• KZT/USD = 0.00211
  • TJS/USD = 0.10810
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00211
  • TJS/USD = 0.10810
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00211
  • TJS/USD = 0.10810
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00211
  • TJS/USD = 0.10810
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00211
  • TJS/USD = 0.10810
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00211
  • TJS/USD = 0.10810
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00211
  • TJS/USD = 0.10810
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00211
  • TJS/USD = 0.10810
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
02 August 2026

Viewing results 1 - 6 of 21

Uzbekistan Seeks More Freight Capacity Through Kazakhstan’s Caspian Ports

Kazakhstan and Uzbekistan have instructed their national railway companies to draw up a plan to increase Uzbek freight shipments through the ports of Aktau and Kuryk, expanding Tashkent’s access to markets across the Caspian Sea. Kazakh Prime Minister Olzhas Bektenov and his Uzbek counterpart, Abdulla Aripov, discussed the plan during a July 23 visit to the Aktau International Sea Trade Port. The volume of Uzbek freight handled through Aktau and Kuryk increased by more than 60% in 2025, according to the Kazakh government. “Our task is to provide cargo from Central Asian countries with fast and reliable access to the markets of the Caucasus, Turkey, and Europe,” Bektenov said. Aktau and Kuryk are the main Kazakh ports on the Trans-Caspian International Transport Route, commonly known as the Middle Corridor. The rail-and-sea route links China and Europe through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia, and Turkey. For Uzbekistan, one of the world’s two double-landlocked countries, the Kazakh ports provide access to the western section of the corridor. Freight is carried by rail to the Caspian coast before being transferred to ships bound for Azerbaijan. The two governments did not say how much additional freight they expect to carry or when the railway companies must complete their plan. Further growth will depend on tariffs, the availability of railcars and vessels, border procedures, and the capacity of railway lines serving the ports. The combined infrastructure capacity of Aktau and Kuryk is about 22 million metric tons a year, according to Yelzhas Otynshiyev, chairman of Kazakhstan Temir Zholy, the state railway company. Aktau alone can handle as much as 12 million tons annually and operates throughout the year. Container transit through the Kazakh ports on the Middle Corridor increased 3.8-fold between 2022 and 2025, the government said. The first phase of a container hub with annual capacity of 140,000 twenty-foot equivalent units has opened at Aktau. A second phase, due in 2027-2028, is expected to lift capacity to 240,000 TEUs. Kazakhstan has also ordered six container vessels. Four are due for delivery in 2027 and two more in 2028. The additional ships are intended to reduce dependence on the limited pool of vessels operating on the Caspian Sea. Capacity constraints remain at the ports and on the rail network. Falling Caspian Sea levels have made it harder for fully loaded vessels to enter some harbors and increased the need for dredging. Kazakhstan completed dredging at Kuryk in 2025 and plans to finish similar work at Aktau by the end of 2026. The World Bank lists port capacity, rail access, and delays at the Kazakhstan-Uzbekistan border among the main bottlenecks affecting the Middle Corridor. Some freight operators use longer routes because existing border crossings and rail links cannot handle demand efficiently. The bank has also called for additional berths and modern cargo-handling equipment at Aktau as the Caspian becomes shallower. Kazakhstan is upgrading the Shalkar-Beineu and Beineu-Mangystau railway sections that carry traffic to Aktau and Kuryk. In February 2026, the World Bank approved an $846...

Kazakhstan and European Partners Announce $462 Million Middle Corridor Agreements in Brussels

