Kazakhstan is set to establish a “school for philanthropists” at one of its universities, a specialized training center for professionals working in endowment funds. The initiative was announced by Gulzat Kobenova, Deputy Minister of Science and Higher Education.
Currently, 22 endowment funds operate in Kazakhstan. These targeted financial structures support the long-term development of education, healthcare, and cultural institutions through private donations. Unlike traditional charitable organizations, endowments invest the principal and use only the investment income to fund their programs, ensuring financial sustainability over time.
A significant step toward institutionalizing the sector came in June 2025 with the enactment of the Law on Endowment Funds. The legislation established a regulatory framework requiring independent audits, the publication of financial statements, and strict accounting standards. Endowments must also form a governance structure, including a board of trustees, an executive body, and an internal audit service.
For endowments with assets exceeding USD 75,000, management must be transferred to a licensed professional asset management company. The law also caps administrative and operational costs at 15% of investment income, or 0.5% of average asset value if there is no income.
Kobenova stressed that the development of this sector demands a new class of skilled professionals both fund managers and financial investors. To address this need, the ministry is launching a “school of philanthropy” based on international best practices, with input from Indiana University (USA).
“The school will train endowment fund employees, prospective investors and donors, and professional fund managers. There are also plans to create a professional community, including an endowment fund association,” Kobenova stated.
The creation of the school is part of the Ministry of Science and Higher Education’s roadmap through 2029. As part of this plan, five pilot university-based endowment funds will be launched by the end of 2029, with a total targeted capitalization of approximately USD 94 million.
According to Kobenova, these efforts aim to reduce universities’ dependence on the state budget and tuition fees, helping to ensure long-term financial independence.
As previously reported by The Times of Central Asia, Kazakhstan’s investment in research and development (R&D) nearly tripled over the past five years, reaching USD 430 million in 2024. However, science continues to contribute only 0.16% to the national GDP.
