Investments - The Times Of Central Asia

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Investments

Kazakhstan Plans to Attract More Than $60 Billion in Investments in 2026

Kazakhstan aims to attract $62.7 billion in total investment in 2026, including $25.5 billion in foreign capital. The figures were announced during a government meeting on investment strategy chaired by Prime Minister Olzhas Bektenov. According to Bektenov, state authorities have been tasked with increasing the inflow of high-quality investments and ensuring the launch of projects with high added value. In line with this strategic goal, Kazakhstan’s Investment Policy Concept has been updated and extended to 2030. By the end of 2025, investment in fixed capital had reached $45 billion. In 2026, the government plans to implement 475 investment projects worth approximately $32 billion, creating over 1,100 permanent jobs. For comparison, 273 projects valued at $5 billion were launched in 2025. The government is shifting to a proactive investment model focused on sector-specific targeting and the development of a pre-approved portfolio of investment proposals. Major projects underway include the CHN Corporation’s $4 billion coal chemical complex in the Karaganda region, Fufeng Group’s $800 million corn deep processing plant, Shandong Yuwang Industrial’s $250 million soybean processing facility, and additional investments from Roca Group and UBM Group. Investor protection remains a top priority. The investment ombudsman role has been transferred to the Prosecutor General. In addition, the former investment committee has been restructured into the Committee for the Protection of Investors’ Rights. According to the Prosecutor General’s Office; these reforms have led to a 30% reduction in legal disputes involving investors. Despite this progress, Bektenov emphasized that excessive bureaucracy and delays in local procedures continue to hinder investment, resulting in direct economic losses. As previously reported by The Times of Central Asia, Kazakhstan was named as one of the leading investment destinations in the Eurasian region, alongside Uzbekistan.

Tourism

The Potential and Problems of Tourism in Kazakhstan

Kazakhstan boasts unique natural landscapes that could attract international visitors, and significantly enrich the country's economy. Each year, the government allocates increasing funds to support tourism. However, services and infrastructure in many tourist destinations still remain well below international standards. Undeniable Improvements According to Talgat Gazizov, Chairman of the Board of the national company Kazakh Tourism, more than 1,100 tours to Kazakhstan are currently available on 18 major online platforms across Europe and Asia – a threefold increase compared to 2023. This reflects growing interest among international tour operators. As previously reported by The Times of Central Asia, authorities are also weighing up the possibility of opening casinos in designated tourist zones, accessible exclusively to foreign citizens. In 2025, Kazakhstan invested nearly $2.5 billion in the development of its tourism sector, a 32% year-on-year increase. The number of tourists staying in accommodation facilities rose by 12%, surpassing 10 million. Kazakhstan also improved its position in the World Economic Forum’s global tourism index, climbing from 66th to 52nd place. The stated goal is to break into the top 50. Currently, 328 tourism investment projects are underway. Notable among them are the Oi-Karagai mountain resort, Hilton and Mandarin Oriental hotel complexes, the Zhibek Zholy entertainment complex, and the Keruen Inn roadside service chain. These projects are expected to create around 10,000 permanent jobs. A Comprehensive Development Plan for the Almaty Mountain Cluster includes expanding ski resorts and integrating them into a unified system. The celebrated Shymbulak ski base and Medeu high-altitude skating rink, both located near Almaty, are among the country’s most distinctive attractions. The plan envisions 30 new cable cars and 161 kilometers of ski slopes, aiming to boost annual tourist numbers from 1.8 million to 5 million. Authorities note that, globally, ski tourists spend seven times more than beach tourists. The Shchuchinsk-Borovskaya (Burabai) resort area is also a development priority. Infrastructure expansion around Lakes Katarkol, Maloye and Bolshoye Chebachye, and Zhukei is intended to ease pressure on Lakes Shchuchye and Borovoye. The number of inbound tourists to Burabai is projected to reach 94,000 by the end of 2029, with 32,500 people employed in the local tourism industry. In western Kazakhstan, development is planned along the Mangistau Peninsula, including Teply beach and Kendirli resorts on the Caspian Sea. Efforts are also underway to improve access to the striking rock formations of Bozhyr and Tamsha, which rival world-famous geological landmarks. Services and Infrastructure Lag Behind Despite progress, serious shortcomings persist, chief among them underdeveloped services. The lack of public toilets in tourist zones and along highways has been repeatedly highlighted. Government data shows that many resort areas in the Akmola, Karaganda, and Pavlodar regions, as well as in the Abai and Zhetysu regions, lack reliable water supply and central sewage systems. The use of well water remains a pressing concern. In the Abai region, some recreation centers are situated dangerously close to water sources. Lake Alakol, a popular summer destination, requires urgent shoreline reinforcement. Similar dredging work is also necessary in Caspian...