Kazakhstan and its European partners unveiled four transport deals worth a combined $462 million on June 22, giving President Kassym-Jomart Tokayev’s visit to Belgium a concrete outcome on Eurasian connectivity. The package was presented at the business conference “Strengthening EU-Kazakhstan Connectivity: Perspectives and Strategic Potential of the Middle Corridor.” The Trans-Caspian International Transport Route, also known as the Middle Corridor, is a multimodal transport corridor linking China and Europe through Central Asia and the South Caucasus, offering an alternative to routes that pass through Russia. The conference was organized by Kazakhstan Temir Zholy, Kazakhstan’s national railway operator, and brought together representatives of the European Commission, the European Parliament, international financial institutions, and major European transport and logistics companies, including DHL Global Forwarding, Alstom, DB Cargo, HHLA International, Rhenus Logistics, Hellmann Worldwide Logistics, Ahlers Logistics, and A.P. Moller-Maersk. The conference focused on strategic development priorities for the Middle Corridor, including increasing the capacity of the Trans-Caspian International Transport Route, modernizing railway, port, and terminal infrastructure, digitalizing logistics processes, and developing sustainable supply chains across Eurasia. The four documents, presented as a $462 million package, aim to strengthen transport connectivity between Europe and Asia and further develop the Trans-Caspian route. Kazakhstan’s Ministry of Transport and SITA, a global provider of information and telecommunications solutions for the aviation industry, signed a memorandum of cooperation on the digitalization of state airports, including biometric identification. National road operator QazAvtoZhol and the European Bank for Reconstruction and Development signed a loan agreement for the Aktobe-Ulgaisyn road project. The Aktobe-Ulgaisyn project covers a 234-kilometer section of the Western Europe-Western China corridor and is intended to improve regional and transit connectivity. KTZ Express, a subsidiary of Kazakhstan Temir Zholy, signed an agreement with Midia Marine Terminal for a joint project in Romania’s Port of Midia. The project aims to expand Black Sea route infrastructure and improve cargo handling efficiency. In addition, KTZ Express and A.P. Moller-Maersk agreed to cooperate on container shipping along the Trans-Caspian International Transport Route and to attract additional cargo volumes to the route. Speaking at the conference, Kazakhstan’s Deputy Foreign Minister Arman Issetov stressed that the route has evolved far beyond a traditional transit corridor and is increasingly becoming a major geo-economic project serving the interests of both Central Asia and Europe. He said that amid shifting global supply chains and growing demand for reliable and diversified transport routes, Kazakhstan continues to advocate for open, resilient, and mutually beneficial connectivity between East and West. Particular attention was given to the complementarity between the Trans-Caspian International Transport Route and the European Union’s Global Gateway initiative. Under this strategy, the Trans-Caspian corridor has become a priority for strengthening sustainable connectivity between Europe and Central Asia, with Kazakhstan playing a central role as a major Eurasian transport hub. At the Third National Workshop of the Trans-Caspian Transport Corridor Coordination Platform in Astana on June 3, EU Ambassador to Kazakhstan Aleška Simkić said: “Through our €30 million Trans-Caspian Transport support program and other projects, the European Union supports...

Kazakhstan and Russia Digitalize Rail Freight Transportation

Kazakhstan’s national railway operator, Kazakhstan Temir Zholy (KTZ), and Russian Railways have signed a joint action plan to develop the digitalization of bilateral rail freight transportation. The document was signed on May 28 during Russian President Vladimir Putin’s state visit to Kazakhstan. According to KTZ, the plan aims to create a unified digital space between the railways of Kazakhstan and Russia. The company said the move would improve the efficiency of transportation processes, speed up cargo handling, and introduce modern digital solutions on international routes. Implementation of the plan is expected to support seamless transit, remove digital barriers, expand electronic document exchange, and develop paperless technologies in freight transportation. The parties also agreed to gradually increase the number of trains passing through nine interstate railway crossings on the Kazakhstan-Russia border. KTZ described the signing as an important step in developing transport and logistics cooperation between Kazakhstan and Russia, saying it would also strengthen Kazakhstan’s role as a key economic bridge between Russia and the countries of Central Asia. According to KTZ, rail freight between Kazakhstan and Russia totaled 92.1 million tons in 2025, up 3.5% from 2024. The growth was driven primarily by transit operations. Russian cargo exports through Kazakhstan increased by 16.1% to 17.3 million tons, while cargo exports from Kazakhstan transiting through Russia rose by 20.4% to 21.5 million tons. The growth trend has continued this year. In the first four months of 2026, exports from Kazakhstan, including coal, ferrous metals, and fertilizers, transiting by rail through Russia increased by 70,000 tons to 7 million tons. Russian cargo transported to and through Kazakhstan, including oil products, ferrous metals, grain and food products, exceeded 12 million tons, an increase of about 20%.

