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Chinese financial institutes will lend easy loans to the Development Bank of Kazakhstan (DBK) to implement several investment projects. The corresponding agreements were signed on July 2, on the sidelines of the Kazakh-Chinese Business Council meeting in Astana. It was held shortly before the Shanghai Cooperation Organization (SCO), the DBK’s press service reported.

Thus, the China Construction Bank in Astana will allocate $500 million in easy loans to the DBK. This money is expected to finance several investment projects, although neither side has revealed any details of the move.

Furthermore, the government-run China Development Bank will also lend $250 million...

The Global Tourism Perception Index (GTPI) in Almaty has risen by 9.8%, reaching 76.61. According to the Almaty mayor’s office, the main attractions for foreign tourists coming to the city are the mountains and nature.

«We analyzed the preferences of tourists visiting Almaty and have learned that most of them are coming for the mountains and nature (43%). Art takes second place (21%), followed by outdoor activities (17%), food (5%) and shopping (3%),» the Almaty authorities said in a statement.

The Almaty government also said that over the period from January to April, the number...

China supports Kazakhstan in its intention to join BRICS, an intergovernmental organization of Brazil. Russia, India, China and South Africa, the Kazinform News Agency reported, citing President of China Xi Jinping.

«China supports Kazakhstan’s joining BRICS. We are supporting Kazakhstan as one of the middle powers in the world,» said Xi Jinping during a press briefing after negotiations with President Kassym-Jomart Tokayev.

The Chinese president expressed his gratitude to the president of Kazakhstan for the warm welcome and assured him that China will always be a pillar of support for Kazakhstan.

President of China Xi Jinping is one of the high-ranking guests at the Shanghai Cooperation Organization (SCO) summit in Astana. Shortly before his travel to Kazakhstan, Xi wrote an article about the country, commenting on bilateral trade, the advantages of a visa-free regime and his commitment to defending Kazakhstan’s independence. Kursiv.media has gathered the most interesting quotes from President Xi’s article published by Kazinform.kz.

On the friendship between China and Kazakhstan

«Eleven years ago, I was in Kazakhstan when I announced the Belt and Road Initiative, which was hailed by many people in your country. Since...

The profitability of Kazakhstani banks’ capital reached a multi-year high of 34.8% in April 2024. This growth was driven by high real lending rates and rising net interest margins [the difference between the average lending rate and liabilities], according to the World Bank survey for June 2024.

«Banks in Kazakhstan have long enjoyed some of the highest profitability rates among similar resource-rich countries,» the WB said in the document.

Bank real lending to the economy increased by 14% in May compared to the same period last year, driven by consumer loans, which contributed...

According to Deputy Energy Minister Yerlan Akkenzhenov, Kazakhstan plans to gradually increase its oil exports to China.

«Currently, we export about one million tons of oil to China annually. We plan to gradually boost this export. Kazakhstan is also interested in this and we will try to meet this demand,» he said on the sidelines of the Kazakh-Chinese Business Council meeting.

Akkenzhenov told Kursiv that Chinese oil companies operating in Kazakhstan would like to increase their oil exports to China. Since Kazakhstani refineries buy oil at a price much lower than the export price, almost...

Alarko, a Turkish group of companies, is going to allocate $150 million for the construction of a greenhouse park with a floor size of 200 hectares in Shymkent. The company is already preparing for building and assembling work, Kazakh Invest reported.

The project commissioning is scheduled for 2026. Investors expect that once the construction of the greenhouse complex is completed, it will have a capacity of 50,000 tons of tomatoes per year, providing jobs for 1,750 people.

«Our company has been operating in Kazakhstan for the past 32 years. Kazakhstan has everything necessary – massive territory...

QazaqGaz will rely on Chevron’s assistance in its geological exploration of the Zhalibek gas and gas condensate field in the Aktobe region, the company’s press service announced.

The two sides have signed a cooperation agreement after close negotiations throughout the past twelve months. Given the high stakes of the deal, the signing ceremony was attended by Nurlan Zhakupov, CEO of the Samruk-Kazyna Fund (the parent company of QazaqGaz).

At the initial stage, Chevron is expected to thoroughly review existing seismic data to prepare technical interpretations. Both companies view the agreement as the first step towards potential broader cooperation.

