News

Kazakhstan’s Alpha Wind, owned by Singapore-based Pluto Renewable Energy Investment Pte Ltd., has secured a bid to construct a 100-megawatt (MW) wind power plant (WPP) in the Kostanay region. The announcement was made by Korem JSC, Kazakhstan’s operator of the centralized electricity trading market and the auction organizer.

According to Korem, on Nov. 15, 2024, auctions were held to select projects for WPPs in the Northern Zone of the Unified Electric Power System of Kazakhstan, with a total installed capacity of 100 MW. The winning bidder was Alpha Wind LLP, with an installed project capacity of 100 MW at an...

The U.S. President-elect Donald Trump had managed to make many intriguing and unexpected promises during his election campaign, leaving the world to feel that his return to the White House marks the beginning of a new era, a new life for everyone: countries, corporations, politicians, entrepreneurs, the rich and the poor. However, this new reality isn’t going to be good for all.

Hopefully, our government will embrace the idea expressed by American writer Stephen King, whose words are often attributed to Mao Zedong: «The man who senses the wind of change should build, not a windbreak, but a windmill.»

Using...

The consumer confidence index (CCI) continues to strengthen in the optimistic zone. For the first time in a long while, actual (perceived) inflation has exceeded the population’s inflation expectations, despite consumers increasingly noticing the rise in prices for goods and services. There is a decline in overall anxiety, including concerns about the labor market. Credit confidence is on the rise, along with the proportion of Kazakhstanis planning to take out loans, though sentiment around deposit confidence remains unchanged.

This report highlights the findings from the 23rd wave of Freedom Finance Global PLC’s Consumer Confidence Survey, conducted monthly since November...

Since the start of Russia’s invasion of Ukraine, Kazakhstani authorities have opened 46 criminal cases against citizens involved in military conflicts and seven for mercenary activities. However, it is unclear which specific conflicts these individuals participated in.

Kazakhstanis in foreign wars over the past decade

In March 2014, following Russia’s annexation of Crimea, Kazakhstan introduced a new article to its criminal code aimed at deterring citizens from engaging in mercenary activities. In 2015, the General Prosecutor’s Office recorded 73 such cases in its Unified Register of Pre-Trial Investigations (URPTI), followed by 36 cases in 2016. The numbers dropped significantly in...

The National Bank and the National Payment Corporation have launched a pilot project aimed at the introduction of interbank payments with the help of QR codes, the regulator’s website reported. As the initiative is in its first stage, only two financial institutions have joined the pilot project so far: Freedom Bank and Bank RBK.

The launch of an interbank QR payment service is going to unify the QR payment infrastructure. Once the project is fully operational, consumers will be able to pay for their purchases through any terminal, no matter which bank owns it. Moreover, shop owners will save money...

Kaspi.kz has abandoned its plan to acquire the Humo payment service in Uzbekistan, the press service of the Kazakhstani fintech giant reported.

In August, Kaspi.kz announced its intention to participate in the privatization of Humo, one of the two payment systems in Uzbekistan. According to Uzbekistan’s State Assets Management Agency, eight companies submitted their bids, with six of them being selected for the next stage of the privatization process.

«At this time, we are not proceeding further in the process,» Kaspi.kz said in a statement.

Nevertheless, the company highlighted that Uzbekistan’s economy is rapidly developing...

Russia is reviewing a new export route to China through the territory of Kazakhstan, according to Russian Deputy Prime Minister Alexander Novak, who attended the international forum «Sprouts: Russia and China – Mutually Beneficial Cooperation» as a speaker, the Interfax news agency reported.

«Along with our Chinese friends, we are reviewing another potential route via Kazakhstan, which may account for 35 billion cubic meters of gas,» Novak said.

The official noted that the project is in the initial stage of review. «This is just an idea that is being discussed.» Russia plans to transport gas...

Kazakhstan’s banks have dramatically increased the timescale for executing transactions with Russian companies, according to the Russian RBC news agency, citing representatives of transportation companies and lawyers. They claimed that the remittance of funds may take as long as two months. 

According to the sources, average transaction and payment processing times have increased by 24% compared to July. They suggest this may be due to stricter compliance checks, including enhanced risk assessments and sanctions screening, but they don’t elaborate on why this change occurred now. Kursiv.media has requested market participants to comment on the situation.

