News

Solidcore Resources PLC (formerly Polymetal), a major gold producer in Kazakhstan, has secured a $60 million loan from Bank CenterCredit (BCC) with a seven-year maturity. The company will use the funds to finance the construction of electric power plants at its production facilities, Solidcore said in a statement.

«This agreement is our first deal in the debt market after restructuring. We are ready to continue our productive cooperation with BCC and other financial organizations to implement ambitious strategic projects,» said Evgenia Onuschenko, chief financial officer at Solidcore Resources.

The BCC funds will be allocated for...

In December 2024, Kazakhstan’s Unified Accumulative Pension Fund (UAPF) sold approximately $14.86 million worth of Israeli government bonds from two separate issuances. The decision to divest came after Israel agreed to a truce with Hezbollah at the end of November 2024.

The bonds were part of two 10-year issuances (out of eight held by the UAPF as of Dec. 1), maturing in 2033 and 2034. The fund purchased the first issuance, with a 4.5% coupon rate, for about $5 million in April 2023. It invested approximately $20 million in the second issuance, which carried a 5.5% coupon, in March 2024.

Kazakhstani Deputy Minister of Transport Talgat Lastayev announced the establishment of an aircraft accident investigation center in Kazakhstan by the end of 2025, underlining its importance in assessing flight safety in the country.

During a meeting with Prime Minister Olzhas Bektenov, Lastayev reported on the inspection of Kazakhstan’s major airlines following the Azerbaijan Airlines aircraft accident near Aktau.

«Following your instructions previously given at the special briefing after the crash near Aktau, the Aviation Administration has inspected all major airlines. As for the aircraft accident investigation, this is one of the ICAO’s [International Civil Aviation Organization]...

Russian President Vladimir Putin has urged foreign investors, including those from Kazakhstan, to supply Russia with the equipment necessary to maintain the Caspian Pipeline Consortium (CPC), despite international sanctions.

Putin made the statement during a meeting with top Russian officials regarding a drone attack on a pump station along the CPC, the main route for Kazakh oil exports.

«This is not a Russian organization; this is an international organization. This is why, as far as I am concerned, this oil belongs to all foreign investors under the product-sharing agreement. I mean the oil that went...

Almaty Mayor Yerbolat Dossayev held talks with President of the Export-Import Bank of China (Exim Bank) Wang Chunying, as reported by the press service of the Almaty city administration. The central topic of the negotiations was funding for a bunch of Kazakhstani projects, including the expansion of the city’s metro system. Estimates by some members of parliament suggest that the required loan must be $1 billion.

At the meeting, Dossayev emphasized the importance of cooperation and expressed readiness to discuss the terms of funding. In turn, Ms. Wang confirmed the bank’s readiness to support projects in the field of road...

Recent reports from the Russian Telegram channel Mash suggest that Coca-Cola may be planning a return to the Russian market. According to Mash’s sources, the company aims to combat parallel imports of its products from countries like Kazakhstan.

Currently, Coca-Cola is reportedly developing a strategy for its return to Russia. This plan includes addressing gray imports (also known as parallel imports) of its beverages and collaborating with local producers.

The proposed strategy suggests resuming production of original Coca-Cola products at the same facilities that were in use before operations were suspended in Russia. Before halting its activities, the company operated approximately...

The city of Almaty is set to launch close cooperation with China in the field of seismic safety, as Kazakhstan’s National Scientific Center for Seismological Observations and Research and China Earthquake Administration’s Institute of Geophysics have agreed to collaborate. The agreement was signed during an official visit by Almaty Mayor Yerbolat Dossayev to China.

According to the press service of the Almaty city administration, Dossayev visited the China Earthquake Administration (CEA) to explore ways to improve the seismic safety of Almaty.

«The city is located in a seismic zone, which is why ensuring safety is one...

The Kostanay region will see three new automotive manufacturing enterprises over the next two years. The new facilities are expected to create 2,500 jobs, as reported by Kazakhstan’s Central Communication Service.

The first of these is a Kia car manufacturing plant, with an annual capacity of 70,000 vehicles and a workforce of 1,500 employees, expected to be commissioned by the end of this year. The same deadline has been set for another factory producing main gears for trucks, which will offer 550 new jobs.

Furthermore, a new vehicle component plant worth approximately $35.7 million is set to be commissioned in...

