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The Development Bank of Kazakhstan (DBK) has launched a new program aimed at supporting investment projects in the agricultural complex and food industry for 2024-2029. The total amount of financing is about $1 billion. Under the program, applicants will be able to obtain loans starting from $6.3 million for periods ranging from 5 to 20 years. The program does not specify any upper limits for funding.

According to a statement by the development institution, the program aims to promote «agricultural product processing, replace imports and expand exports.» The bank has already approved two projects related to the development of a...

Turkey aims to join the Shanghai Cooperation Organization (SCO) as a full-fledged member. President of Turkey Recep Tayyip Erdoğan announced this intention at a press conference after the NATO summit in Washington, D.C., as reported by Gazete Oksijen.

«Our goal is to become a regular member of the SCO, not just an observer. We already hold observer status. I have separately discussed this issue with Putin, Xi Jinping and President Tokayev of Kazakhstan, asking for support from the regular members of the alliance on this matter,» Erdoğan said, commenting on Turkey’s potential SCO membership.

In...

According to Timur Suleimenov, chair of the National Bank of Kazakhstan, the planned merger of KASE and AIX has been put on hold because the Moscow Exchange (MOEX), which controls a 13.1% stake in KASE, has been added to the U.S. sanctions list. Suleimenov revealed this development during a press briefing on monetary policy on July 12.

«We wanted to create a single exchange holding by merging the potential of the two stock exchanges. That was the point. However, it is impossible when one of the shareholders is under sanctions. We have put it on hold...

Wildberries, a popular Russian marketplace, is set to build two logistical centers in Almaty and Astana in 2025, according to a report from the press service of Kazakhstan’s cabinet.

On July 11, Prime Minister Olzhas Bektenov visited a construction site in Almaty. The new logistical center by Wildberries will have a floor size of more than 100,000 square meters. Construction is expected to be completed in the second quarter of 2025.

The Russian company has already invested $27 million into the new logistical center, which is its first major project outside of Russia. Once the center is commissioned, it will...

According to the Global Wealth Report 2024 by Swiss bank UBS, the number of USD millionaires in Kazakhstan is expected to grow by 37% within four years from 44,300 in 2023 to 60,800 in 2028.

Once this happens, Kazakhstan will be among three leaders in terms of wealth growth out of 56 countries reviewed by experts for the survey. Taiwan is expected to be ranked first, as the number of rich people will rise here by 47%, reaching 1.1 million. The second place is going to be occupied by Turkey, where 87,000 millionaires are expected to live in the country...

Two citizens of the Netherlands and one citizen of Belgium have been detained in Baikonur after trespassing into the territory of the cosmodrome. The police are investigating whether these men have any links to foreign intelligence, the SHOT Telegram channel reported.

According to the source, all three men were detained on July 9 at the refueling station within the cosmodrome. They were detained after failing to show any documents proving they had the right to be there.

The two detainees are citizens of the Netherlands – 25-year-old Martin N.B. and 29-year-old Ooms S.N. The third man, 26-year-old Holben L.D., is...

The Central Securities Depository (CSD) of the Republic of Kazakhstan has advised brokers and managing companies to withdraw Russian securities it currently holds. These recommendations come in response to U.S. sanctions against the National Settlement Depository (NSD) of Russia, as reported by the RBC news agency and confirmed by the CSD’s press service.

According to the depository, the securities in question are identified with the RU code under the ISIN classification. These securities are ultimately held by the NSD, with the CSD acting as their nominee holder.

«In a letter to clients, the Central Depository has...

Net international reserves of Kazakhstan ($37.8 billion) and foreign exchange assets of the National Fund ($61.4 billion) reached a $99.3 billion threshold in June 2024, compared to $98.8 billion in May, National Bank data shows. According to Galymzhan Aytkazin, a Kazakhstani economist and owner of a Telegram channel called Tengenomika, this is a ten-year high. As the expert pointed out, Kazakhstan’s external financial cushions are in their best shape in many years.

Thus, the net international reserves of Kazakhstan, which is the difference between gross reserves and liabilities in freely convertible currency (FCC), amounted to $37.8 billion in June, a...

According to the Astana International Exchange (AIX), its aggregated trading volume increased from $140 million to $707 million from January to June 2024, marking a 21.4% increase compared to all of 2023 ($582 million).