President of Azerbaijan Ilham Aliyev has dissolved the country’s parliament, setting snap parliamentary elections for September 1.

«Subject to part 1 of article 981 and clause 1 of article 109 of the constitution of the Republic of Azerbaijan, I have decided to dissolve Milli Majlis [the parliament] of the sixth convocation,» the press service of the president reported, citing the president’s edict.

The context. Azerbaijan’s parliament of the sixth convocation was elected in 2020. In February 2024, there were snap presidential elections in the country, conducted due to the self-dissolution of the unrecognized Republic of...

In an interview with the Xinhua news agency, President Kassym-Jomart Tokayev revealed that he regularly reads in Chinese and speaks this language every time he meets with Chinese leader Xi Jinping.

«I always remember our meetings with President Xi Jinping with great fondness. We are used to discussing current issues and perspectives of strategic cooperation between Kazakhstan and China and sharing our opinions on the international agenda in a warm and trust-based environment. When I want to communicate important nuances or discuss interesting themes from day-to-day life, I switch to the Chinese language,» Tokayev highlighted.

According to Primeminister.kz, the official website of Kazakhstan’s prime minister, Golden Line, an Iranian shipping company, has shown interest in constructing a Kazakhstani cargo terminal in the port of Bandar Abbas on the Persian Gulf.

«Deputy Prime Minister Serik Zhumangarin met with Ali Akbar Ehsani, the founder and president of Golden Line, an Iranian shipping company. According to Ehsani, the Caspian Port, the core port for his company, has recently been connected to the Iranian railway system, which means there is direct railway communication between ports on the Caspian Sea and ports on the Persian Gulf...

According to the press service of President Shavkat Mirziyoyev, BYD Uzbekistan Factory, a joint Uzbekistan-Chinese venture, has begun the production of its first electric cars.

A $160 million factory with a capacity of 50,000 electric cars per year was commissioned in January 2024. To make the factory’s launch possible, more than two kilometers of railways, a warehouse for spare parts and a logistics center for 1,200 containers were built at the site. Currently, the factory produces two models: Chazor and Song Plus Champion. It is preparing to expand its model range within the next several years.

The government pointed out...

Commenting on Kursiv.media’s request, Kazakhtelecom revealed why it has acquired a 49.98% stake in Phoenix Fund Limited Partnership.

According to the telecommunication operator, the key aspects of its current strategy are the transformation toward an ecosystem model, the development of digital assets and the production of quality content for its multimedia TV+ platform.

«Due to the board of directors’ decision, the company is entering the newly established Phoenix Fund Limited, which controls various digital assets, to reach synergy, expand and improve our product line and integrate these new assets into the business of Kazakhtelecom via close...

Seventeen agreements for $629 million were signed during the Third Kazakhstan-China Interregional Cooperation Forum in Ürümqi, attended by businesses from 17 regions of Kazakhstan and 27 regions of China, the press service of Kazakhstan’s cabinet reported.

The Almaty region and Chinese TBEA, for example, have agreed to build and modernize ten electrical substations and power lines in Kazakhstan. The country’s authorities have also reported an agreement on the construction of an electrical equipment manufacturing site being signed. They haven’t specified who exactly signed the document, though.

Furthermore, Qazaq Camel and Xinjiang Huaken Dairy Group Co. Ltd signed three contracts...

The government of Kazakhstan has the intention to transfer the Zenith shipyard in Uralsk into a «competitive environment,» according to a cabinet resolution published at Adilet.kz.

Last year, the Ministry of Industry and Construction said it would sell 85% of Zenith shares to raise funds necessary for its modernization. Now, Zenith is on the list of state-owned entities that should be sold to private investors. The decision has recently been officially approved by Prime Minister Olzhas Bektenov.

«Hereby resolution is entering into force within a day after its official publication,» the Adilet website said.

In...

According to Viktor Lebedev, head of strategic projects in the Eurasian Development Bank (EDB), the transportation sector of the Eurasian Economic Union needs more than $250 billion in investments to unleash its «unlimited» potential for the movement of goods within the region, including those on transit.

Given that countries affiliated with the bank are ranked from 79 to 123 in the global Logistics Performance Index, there is huge room for improvements in this area, the official highlighted. Moreover, Lebedev believes that Central Asia has the potential to become an effective hub between big markets, which of course would require a...

