Kazakhstan to resume targeted National Fund transfers for infrastructure

September 23, 2026 at 09:50 AM2 min

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Kazakhstan's government will resume targeted transfers from the National Fund to finance large-scale infrastructure projects. The Ministry of National Economy said the funds will go to hospitals, utilities, transport, and defense facilities. The move reverses a 2025 decision to halt targeted transfers for three years to curb depletion of the fund.

Key Facts

The government plans to draw an additional 2 trillion tenge from the National Fund in 2027, and 1.5 trillion tenge in each of 2028 and 2029.
In 2024, withdrawals from the National Fund peaked at 5.6 trillion tenge.
President Kassym-Jomart Tokayev said in late August that Kazakhstan must become a 'big construction site' and again use National Fund money.
The Ministry of National Economy said funds will be used for construction and modernization of hospitals, gas transport, heat and electricity, transport infrastructure, and defense facilities.
In 2026, after the halt of targeted transfers, withdrawals were to fall to 2.7 trillion tenge as a guaranteed transfer.

Policy Reversal

The government is returning to targeted transfers from the National Fund one year after abandoning them to stop the fund's depletion. In late August, President Kassym-Jomart Tokayev said the country must complete 'very many tasks' and 'actually turn all of Kazakhstan into a big construction site, primarily of social facilities for citizens.' A year earlier, authorities announced a three-year halt to targeted transfers to curb rapid depletion of the fund. Since the start of the pandemic, the country has withdrawn about 5 trillion tenge annually from the fund, with 2024 withdrawals peaking at 5.6 trillion tenge. The Ministry of National Economy said the fund was conceived not only as a financial 'safety cushion' and that resources can be invested in projects meeting national and critical importance criteria.

Planned Spending

The government plans to attract an additional 2 trillion tenge from the National Fund in 2027, and 1.5 trillion tenge in each of 2028 and 2029. The ministry said funds are planned for construction and modernization of hospitals and clinics, development of the gas transport system, heat and electricity, transport infrastructure, and defense and public order facilities. The ministry stated that infrastructure is generally not attractive to the private sector due to large investments and long-term returns. It added that financing solely from the republican budget could delay such projects for years. The ministry said use of National Fund resources is considered in balance with the task of preserving and growing its assets.