Baiterek Holding Increases Banks’ Involvement in Financing the Economy

On May 18, 2026, during a Government Hour session at the Senate of the Parliament of the Republic of Kazakhstan dedicated to financial incentives for economic growth, Chairman of the Management Board of JSC “National Managing Holding Baiterek” Rustam Karagoyshin presented the Holding’s performance results and approaches to further expanding financing for the real sector of the economy.

At the end of 2025, the total financing volume across all areas amounted to KZT 10.4 trillion against a planned target of KZT 10 trillion. In 2026, the Holding will maintain financing for the real sector of the economy at the level of KZT 8 trillion. More than half of these funds — KZT 4.1 trillion — will be allocated through second-tier banks and other financial institutions using guarantee, insurance, subsidy, and conditional financing mechanisms. The volume of bank stimulation by the Holding has increased from KZT 3.1 trillion last year to KZT 4.1 trillion this year.

During the Government Hour session, participants discussed mechanisms for further expanding the participation of second-tier banks in financing the economy. Chairperson of the Council of the Association of Financiers of Kazakhstan Elena Bakhmutova proposed gradually transferring part of the “mature” projects of development institutions, which have already reached operational sustainability, to second-tier banks.

According to her, this approach would help increase the volume of available financing for large infrastructure and industrial projects, reduce risk concentration, and improve the efficiency of state capital utilization.

The initiative was supported by the Ministry of National Economy. Vice Minister of National Economy Arman Kassenov noted that cooperation between the Holding and second-tier banks would help engage the financial sector in financing the real economy while simultaneously freeing up resources for launching new projects.

As Rustam Karagoyshin stated, work in this area has been underway since the end of 2025.

“We have already transferred a portfolio worth USD 650 million to second-tier banks. By the end of the year, we plan to transfer additional projects worth USD 1 billion, while also forming a pipeline of projects totaling USD 3.5 billion. When projects are transferred to banks, our portfolio is freed up, enabling the Holding to launch new projects and move into the next phase of financing,” said the Head of the Holding.

According to the Chairman of the Management Board, the Holding is currently working on 1,145 projects, 266 of which are already under review. Priority in project selection is given to initiatives with high import substitution potential, export orientation, and the creation of new jobs.

The Holding also continues its transformation into a full-fledged investment holding. Within the framework of the “Investment Order” model, a pool of priority projects is being formed jointly with sectoral ministries and local executive authorities in the fields of agro-industrial complex, industry, infrastructure, logistics, energy, chemicals, and other sectors of the economy.