Transport Infrastructure

European Investment Bank to Allocate €100 Million for Tajikistan’s Transport Infrastructure Upgrade

The European Investment Bank (EIB) plans to allocate €100 million to finance transport infrastructure projects in Tajikistan, according to an announcement by the country’s Ministry of Transport. The funding will support upgrades to existing infrastructure and improve the accessibility of transport services across the country. The investment is aimed at accelerating economic development, reinforcing the national transport network, and enhancing Tajikistan’s integration into regional logistics corridors. The funding is outlined in a Memorandum of Understanding signed between Tajikistan and the EIB, which serves as a framework for long-term cooperation. The memorandum was initially presented at the Global Gateway Investor Forum on Sustainable Transport Links between Europe and Central Asia, held in Brussels in January 2024, and was formally signed on April 4, 2025. Implementation efforts advanced during a working meeting on January 19 between Tajikistan’s Minister of Transport and Communications, Azim Ibrahim, and an EIB delegation led by Edvardas Bumsteinas, the bank’s Director for Asia and the Pacific Region. The two sides discussed project parameters, financing mechanisms, fund monitoring, and a preliminary list of initiatives eligible for support. The EIB reaffirmed its interest in “close cooperation” with Tajikistan and stressed that it will prioritize projects with regional significance that foster economic growth and transport integration. Officials on both sides believe that implementing the memorandum’s provisions will lay a foundation for the comprehensive development of Tajikistan’s transport sector and bolster its role as a key transit hub in Central Asia. This initiative complements a parallel effort by the European Bank for Reconstruction and Development (EBRD), which recently approved €10 million for the modernization of electric public transport in the city of Bokhtar. The EIB is the European Union’s official investment bank, wholly owned by EU member states. It operates in alignment with EU policy priorities and often partners with other European institutions to promote sustainable development globally.

Railways

AIIB Supports Almaty Railway Bypass with $150 Million Loan

The Asian Infrastructure Investment Bank (AIIB) has signed a landmark $150 million loan agreement to finance the Almaty Railway Bypass Project in Kazakhstan. The funding will be provided to Kazakhstan Temir Zholy (KTZ), the national railway operator, under a non-sovereign loan structure. The AIIB loan forms part of a broader international financing package of up to $300 million, denominated in Swiss francs. The package is jointly arranged by the International Finance Corporation (IFC), AIIB, and the Multilateral Investment Guarantee Agency (MIGA), with IFC and AIIB providing investment and MIGA offering risk guarantees. According to AIIB, the structure reflects robust international confidence in Kazakhstan’s transport modernization efforts and in KTZ’s strategic role in national infrastructure. The project will support the construction of a new single-track, electrified freight railway bypass along the northern perimeter of Almaty, Kazakhstan’s largest city. The bypass will extend approximately 75 kilometers, connecting Zhetygen station in the east with Kazybek Bek station in the west. Its primary objective is to redirect freight traffic away from Almaty’s city center by establishing a dedicated cargo corridor. The scope also includes new stations, bridges, overpasses, and upgrades at both terminal points. According to AIIB, the bypass is expected to alleviate congestion on Almaty’s current rail network, enhance passenger service efficiency, and reduce freight delays. By separating passenger and cargo rail lines, the project aims to lower emissions caused by congestion and improve operational safety. AIIB emphasized the project’s role in strengthening Kazakhstan’s position as a regional transit hub by boosting rail efficiency along key Eurasian corridors, including the Middle Corridor. “Strengthening Kazakhstan’s transport backbone is essential for supporting the country’s long-term growth and its role as a key connectivity hub across Eurasia,” said Konstantin Limitovskiy, AIIB’s Chief Investment Officer. He noted that the Almaty bypass addresses a major bottleneck in the national rail system, enabling “faster, cleaner, and more reliable freight movement.” IFC also underscored the regional significance of the initiative. “By addressing key bottlenecks and improving network reliability, the project is expected to generate positive spillovers for trade facilitation, private sector competitiveness, and the overall logistics ecosystem,” said Laura Vecvagare, IFC’s Regional Head of Industry for Infrastructure and Natural Resources. Kazakhstan, a founding member of AIIB, is one of the bank’s most active clients in Central Asia. AIIB stated that the project aligns with its strategic focus on connectivity and regional cooperation. Implementation will be led by Kazakhstan Temir Zholy, with construction set to begin following the conclusion of final procurement procedures. In July of last year, Kazakhstan Temir Zholy secured a separate syndicated loan of up to 480 million Swiss francs (approximately $540 million) for a three-year term. Arranged by Abu Dhabi Commercial Bank and Deutsche Bank, the loan supports infrastructure development along the Trans-Kazakhstan Railway Corridor.

