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The Ministry of Water Resources is going to promote water-saving technologies among Kazakhstani farmers with the help of financial incentives. Even though the country’s government already reimburses 50% of costs related to purchasing water-saving equipment, this year the amount of subsidizing will reach 80%.

According to Minister of Water Resources and Irrigation Nurzhan Nurzhigitov, about 16% of irrigated land in Kazakhstan is irrigated with the help of water-saving technologies.

«Water conservation technologies are used only in 312,200 hectares of irrigated lands out of 1.9 million hectares, which is unforgivingly small these days. Given the threat of...

In 2023, Kazakhstan once again was included in the list of highly corrupted countries, although it managed to improve its position in the Corruption Perceptions Index (CPI) by Transparency International. In the 2023 index, Kazakhstan was ranked 93rd out of 180 countries, scoring 39 points out of 100.

Last year, Kazakhstan was ranked 101st. Transparency International says that the country managed to improve its position due to the more active behavior of the public after the January events.

«We believe that the improvement of the country’s rank (+3 scores) compared to 2022 happened due to the...

A consortium of investors from the Sultanate of Oman has purchased 23.9% of Polymetal International, a Kazakhstani producer of gold and silver, from ICT Holding by Alexander Nesis. As a result, the company no longer possesses a stake in the mining enterprise.

On January 28, 2024, Maaden International Investment (MDI), a subsidiary of Mars Development and Investment (MDI), a state company in Oman, acquired 113.2 million shares of Polymetal. No details of the contract were disclosed.

MDI is investing in various global industries, including commodity and financial businesses that meet the strategic priorities of the Sultanate. Maaden International Investment was...

Air Astana has revealed the price range for its initial public offering and placement of depository receipts on two Kazakhstani exchanges (KASE and AIX) and the London Stock Exchange (LSE), according to the company’s website. 

Air Astana is going to trade its global depository receipts (GDR) at $8.50 to $11 on the LSE and AIX, while shares on the KASE and AIX will be offered to investors at $2.13 to $2.75.

The final offering price is going to be defined within that range. The company also noted that one GDR will give the right to own four common shares of...

According to Minister of Science and Higher Education of Kazakhstan Sayasat Nurbek, the University of Oxford will include the Kazakh language in its educational program under arrangements with the ministry.

The agreement was signed during a visit by the minister and presidents of the leading universities of Kazakhstan to the University of Oxford, one of the oldest universities in the U.K. During the meeting the Kazakhstani delegation became familiarized with old manuscripts that related to Kazakhstan and are kept in the Bodleian Library.

During the visit, Nurbek also presented the first edition of the Oxford Qazaq Dictionary, initiated by President...

MPs from the Aq Jol political party have demanded Air Astana to register its aircraft in Kazakhstan, not in Ireland. According to MP Askar Sadykov, the registration of aircraft in a foreign jurisdiction looks like fiscal evasion.

«The Aq Jol fraction believes that the national air carrier should pay taxes in its home country. Otherwise, it looks like an attempt to implement the advice of an infamous official who recommended making money in Kazakhstan and spending it in London, if you know what I mean. Deoffshorization is a big problem for our national companies. Dear quasi-businessmen...

According to the Unified Accumulative Pension Fund (UAPF), in 2023, private asset management companies such as ВCC Invest, Centras Securities, Halyk Global Markets, Jusan Invest and Halyk Finance outperformed the National Bank in terms of earnings.

Last year, the National Bank reported a 10.11% return on UAPF pension assets, while inflation was at 9.8%. Public debt accounts for almost half of the regulator’s portfolio (46.5%); public debt of other countries – 0.13%; deposits in the National Bank – 4.92% and bonds issued by quasi-public entities – 9.1%.

As of January 1, 2024, the weighted average return for BCC Invest assets...

According to Aidar Ryskulov, head of economics and finance in Samruk Kazyna, the holding is attracting money from the National Fund at a rate that matches the historical rate of inflation. This money is necessary to finance big infrastructural projects within the country.

«Why does the holding attract funds from the National Fund? Only to finance strategically important infrastructural projects initiated by the president of the country. In fact, there are just a few such projects. For example, there is the construction of the second railway line Dostyk-Moiynty, meant to boost the country’s transit and export...