Solico Group, an Iran-based food manufacturer, is set to assist Kazakhstan in establishing factories for French fries, baby food and cheese. The two countries have also arranged to expand trade in agricultural products. All of these arrangements were reached during an Iran-Kazakhstan forum in Tehran last week, as reported by Kazakhstani Ministry of Agriculture, which emphasized that the trade volume between the two countries increased by 12.3% to $340 million last year.

According to the country’s Ministry of Trade, which also took part in the event, Kazakhstan and Iran signed 10 commercial agreements worth $92.8 million. Moreover, Kazakhstan is ready...

Renowned Kazakhstani historian Zhaksylyk Sabitov presented an intriguing theory about the origins of Count Dracula’s alleged real-life inspiration, Romanian Prince Vlad III, on the Dope Soz podcast. He suggested that Vlad’s ancestry may be traced back to Genghis Khan, the founder of the Mongol Empire.

According to this theory, Vlad III (Dracula) was the great-grandson of voivode (warlord) Nicolae Alexandru, who was the son of Basarab I, the founder and first independent ruler of Wallachia (one of the three principalities that formed modern Romania).

«We know that Basarab’s father was Tokhtamir (also known as Thocomerius or...

The dredging work at the port of Aktau will cost the state budget $84.5 million, Prime Minister of Kazakhstan Olzhas Bektenov revealed in response to an MP inquiry.

The prime minister also clarified that the international seaport of Aktau had already prepared design estimate documentation, which was approved by state experts in December last year.

According to expert conclusions, the total project cost is $84.5 million. However, in the first stage this year, the government will allocate only $41.3 million.

«Given the high importance of the dredging work in the area of the port of Aktau...

Nearly 600 bloggers in Kazakhstan understated their income and failed to pay taxes on a total of 53.3 billion tenge (approximately $100 million), according to the State Revenue Committee (SRC). Authorities are requiring them to report to the SRC and submit tax returns.

An SRC review comparing data from various sources with submitted tax declarations uncovered discrepancies totaling approximately $100 million for 594 individuals. As a result, from Feb. 13 to 14, 2025, authorities issued desk audit notices for «understatement of income» violations.

Popular media bloggers, also known as social media influencers, are required to submit additional tax filings to...

A rescue team has found the bodies of seven workers at the Zhomart mine who were trapped in the collapsed pit in the Ulytau region. Kazakhmys, the company operating the mine, has pledged to provide aid to the victims’ families. According to the enterprise, natural gas could have exploded in the mine.

The search-and-rescue operation has been completed. In the early hours of Feb. 18, Kazakhstan’s Ministry of Emergency Situations reported that six bodies had been found, and later in the morning, rescuers found the seventh victim. His identity is currently being confirmed.

«The bodies of...

More than 40 employees of two call centers suspected of internet fraud have been detained in Armenia, according to Kazakhstan’s Ministry of Internal Affairs. The suspects allegedly targeted Kazakhstani citizens, among others, prompting Kazakhstani police to participate in the operation to pursue and apprehend them.

«The organizers and members of a transnational criminal group engaged in internet fraud against citizens of Kazakhstan and European countries have been identified and detained. They lured victims by offering investments in supposedly large investment companies,» the ministry said.

In total, police detained 41 people, who are citizens of Armenia...

In January, the National Bank of Kazakhstan absorbed 4.1% of the country’s total money base or 594.3 billion tenge ($1.1 billion), according to data from the regulator. The money supply declined to $28 billion amid concerns over an overheating economy.

Under the National Bank’s classification, the money base includes cash in circulation, all settlement and current accounts, and tenge accounts and deposits held by commercial banks and other financial organizations at the National Bank.

This trend also affected the money supply rate, which declined as well. The money supply refers to all money in circulation, fixed-period deposits, and settlement and...

The price of a cup of espresso in Kazakhstan has increased by 16% over the past year, while consumption has risen by 10% during the same period. Coffee shop owners predict an even steeper price hike ahead. How will this impact coffee consumption, which has already become an integral part of everyday life and culture in Kazakhstan?

Coffee consumption in Kazakhstan is on the rise

Global coffee consumption reaches 2.25 billion cups daily, according to the International Coffee Organization, which forecasts annual growth of 1% to 2% through 2030. This trend is evident in Kazakhstan, where net coffee imports increased...

In 2024, Kazakhstan’s trade with the world grew by 1.3%, reaching $141.4 billion. The country traded more actively with Europe than with Asia, with a trade turnover of $51.6 billion and $45.9 billion, respectively. According to data from the Bureau of National Statistics, this situation has emerged for the first time since 2019.