«During the first six months of the year, the AIX proved itself as one of the most rapidly growing exchanges in the region and the frontier market category, achieving significant success in all facets of its business, including trading volume, the number of offerings and new members joining the platform,» the AIX said in a statement.

Currently, there are 184 securities...

Kazakhstan is set to restore traditional Kazakh horse breeds for sporting purposes. President Kassym-Jomart Tokayev has signed a law to this effect, according to his press service.

«The president has signed a law amending and annexing some legal acts related to preserving and reproducing domestic roadster horse breeds,» the press service stated.

The government has allocated $1.4 million to develop sporting horse breeding in Kazakhstan. This funding is intended to save two Kazakh horse breeds – Kostanay and Aday – from extinction, as both breeds have proven their value in numerous tournaments and races.

According...

President Kassym-Jomart Tokayev has presented the national flag to members of the Kazakhstani national team set to participate in the Olympic Games in Paris. He wished them good luck and emphasized that all Kazakhstanis would cheer for them.

During a meeting with the national team, President Tokayev highlighted that the Olympic Games in Paris is a long-awaited event that will be observed worldwide.

«We have great hopes for you and will all cheer for you. Our sporting tradition has always been well-respected. Many of our athletes have won various international tournaments. I am convinced that you...

The Mineral Extraction Tax (MET) for natural uranium production is set to range from 4% to 18%, depending on the volume of production, starting in 2026. This represents a significant increase compared to the 9% rate in 2025 and 6% in 2024.

According to amendments to the tax legislation signed by President Kassym-Jomart Tokayev, the MET rate will be 4% if the production volume of uranium ore concentrate (U3O8) is less than 500 tons; 6% for 1,000 tons; 9% for 2,000 tons; 12% for 3,000 tons; 15% for 4,000 tons and 18% for more than 4,000 tons. Additionally, the MET...

As of April 1, 2024, Kazakhstan’s external debt amounted to $162.5 billion, $0.2 billion less than at the start of the year, according to the National Bank.

This overall figure includes $13.3 billion in public external debt, $15.5 billion in external debt of banks and organizations controlled by the government, $2.8 billion in government-guaranteed external debt and $133.7 billion in private sector external debt.

The Netherlands ($42.7 billion), Russia ($12.9 billion), the U.K. ($12.4 billion), the U.S. ($11.7 billion) and France ($11.1 billion) are the five largest investors in Kazakhstan, followed by China ($9.5 billion) and Bermuda ($9.3 billion).

President of Kazakhstan Kassym-Jomart Tokayev has signed a law to address problem gambling. The law, «On amending some legal acts related to gambling, lottery activities, healthcare, state labor inspection, state control and removing excessive regulation,» prohibits public servants, military personnel and debtors from gambling and bans selling energy drinks to those under 21.

What will change with the new law?

According to the press service of the Akorda (the official residence of the president of Kazakhstan in Astana), the document has expanded the list of people prohibited from gambling and betting. Individuals on the Unified Register of Debtors have been...

The Ministry of Energy of Kazakhstan has officially commented on breaching the oil production quota set under an agreement with OPEC+. The ministry said that Kazakhstan will gradually offset oil overproduction in the first half of the year by September 2025.

«Kazakhstan confirms its adherence to the OPEC+ Agreement and supports decisions made in conjunction with OPEC+ member states. After the 37th ministerial meeting of OPEC+, Kazakhstan prepared a detailed plan to gradually compensate for overproduction in the first half of the year by September 2025,» the ministry said in a statement.

The agency noted...

Leaders of EU member states have agreed to suspend Georgia’s accession to the EU due to its Law on Transparency of Foreign Influence, which resembles the Russian foreign agent law in many ways, according to SOVA, citing EU Ambassador to Georgia Pavel Gerchinsky.

As the ambassador reported, presidents and prime ministers of EU member states met in Brussels on June 27 to discuss several important matters related to the future agenda, future EU leaders and support for Ukraine.

«Unfortunately, and I am sorry about that, they have also agreed to stop the process of Georgia’s accession...

According to Marat Karabayev, Kazakhstan’s minister of transportation, the Vietnamese Sovico Group is buying Qazaq Air for $4.17 million.