Investments

Kazakhstan’s MOST Ventures Invests in Uzbek Startup Bito, Valuing Company at $10 Million

Kazakhstan-based venture capital firm MOST Ventures has acquired a stake in Uzbekistan’s Bito, marking a significant cross-border investment in Central Asia’s growing tech ecosystem. The deal, completed in Tashkent on December 25 as part of a Bridge funding round, values the B2B software company at $10 million, a milestone that reflects rising investor confidence in Uzbekistan’s startup landscape. Bito is a business-to-business software-as-a-service (SaaS) company and a resident of Startup Garage, a leading Central Asian venture studio and accelerator. The company offers a digital ecosystem that integrates enterprise resource planning (ERP), financial technology, and artificial intelligence into a unified operating system tailored for small and medium-sized enterprises (SMEs). Its platform allows businesses to manage sales, finance, inventory, HR, payments, installment services, and analytics, all in one interface aimed at improving operational transparency and decision-making. The Bridge round represents a pivotal moment in Bito’s growth trajectory. The company reported that its valuation has tripled over the past ten months, though it has not disclosed the total amount raised. The investment will fund continued product development and regional expansion, with a primary focus on the Uzbek and Kazakh markets. As part of the transaction, Startup Garage partially exited its position in Bito. The accelerator played a crucial role in the company’s early-stage development, supporting product design, market entry, and initial scaling. Startup Garage founder Mukhammad Khalil said the deal highlights the increasing maturity of Central Asia’s startup ecosystem and its ability to attract institutional capital. “This transaction shows that companies in the region can secure funding based on strong fundamentals and sustainable growth,” he said. Bito founder Uchqun Tulavov called the investment a validation of the company’s strategic vision. “We are not simply building a product, we are setting a new standard for digital infrastructure for small and medium-sized businesses across the region,” he said. “The support of MOST Ventures confirms our direction as we integrate ERP, fintech, and AI into a unified operating platform.” Following the funding round, Bito plans to accelerate its regional footprint while consolidating its role as a leading B2B SaaS provider in Central Asia.

Energy Sector

Tajikistan Plans $6.5 Billion Investment in Energy Sector

Tajikistan will require approximately $6.5 billion to implement its 2026-2030 Energy Sector Development Program, with funding expected from a combination of external and internal sources, including international partners and the state budget. Planned funding sources include: Development partners: $3.94 billion Private investment: $2.56 billion The state budget, primarily to finance the ongoing construction of the Rogun Hydropower Plant (HPP), which is supported annually through a dedicated budget line. In 2025 alone, more than $970 million was allocated from the state budget to the Rogun project, accounting for roughly 20% of all approved treasury expenditures. Support for Tajikistan’s fuel and energy complex remains one of the top budgetary priorities. The draft state budget for 2026 earmarks $1.61 billion for the sector, equivalent to 22.4% of total planned expenditures. The program will primarily focus on large-scale hydropower development. In parallel, the government aims to expand renewable energy capacity. Solar power plants with a combined capacity of 1.5 GW are planned for construction in the Sughd and Khatlon regions. Authorities also plan to explore the potential for wind energy. Another key objective is increasing electricity exports and contributing to frequency regulation within Central Asia’s regional power networks. Achieving this will require infrastructure upgrades, including construction of the Rogun-Saihun 500 kV transmission line and the modernization of existing substations. Domestically, the program calls for the replacement of outdated equipment, renovation of distribution networks, and the installation of smart meters to enhance energy reliability and efficiency.