On top of that, Russian...

According to Timur Turlov, the founder and CEO of Freedom Holding Corp., current interest rates do not encourage banks to actively supply the economy with loans. Delivering a speech at the 12th Congress of Financiers of Kazakhstan in Almaty, he said that Kazakhstan’s financial system is in its comfort zone, which hinders the achievement of the country’s economic objectives.

«The banking system is once again in a state of absolute comfort — everything is fine, and there’s no need for any adjustments. However, I think, from a strategic perspective, we need to achieve the ambitious goal...

During the Congress of Financiers of Kazakhstan, the country’s National Bank announced the launch of a digital bullion coin in the first quarter of 2025. According to the regulator’s website, transactions with the coin will be available via the Tabys mobile app developed by the Astana International Exchange (AIX).

The coin’s value at any given moment is expected to be calculated in tenge based on three parameters: its weight, the gold price on the London Bullion Market Association (LBMA) and the tenge-to-US dollar exchange rate established by the National Bank.

One will be able to buy the coins, sell them...

The Bank of China is increasingly blocking yuan transactions from Russia’s list of «friendly» countries, including Kazakhstan. This happens against the backdrop of strengthened compliance procedures aimed at avoiding secondary sanctions, according to RBC, a Russian news agency. Experts suggest that the exceptional caution of Chinese banks is a response to increased regulatory pressure and tightened international requirements.

Like many other financial institutions across the region, Chinese banks are tightening their control over transactions that might be linked to Russian counterparties or payments related to deliveries to Russia. Indicatively, the Chouzhou Bank and the Bank of China have blocked several...

According to experts from the Russia-based Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF), the high base rate in Russia (21%) and the risk of its further increases may lead to an economic recession and market downturn any time soon. The CMASF is one of the leading research organizations under the Russian government.

Experts believe that raising the base rate will not effectively lower inflation while presenting substantial risks for the economy. More than 40% of Russian enterprises are unable to increase their output due to costly lending and financing shortages. Over the past several years, this rate has typically...

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) reported that it has attracted three foreign banks to the country’s market. These include the Korean BNK microfinance organization, which is currently transitioning into a bank, as well as the Al Hilal Islamic Bank and Bereke Bank, both acquired by foreign entities. Therefore, all three institutions have already been active in Kazakhstan for several years.

The Korean BNK has been active in Kazakhstan’s financial market since 2018. In early June, it was allowed to restructure into a bank after President Kassym-Jomart Tokayev approved the decision. As of January, BNK...

Kazakhstan has endorsed the Declaration to Triple Nuclear Energy by 2050, according to the Ministry of Energy’s press office.

The country’s authorities made the announcement at the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku. The Declaration has already been endorsed by 26 states, including the U.S., the U.K., France, Sweden, the UAE and South Korea.

The world community views nuclear energy as a crucial solution to limit the temperature increase to 1.5°C above pre-industrial levels. Kazakhstan has claimed that it sees nuclear energy as a key part of its future energy...

According to the Ministry of Energy of Kazakhstan, the country will attract $3.7 billion in investments to develop its green energy sector, as the agency signed several memorandums and agreements on the sidelines of the UN Climate Change Conference in Baku.

These arrangements include a $2 billion agreement with China on renewable energy source (RES) projects. The two countries are working together to fight global warming by switching to eco-friendly technologies and reducing emissions.

Kazakhstan has also entered into a $1.5-billion agreement with Masdar, a UAE-based renewable energy company, which is expected to be engaged in the construction of a...

For the sixteenth month, Freedom Finance Global has been researching consumer confidence, inflation and devaluation expectations of residents of four Central Asian countries: Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan. In October 2024, the dynamics of consumer confidence are ambiguous. Growth occurred in only two countries, and the changes were mostly quite significant. However, the dynamics of inflationary sentiments have improved noticeably in almost all countries, although a couple of countries are still far from recovery. On the other hand, devaluation expectations in the region have grown almost everywhere amid weakening national currencies.

In October, the Consumer Confidence Index (CCI) improved in...

The Asian Development Bank (ADB) and the Ministry of Energy of Kazakhstan have signed a memorandum of understanding aimed at cutting the country’s CO2 emissions, as reported by the bank.