Kazakhstan has approved the use of Toncoin, a cryptocurrency developed by Telegram. This decision, made by the Astana Financial Services Authority (AFSA), allows Toncoin to be used on cryptocurrency exchanges registered with the Astana International Financial Center (AIFC). The approval follows a visit to the AIFC by Pavel Durov, the founder of Telegram, as reported by the financial center’s press service.

Toncoin is the native cryptocurrency of TON (The Open Network), a blockchain platform developed by a team of IT specialists from Telegram led by the Durov brothers. It is used to pay for various transactions within systems built on...

Last year, the consolidated net profit of Samruk-Kazyna shrunk by 10.3%, dropping to $4.5 billion. The holding has already notified the Kazakhstan Stock Exchange (KASE) about this financial result.

The rate decline was primarily caused by an increase in net loss driven by 4.5-time depreciation and an increase in other operation costs. Financial expenditures have also risen, reaching $1.5 billion, while the net profit of joint ventures and associated companies reported a 1.5-time decline to $2 billion. At the same time, gross revenue and profit from operational activities have shown insignificant growth. The company also reported a 4.1% increase in...

«New Vision: The Power of Business,» a global business forum, started in Almaty, gathering together well-known Kazakhstani and international businessmen along with prominent figures in politics.

Thus, Jeff Hoffman, the founder of Booking.com, Richard Branson, the founder of Virgin Group, and Brian Tracy, a famous business coach, have already come to Almaty as key speakers of the forum. At the end of the three-day event, Dimash Kudaybergen, a popular Kazakhstani singer, is expected to give an exclusive concert.

The event, which is aimed to be an effective platform for discussing global megatrends, businesses and markets in the age of AI...

According to President Kassym-Jomart Tokayev, the people of Kazakhstan are going to decide whether the country needs a nuclear power plant (NPP) in a referendum this fall. The cabinet will choose the exact date for the endeavor. The Ministry of Energy and Samruk-Kazyna have been obliged to prepare for the referendum, explaining to the population its goals and objectives.

«There is no way to expand economic growth without a stable power supply. This is why I have ordered the cabinet to explore the issue of launching a nuclear power station in our country. Currently, we are...

According to Deputy Minister of Internal Affairs of Kazakhstan Marat Kozhayev, the Astana police department is going to stay on high alert due to the upcoming summit of the Shanghai Cooperation Organization (SCO) in Astana.

Commenting on a question about security measures, the official said that the Astana police department isn’t inventing anything new and is simply following the best international practices in this sphere.

«Astana will be a venue for a grandiose political event, which is going to be very important from a geopolitical point of view. This is why we are taking so many...

Stock prices of CNS Pharmaceuticals, which develops treatments for cancers of the brain and central nervous system, plunged 35% on Wednesday, reaching an all-time low. The company announced the price at which it will sell its shares to private investors. The figure turned out to be a third lower than previously stated, and the volume was higher, which will significantly dilute the stakes of existing shareholders.

Details

CNS Pharmaceuticals’ stock prices plummeted 35.2% to $1.84 on Nasdaq on Wednesday, June 26. This is the lowest the company’s stock has ever traded on the exchange. After the...

Umut Shayakhmetova, CEO of Halyk Bank, and Daniyar Abulgazin, a mogul on the Forbes Kazakhstan list, may have been on a yacht called Persefoni I, from where fireworks were launched, causing a massive fire on the Greek island of Hydra, according to local authorities. The news came out when the Organized Crime and Corruption Reporting Project (OCCRP) obtained a list of passengers on the boat. Representatives of both Shayakhmetova and Abulgazin refused to respond to a request from Kursiv.media to comment on the news.

The OCCRP investigators reported that apart from the aforementioned individuals, there were Shayakhmetova’s husband and their...

Kazakhstan, China and Russia are going to create a single digital platform (SDP) for container shipping on the route stretching across Kazakhstan from the Selyatino railway station near Moscow to Chinese Xian, according to Kazakhstan Railways (KTZ).

The SDP agreement is expected to be signed during a Kazakh-Chinese Business Council meeting in early July. Once the system is implemented it will offer processes designed for customs clearance and e-commerce, for example, not for just these three states but for some other countries.

«This system will simplify logistics, promote the development of e-commerce, improve customs procedures, decrease...