Even though Almaty city authorities spent $2.4 million for an automated emergency alert system it didn’t work during a quake in the early morning of January 23. The Almaty Department of Emergency Situations has commented on the failure.

According to officials, there are 843 sirens in Almaty; they cover 100% of the city’s territory.  

«We use sirens only for 5.5-magnitude quakes. This time, our gauges reported only 4 to 5 magnitude earthquakes. There was no need to switch on sirens because they would have created an unnecessary mess with no help to people,» the emergency department...

According to Kyrgyz state news agency Kabar, citing President Sadyr Japarov, Kyrgyzstan is going to provide Kazakhstan and Uzbekistan with irrigation water with no limitations despite its deficit in the irrigation period.

As Japarov noted, the problem with the deficit of water was caused by the silting of retention irrigation basins built many years ago. As a result, these ponds could not accumulate enough water for farmers during the irrigation period.

«This year, we are going to clean all these ponds. Moreover, I have instructed the government to build new retention irrigation ponds throughout the country...

Canadian Condor Energies Inc. has received a quota for natural gas (LNG). The company is going to use this gas for production of liquified natural gas starting in 2025.

«Condor Energies Inc., a Canadian-based energy transition company is pleased to announce that it has received a natural gas allocation from the government of the Republic of Kazakhstan. The gas allocation will be used as feed gas for the company’s first modular liquefied natural gas production facility,» the company said in a statement.

The feed gas will be liquefied to produce up to 350 tons...

According to Ecology Minister Yerlan Nyssanbayev, the government imposed around $719 million in fines for violation of emission rules on Kazakhstani businesses in 2023. However, the agency managed to collect only $25.2 million.

As the minister noted, the agency carried out 652 inspections on Kazakhstani enterprises and identified 1,600 violations.

«We imposed 2,100 administrative penalties for more than $719 million last year. So far, we have collected $25.2 million for 1,800 fines. Work on the remaining penalties is still in progress,» Nyssanbayev said during a cabinet meeting.

The minister also highlighted that last year, his...

According to the Association of Financiers of Kazakhstan (AFK), since the beginning of this year, non-residents have spent $89 million to purchase the National Bank’s notes, a fourfold increase over the December figure.

The AFK believes that the strong appetite for those notes was mainly driven by expectations of the U.S. Federal Reserve to cut the base rate soon due to the disinflationary phase in the U.S. The analysts also noticed a strengthening of the tenge exchange rate against USD by 1.76 tenge to 449.96 per dollar. This trend was supported by growing interest in the National Bank notes, a...

Experts from Freedom Holding, Halyk Finance and Jusan Invest have shared their estimates of the future value of Air Astana after its IPO.

According to the finance.kz website, Freedom has set a range of the company’s evaluation between $1 and $1.3 billion. The brokerage company highlighted that the airline is demonstrating rapid growth of its business while keeping the actual cost of its flights at a relatively low level. As a result, Air Astana’s margin is quite high and stable.

In turn, Jusan Invest presented two variants of Air Astana evaluation: $923 million to $1.2 billion if no additional shares...

The board of directors of the Kazakhstan Stock Exchange (KASE) has decided to introduce two new members, according to the exchange’s website.

Dana Amanzholova, the current executive director of the exchange with a mandate for June 30, 2026, has been appointed deputy chair of the board. The other new member of the board is Yeldos Kuanyshbekov, executive director of IT.

Starting from January 22, 2024, the KASE board will include five people: Alina Aldambergen, the chair of the board, Dana Amanzholova, deputy chair, Yermek Mazhekenov, deputy chair, Zhainar Sarchakov, deputy chair and Yeldos Kuanyshbekov, executive director of IT and member...

Experts are still debating the pros and cons of the base rate change in Kazakhstan even a day before the National Bank announces its monthly decision on this monetary policy tool.

Let’s take a look at key factors that influence inflation in Kazakhstan.

The first factor, and the most important in my opinion, is the exchange rate. Last year, the tenge exchange rate was strong and stable towards almost all currencies of its trading partners. Even though inflation in Russia has been driven by the ruble’s devaluation against the U.S. dollar, the tenge rate is strengthening. As a result, Kazakhstan...

