ASTANA, Kazakhstan, June 24. Kazakhstan plans to invest 9.6 trillion tenge (about $20.6 billion) to ensure economic growth, said Minister of National Economy Nurlan Baibazarov, Trend reports with reference to the government.
"To ensure the growth of the economy of Kazakhstan, it is planned to invest 9.6 trillion tenge. This amount includes budgetary investments that are already provided for in the budget and extra-budgetary sources of investment," he said.
According to the minister, the bulk of them come from off-budget sources of investment in the amount of 7 trillion tenge (about $15 billion).
"First of all, these are funds from our national holdings. All the free liquidity that Samruk-Kazyna and Baiterek have is aimed at this growth program. The second source is the domestic and foreign capital markets. We are now actively using internal resources. These are funds from second-tier banks and other institutional domestic investors," Baibazarov said.
As the minister noted, important work is underway with international financial organizations to attract long-term preferential financing for projects.
"Private investment, both for domestic and foreign investors, also plays a significant role," he added.
Meanwhile, Kazakhstan's Ministry of National Economy expects GDP growth to be 5.3 percent in 2024 and 6 percent in 2025 and 2026.
Furthermore, Kazakhstan's economic growth amounted to 5.1 percent in 2023. Last year, the volume of investments in fixed capital increased by 13.7 percent and amounted to $39.5 billion, while over the first nine months of 2023, $19.7 billion of foreign direct investment was attracted.