Kazakhstan’s National Railway Operator KTZ Plans IPO in 2026

Kazakhstan Temir Zholy, Kazakhstan’s national railway operator, plans to launch an initial public offering in 2026 with a proposed triple listing in London, Hong Kong, and Kazakhstan. Kazakhstan Temir Zholy, or KTZ, is wholly owned by Kazakhstan’s sovereign wealth fund, Samruk-Kazyna. On May 23, Samruk-Kazyna and KTZ announced plans to proceed with the IPO. The offering also comes as KTZ faces rising debt and major capital needs linked to railway modernization and corridor expansion. The sovereign wealth fund said Kazakhstan government resolution No. 894, adopted on October 24, 2025, provides for KTZ’s IPO to take place in 2026. “Samruk-Kazyna and KTZ are currently carrying out active preparations for an international IPO, which is expected to involve a triple listing on the London Stock Exchange, the Hong Kong Stock Exchange, and a local stock exchange in Kazakhstan,” the statement said. The IPO is expected to be conducted exclusively through the issuance of new shares by KTZ itself, rather than through the sale of existing shares held by the sovereign wealth fund on the secondary market. “As a result, the funds raised through the IPO will remain at KTZ’s disposal for its own operational and investment needs,” the fund stated. The proceeds are expected to be used to repay part of the company’s debt obligations and finance a large-scale investment program aimed at modernizing Kazakhstan’s railway infrastructure, expanding the capacity of transport corridors, renewing rolling stock, and strengthening the country’s overall transit potential. The IPO comes as KTZ faces a heavier debt burden linked to rolling stock purchases, infrastructure upgrades, and Kazakhstan’s efforts to expand its transit capacity. The Times of Central Asia previously reported that KTZ’s nominal debt rose from about $5.7 billion in early 2024 to roughly $8 billion in 2025, before reaching 4.7 trillion tenge, or about $10.4 billion, by April 2026. Official estimates put borrowing for rolling stock renewal at about $4.9 billion and railway infrastructure modernization at about $2.3 billion. Samruk-Kazyna said preparing KTZ for an IPO requires extensive preliminary work, including efforts to improve the company’s attractiveness to international investors. “Such preparatory activities are currently being carried out jointly by the fund and KTZ in coordination with the government. At this stage, it is not yet possible to disclose further details,” the statement said. The fund added that a detailed assessment of market conditions will be conducted closer to the IPO date by investment banks engaged by KTZ. The final timing and parameters of the IPO will depend on market conditions, KTZ’s readiness, and the level of investor interest. KTZ’s main investment case is likely to center on Kazakhstan’s role in the Trans-Caspian International Transport Route, also known as the Middle Corridor. The route links China and Europe through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia, and onward routes through Turkey or the Black Sea. But the corridor also requires heavy spending on infrastructure, equipment, coordination, and the removal of bottlenecks. That means the IPO may be viewed both as a transit-growth story and as a way...

IPO as a Lifeline: Who Will Pay for Kazakhstan Railways’ Growing Debt?