Russia and Kazakhstan have signed a new protocol for the bilateral agreement on oil transit to China. Under the document, Russia will boost its oil exports to China through Kazakhstan’s territory from 7 million tons of oil to 10 million tons per year. This figure was secured in the document from the very start.

For its oil exports, Russia uses the Tuymazy-Omsk-Novosibirsk pipeline (TON-2) that stretches through Priirtyshsk and Atasu in Kazakhstan to Alashankou in China. Under the agreement, Kazakhstan will be able to supply about one million tons of oil and gas condensate to its petrochemical plant in Pavlodar...

Kazakhstan and Italy want to develop bilateral air travel. In particular, direct flights between Astana and Rome and Astana and Milan are expected to be launched this year, according to Lupo Rattazzi, CEO of Neos, an Italian airline.

During his meeting with President Kassym-Jomart Tokayev, Rattazzi said that close cooperation with Neas would contribute to the development of Kazakhstan’s civil aviation and the transportation industry of the country as a whole.

«The number of flights on the route between Almaty and Milan is going to be expanded. Also, new flights between Astana and Rome and Astana...

The Almaty International Airport will open its new international terminal two months ahead of schedule. According to CEO of TAV Airports Serkan Kaptan, the terminal will be ready to open in June of this year. He reported this directly to Prime Minister Alikhan Smailov.

As Kaptan noted, construction activities are 87 complete.

«We are going to open our new international terminal in June 2024, while the existing terminal will be used for domestic flights only,» Kaptan said.

He also highlighted that the combined capacity of the two terminals will reach 14 million passengers per year...

The European Parliament (EP) wants the EU to revise its strategy toward Central Asian countries as the geopolitical situation in the region is changing, the DW reported. The parliament’s new resolution suggests expanding political and economic cooperation between the EU and Central Asia.

During voting on January 17, 2024, 543 MPs supported the resolution, while 42 voted against the document and 44 abstained from voting.

According to German MP Karsten Lucke, «Russia’s isolation as a result of its war of aggression against Ukraine, the strengthening of trade routes through Central Asia bypassing Russia, the planned enlargement of the EU in...

The Agency on Regulation and Development of the Financial Market (ARDFM) has prepared a set of amendments to the country’s Tax Code aimed at revising criteria for dividend tax exemption in favor of Kazakhstani residents. The draft document is available for public consideration.

The current rules allow both domestic and foreign investors to not pay taxes on dividends they received from stocks traded on Kazakhstani exchanges if they meet two conditions: first, they have to carry out at least 50 transactions with a certain stock per month; second, the total volume of these transactions should be at least $55,234.

Now...

According to the Prosecutor’s Office of the Abay region, local subsoil users have paid $231,735 in fines for not investing in the development of the regional infrastructure despite obligations to do so under their contracts with the government.

As the law enforcement agency noted, every year subsoil users must allocate funds for the socio-economic development of the region and its infrastructure.

During this inspection, the prosecutors identified 26 companies that avoided meeting their obligations.

«As a result of this inspection subsoil users were forced to pay the government $231,735 in fines,» the agency said in a...

Transnational oil companies operating at the Kashagan oil field are close to settling with the government of Kazakhstan which wanted them to pay $5 billion in fines for violation of environmental legislation, Bloomberg reported.

According to people familiar with the matter, foreign partners of the project such as Eni S.p.A, Shell plc, Exxon Mobil Corp. and TotalEnergies SE have prepared a draft settlement of the argument. They want the government to drop its idea of applying ecological sanctions against them in return for additional investments in social projects. The companies are allegedly ready to allocate $110 million for this purpose...

According to Sputnik Kyrgyzstan, a Mi-8 helicopter of the Kyrgyz military crashed in Bishkek during a training flight. One individual has died, while seven crew members have been wounded.

The aircraft crashed in the morning on January 17 in the Frunze-1 district of the capital city of Bishkek. The Defense Ministry of Kyrgyzstan has already confirmed the incident.

«On January 17, a helicopter of the Kyrgyzstan Air Force reported a crash landing. According to preliminary information, one man has died,» the agency said in a statement.

Later, Defense Minister Baktybolot Bekbolotov said that the late...