«The ADB and the Government of Kazakhstan have moved a step closer toward the possible early retirement of a coal plant in Kazakhstan under the bank’s Energy Transition Mechanism (ETM) program. Under a memorandum of understanding (MOU) signed at COP29 by ADB and the Kazakhstan Ministry of Energy, the two sides will work toward a pilot transaction that demonstrates a pathway to significantly reduce the country’s...

QazaqGaz, a subsidiary of Samruk-Kazyna, is preparing to enter into a $5.6 billion agreement with PetroChina International Alashankou Company Limited.

«QazaqGaz shall reach a deal that will lead to the conveyance of property worth 50% or more of the company’s book value by signing an additional agreement, No.1, to the purchase and sale agreement between QazaqGaz and PetroChina International Alashankou Company Limited dated Oct. 17, 2023,» the company stated, following a general meeting of its shareholders held on Nov. 7.

Notably, the sole shareholder of the gas company is the state-owned holding Samruk-Kazyna.

As...

Kazakh and Uzbek language courses have been launched at the George Washington University (GW) in the U.S. The educational program is held within the Central Asia Program (CAP).

The Youth Information Service of Kazakhstan, citing GW, reported on the new course. Anyone interested in learning the languages can attend either class through the CAP.

The program is designed for deep and rigorous research of processes occurring in post-Soviet countries and neighboring regions. To achieve this goal, the CAP utilizes an interdisciplinary approach that includes economics, anthropology, history and social and political studies.

Actually, one could have studied Kazakh at GW even...

President Kassym-Jomart Tokayev and Muhammad Sulaiman Al Jasser, head of the Islamic Development Bank (ISDB), have signed a set of agreements totaling $1.153 billion at the UN Climate Change Conference in Baku. This financing is aimed at supporting Kazakhstan’s water resource development to enhance the country’s climate resilience. It marks the largest deal in the bank’s history.

The agreements cover the first stage of a large-scale water resource management project, which includes the construction and renovation of eight reservoirs and 115 water canals across seven regions of Kazakhstan. The execution of this program will ensure a stable water supply to...

Kazakhstan’s Ministry of Science continues to test a new domestically produced cancer treatment drug, DVC. The medication is currently being administered to eight patients as part of the second phase of development to establish the maximum dosage patients can safely tolerate, the ministry reported in response to a request from the Informburo media portal.

Researchers from the National Laboratory Astana and the Kazakh Institute of Oncology and Radiology in Almaty are jointly working to determine the maximum tolerated dose of DVC. In this phase, cancer patients who meet specific criteria are receiving up to 36 injections of the drug in...

Kazakhstan’s Supreme Court has raised concerns about the spike in internet fraud and is proposing stricter legislation to address fraudulent loans, according to its press office. The issue was discussed at a recent meeting of the Supreme Court’s International Council, where it was noted that, in 2024, cases of internet fraud have surged by over 270% compared to 2022.

Under the influence of scammers, Kazakhstani citizens often voluntarily take out loans and sell property, transferring funds to unidentified individuals. Currently, the criminal code does not specifically protect victims of internet fraud, though victims can pursue claims in civil court.

Typically...

Kazakhstan will take two loans from the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB). The corresponding draft law has already been taken into consideration by the Mazhilis, the lower house of Kazakhstan’s parliament.

The AIIB is going to provide Kazakhstan with a 52.7-billion-yen (about $340 million) loan with a 15-year maturity, including a grace period until June 1, 2027. In turn, the ADB has also approved a 52.3-billion-yen ($337 million) loan on the same terms. Both loan agreements were signed in Astana on Aug. 21 and Aug. 23, respectively. The interest rate for the loans remains...

Two districts in the West Kazakhstan region that currently receive electricity from Russia are set to reduce their dependence on Russian energy supplies by launching local power sources, according to Nariman Toregaliev, akim (governor) of the West Kazakhstan region.

«Reducing dependence on foreign sources is one of the most critical issues in the energy sector. Currently, the Zhanibek and Bokeiorda districts rely entirely on electricity from the Russian Federation. In response, we are in negotiations to install a 5-megawatt (MW) gas piston power plant, a project being developed in partnership with the Ministry of Energy,» Toregaliev...