Trade with Europe has grown by 17.1% year-on-year (YoY), while trade with Asia has declined by 12%. In 2024, Europe accounted for 36.5% of Kazakhstan’s total trade turnover, while the same figure for Asia stood at 32.4%. The share of exports to Europe grew by 7.5 percentage...

Kazatomprom, a subsidiary of the state-owned fund Samruk-Kazyna, and Swiss Axpo Power AG have signed their first contract to supply Kazakhstani uranium to nuclear power plants in Switzerland, Kazakhstan’s uranium producer announced in a statement on its website. Notably, Kazatomprom aims to expand its uranium production by a range of 7.4% to 13.9% compared to last year.

«National Atomic Company Kazatomprom JSC and Switzerland-based Axpo Power AG, alongside Kernkraftwerk Leibstadt AG (KKL AG), have signed the first-ever contract for the supply of Kazakh natural uranium concentrates for the energy needs of Switzerland’s Beznau and Leibstadt...

Kazakhstan’s Minister of Energy Almasadam Satkaliyev held a call with representatives of OPEC and other major oil producers to explain why the country exceeded its oil production quota in January, according to the Ministry of Energy.

«Minister of Energy of the Republic of Kazakhstan Almasadam Satkaliyev had a call with Prince Abdulaziz bin Salman, chairman of OPEC+ and Saudi Arabia’s energy minister; Alexander Novak, deputy prime minister of Russia and OPEC+ co-chair; and Haitham al-Ghais, secretary general of OPEC. During the conversation, Satkaliyev provided a technical explanation for why Kazakhstan increased oil production in January,» the...

The project owner of a new hotel complex under construction in Almaty is requesting funds from the state bank to complete the project. The developer’s founder is Sensata Construction Group, which was allegedly linked to the family of Kuandyk Bishimbayev, a former minister of national economy, who is now serving a jail sentence for the brutal murder of his spouse, Saltanat Nukenova.

The construction site is located at 140 Al-Farabi Avenue, near the official Lexus dealership. According to a construction billboard near the site, the hotel in question is Hilton Garden Inn, with the anticipated commissioning date set for Q...

The Kazakhstan Stock Exchange (KASE) has officially begun trading via the Tabadul Digital Exchange Hub in the United Arab Emirates (UAE). This occurred six months after the signing of a corresponding agreement with the Abu Dhabi Securities Exchange (ADX), the developer of the digital platform. As a result of the agreement, investors from Kazakhstan can invest in securities issued by companies based in the UAE and other Gulf countries, and vice versa. Additionally, the experience of foreign investors is expected to improve the process of initial public offerings (IPOs) for local enterprises, according to representatives of the exchanges, who attended...

On Feb. 3, President Donald Trump signed a decree authorizing federal authorities to prepare a plan for the future National Fund in the U.S. It will differ from its Kazakhstani counterpart in terms of funding sources, tasks and goals, financing strategy and governance model. Let’s take a look at the key differences.

Sources of funding and goals

According to the RBC news agency, citing Adnan Mazarei from the Peterson Institute for International Economics, the proposed U.S. fund will be financed through tax revenue, special bonds and private-sector investments.

The fund’s primary goal is to finance infrastructure projects within the U.S...

Russia will not obstruct the transit of Kazakhstan’s goods to third countries, as reported by the Kazakhstani Ministry of Agriculture.

«As a result of talks between Kazakhstani Minister of Agriculture Aidarbek Saparov and Oksana Lut, his Russian counterpart, in January, the issue of the transit of agricultural products from Kazakhstan via Russia was successfully settled,» the agency said in a statement.

The Russian Federal Service for Veterinary and Phytosanitary Supervision (Rosselkhoznadzor) stated that the temporary ban on the import of Kazakhstan’s wheat, lentil and flax seeds imposed on Oct. 17, 2024, doesn’t apply to the...

Kazakhstan’s cabinet weighs exempting small and micro-businesses from the value-added tax (VAT), Lada.kz reported, citing Vice Minister of National Economy Bauyrzhan Omarbekov.

This statement followed a meeting of Omarbekov with Mangystau region entrepreneurs where the two sides discussed the upcoming increase of VAT to 16%. In his speech, the minister stated that authorities intend to exempt small businesses from VAT. 

«During his speech, Omarbekov emphasized that the government was considering the possibility of exempting small and micro-businesses from VAT to prevent price increases in groceries and socially important goods,» Lada.kz reported.

In late January, Kazakhstan’s...