitov, Chairman of the Management Board of JSC Development Bank of Kazakhstan, Marat Yelibayev, and the heads of the Holding's relevant departments.

Usen Galym presented the mission with the updated Holding's Development Plan for 2024-2033. He noted that in November 2025, the Holding was awarded the status of national investment holding, and today Baiterek is transforming from an operator of state programs into a proactive investment institution, creating new areas of economic growth. The key areas of the updated strategy include effective asset management, creating conditions for business development, and improving the quality of life of the population.

Special attention was paid to the financing model. Representatives of the Holding Company informed the mission of plans for a phased transition to market funding: the share of non-government borrowing is planned to increase to 59% by 2029 and to 70% by 2033. Starting in 2029, budget financing is planned to be replaced by reinvesting retained earnings. A significant portion of the Holding Company's operations are carried out on a repayable basis through lending, leasing, and market instruments, which allows it to attract private capital and liquidity from second-tier banks and reduce the burden on the state budget. For every tenge of business support measures, it is planned to attract two tenge of market liquidity.

Regarding infrastructure investments, the parties discussed projects, implementation plans, and medium-term funding sources, including the role of the Development Bank of Kazakhstan in financing large industrial and infrastructure projects.

The Holding also confirmed its support for efforts to increase transparency in the quasi-public sector, improve risk management, and strengthen coordination between budget and investment policies. All Holding projects undergo a multi-level assessment and risk assessment, and the corporate governance and financial stability monitoring system for subsidiaries is consistently improved.

Reference. JSC National Investment Holding Baiterek unites nine development institutions and is the key financial institution implementing Kazakhstan's economic and investment policy.