The planned IPO of Kazakhstan’s national railway operator, Kazakhstan Temir Zholy (KTZ), once presented by the authorities as one of the largest public offerings in Central Asia, is increasingly being viewed as an attempt to stabilize the company’s balance sheet amid rapidly rising debt. The share sale, expected in late 2026, may turn out to be less a growth story than a mechanism for refinancing the obligations of the state-owned carrier. During parliamentary hearings on April 24, company executives acknowledged that one of the key objectives of the IPO is to raise funds to service KTZ’s growing debt burden. According to official company and government data, KTZ’s nominal debt has risen sharply. It stood at about $5.7 billion in early 2024, and roughly $8 billion by 2025. By April 2026, it had reached 4.7 trillion tenge, or about $10.4 billion. The increase reflects heavy borrowing for rolling stock, infrastructure modernization, and the expansion of Kazakhstan’s transit capacity, including projects linked to the Middle Corridor. It also reflects the cost of maintaining below-market tariffs for socially important domestic freight. Kazakhstan’s Supreme Audit Chamber warned as early as 2024 about risks related to the company’s financial sustainability. However, the authorities and KTZ management argue that large-scale borrowing was necessary to prevent an infrastructure crisis. According to official estimates, borrowed funds include about $4.9 billion for renewing rolling stock, including locomotives and railcars, and about $2.3 billion for modernizing railway infrastructure. The currency structure of the debt represents an additional vulnerability. More than half of the company’s obligations are denominated in foreign currencies, making KTZ highly sensitive to fluctuations in the tenge. Any weakening of the national currency automatically increases debt servicing costs and reduces the operator’s profitability. Potential investors face another challenge: historically, KTZ has served not only as a commercial company but also as an instrument of state social policy. A substantial share of revenues from China-Europe transit freight is used to subsidize unprofitable domestic passenger transport and the transportation of socially important goods within Kazakhstan. This cross-subsidization mechanism limits the company’s ability to generate free cash flow. Grain transportation under regulated tariffs alone generated losses of approximately $95 million (44 billion tenge) for KTZ in 2024. In an effort to improve the company’s attractiveness ahead of the IPO, KTZ has initiated large-scale tariff increases for mainline railway services. Beginning in April 2026, transportation tariffs for coal, grain, and iron ore were doubled. However, the move risks adding to costs in Kazakhstan, where railway tariffs directly affect the cost of food, electricity, and industrial goods. Annual inflation stood at 12.2% in January 2026, adding to concerns that higher railway tariffs could feed into wider price pressures. Additional inflationary pressure may come from the expiration of the government’s moratorium on utility tariff increases, after which household utility bills in some regions could rise by 10-20%. Against this backdrop, analysts do not rule out a return to tighter state regulation of tariffs, a development that could once again limit the ability of natural...

Kazakhstan and Uzbekistan Continue to Popularize Rail Tourism

Kazakhstan’s national railway company, Kazakhstan Temir Zholy (KTZ), and Oʻzbekiston temir yoʻllari, also known as Uzbekistan Railways, organized this year’s second Keruen Express train tour from May 1 to 6. More than 130 passengers traveled along the Almaty-Turkestan-Samarkand-Tashkent-Almaty route. Over five days, participants visited major architectural and historical sites in both countries, including the Khoja Ahmed Yasawi Mausoleum in Turkestan, the Gur-e-Amir mausoleum and the Registan in Samarkand, and the Hazrati Imam Complex in Tashkent. The Keruen Express promotes rail tourism and the region’s historical heritage while strengthening cultural ties between Kazakhstan and Uzbekistan. Rail tourism is gaining traction in Central Asia. As previously reported by The Times of Central Asia, KTZ expanded its popular Jibek Joly (Silk Road) tourist train route to include Tajikistan. The updated route now reaches the Tajik capital, Dushanbe, extending the tour beyond Kazakhstan and Uzbekistan. The train-tour projects are part of a regional push to promote Central Asia as a unified tourist destination. Regional leaders have advocated for a shared visa-free regime for foreign visitors, similar to Europe’s Schengen Area, to encourage cross-border travel and boost international tourism. Speaking at the 59th Annual Meeting of the Board of Governors of the Asian Development Bank in Samarkand on May 4, Uzbekistan President Shavkat Mirziyoyev proposed creating a Central Asia Tourism Ring as a unified tourism space connecting the countries of the region. Mirziyoyev called on neighboring countries, the ADB, and other partners to form a portfolio of tourism development projects and jointly finance them. Mirziyoyev also highlighted Central Asia’s tourism potential, noting that amid global instability, millions of tourists are seeking safe destinations, and the region has significant opportunities in pilgrimage, cultural, gastronomic, ethnographic, extreme, and medical tourism.