BAKU, Azerbaijan, October 28. Kazakhstan will
allocate about 6.5 trillion tenge (approximately $14.3 billion)
from the National Fund by the end of 2029 to implement a
large-scale infrastructure modernization plan, President
Kassym-Jomart Tokayev said in his Address to the People of
Kazakhstan, according to the presidential press service.
According to the International Monetary Fund's forecast,
Kazakhstan's gross domestic product will approach $400 billion this
year, while GDP per capita will exceed $19,000, he said.
The manufacturing industry is also growing rapidly, with its
share of GDP exceeding 14%. Tokayev described this as a tangible
result of systematic efforts to diversify the national economy.
He added that Kazakhstan's gold and foreign exchange reserves,
together with National Fund assets, had exceeded $130 billion.
Tokayev said the country should now direct this economic
potential toward infrastructure modernization and the development
of all regions.
"Therefore, I instruct the government to actively implement the
large-scale construction initiative I mentioned earlier. Under this
initiative, essential social, transport and engineering
infrastructure facilities will be built across the country," he
said.
The government will develop an unprecedented Infrastructure
Modernization Plan, Tokayev said. To implement this initiative,
about 6.5 trillion tenge (approximately $14.3 billion) will be
allocated from the National Fund by the end of 2029.
He added that 1.5 trillion tenge (approximately $3.3 billion)
should be earmarked to launch social projects this year and during
the first two months of 2027.
The dollar equivalents are calculated at the National Bank of
Kazakhstan's exchange rate of 455.63 tenge per $1 as of October 28,
2026.