«We expect the deal to be closed by the end of September. There are several conditions under the contract. First, the company’s debt of $79.1 million must be paid off within a certain period. Second, the investor is obliged to register at least 20 aircraft to serve routes both within the country and abroad,» the minister said.

He also pointed out that the investor plans to acquire not 20 but 50 Boeing and Airbus aircraft. Currently...

A Chinese company is planning to purchase approximately 20,000 tons of pork annually from Kazakhstan. This announcement was made during a visit by representatives of the China Meat Association to an industrial complex operated by EMC Agro, a company controlled by Kazakhstani millionaire Yerlan Baymuratov.

«Kazakhstan is a country of opportunities. Today, one of the China Meat Association members stated that it plans to acquire 20,000 tons of pork per year from a Kazakhstani meat producer. We are also interested in mutton and beef,» said Ma Guangsheng from the China Meat Association.

He also emphasized...

According to Prime Minister of Kazakhstan Olzhas Bektenov, his cabinet plans to work with the NDC Partnership (a global coalition of more than 120 countries to fight climate change) to analyze the energy consumption of economic sectors in Kazakhstan over the period from 2021 to 2023.

«We are negotiating with the NDC Partnership to analyze energy consumption across economic sectors from 2021 to 2023,» the prime minister said in response to an MP’s inquiry.

As the official explained, the last time the government analyzed energy consumption in various sectors was from 2014 to 2022. At...

Crystal Management, a company controlled by Timur Kulibayev, will supply geological information on several oil and gas projects to a Chinese company.

Crystal Management was allowed to export data related to exploration projects, the testing of oil fields and the results of geological and seismic surveys (texts and graphic data). On July 1, 2024, the company obtained a corresponding license from the Geology Committee under the Ministry of Industry and Construction, signed by Chair of the committee Yerlan Akbarov.

Among the potential buyers of the geological information on several oil and gas projects is an oil company from Daqing. The...

The National Welfare Fund Samruk-Kazyna has revealed that it has acquired 50% stakes in three new thermal power plants (TPPs) in Kokshetau, Semey and Ust-Kamenogorsk via joint ventures specially established in conjunction with Samruk Energy. Although Samruk-Kazyna has not disclosed the other owner of the projects, some media outlets have previously reported that it might be Russian Inter RAO Export.

«The registered capital of the new companies was set at 400,000 tenge ($835), with 200,000 tenge from each side ($417). There are no special terms in the foundation agreements,» stated the press service of Samruk-Kazyna.

Kazakhstan plans to acquire advanced drones from Chinese company Suzhou Eavision Robotic Technologies Co. to protect crops. Kazakhstan’s authorities will also cooperate with the China Meat Association following the signing of two memorandums on agricultural cooperation. One of these memorandums is related to technical interaction between the country’s Ministry of Agriculture and Eavision, a Chinese drone manufacturer.

«The company is engaged in developing and manufacturing unmanned aerial vehicles and intelligent robots specially designed to operate outdoors. Intelligent machines and software by Eavision are used in many spheres, including agriculture. Under our agreement, we are going to...

Belarus has officially joined the Shanghai Cooperation Organization (SCO), becoming the tenth full-fledged member state of the organization.

«Belarus has become a member of the Shanghai Cooperation Organization. This decision was approved at the SCO Council of Heads of State,» the BELTA news agency reported on July 4.

Before that, President of Belarus Alexander Lukashenko revealed what kind of initiatives his country would promote if it obtained full-fledged membership in the SCO. He also thanked Kazakhstan for its cooperation and support of the Belarusian application.

According to Lukashenko, Belarus is interested in cooperation with all...

Iranian companies may engage in ambitious hydrotechnical projects in Kazakhstan. Minister of Water Resources and Irrigation of Kazakhstan Nurzhan Nurzhigitov and Energy Minister of Iran Ali Akbar Mehrabian discussed potential new projects on the sidelines of the SCO summit in Astana, the Ministry of Water Resources and Irrigation reported.

According to Nurzhigitov, Kazakhstan needs new dams after devastating floods this spring. This is why he invited Iranian investors to negotiate the issue. In turn, Iranian companies indicated that they could implement various hydro projects in Kazakhstan based on the design of the Bakhtiari Hydroelectric Plant in Iranian Lorestan, one of...