Kazakhstan to allocate KZT6.5 trillion for infrastructure modernization by 2029
Kazakhstan will develop a large-scale infrastructure modernization plan that envisages the construction and renovation of social, transport, and engineering facilities across the country, Qazinform News Agency reports.
Delivering his State-of-the-Nation Address today, President Kassym-Jomart Tokayev said that approximately 6.5 trillion tenge would be allocated from the National Fund for these purposes by the end of 2029.
The Head of State emphasized the need to use the country’s economic potential to modernize infrastructure and improve regional development.
“I therefore instruct the Government to actively implement the large-scale construction initiative announced earlier. Under this initiative, essential social, transport and engineering infrastructure facilities will be built across the country. The Government will develop an unprecedented Infrastructure Modernization Plan,” Tokayev said in his State-of-the-Nation Address.
The President also instructed the Government to earmark 1.5 trillion tenge to launch social projects this year and during the first two months of 2027.
Speaking on the country’s economic performance, Tokayev noted that, according to the International Monetary Fund’s forecast, Kazakhstan’s GDP is expected to approach $400 billion this year, while per capita GDP will exceed $19,000.
“Kazakhstan will climb to 47th place worldwide in terms of GDP, outpacing several more populous countries. The manufacturing industry is also developing dynamically, with its share of GDP exceeding 14%,” he said.
Tokayev added that Kazakhstan’s gold and foreign exchange reserves, together with the assets of the National Fund, had exceeded $130 billion.
He stressed that these resources should be directed towards infrastructure modernization and the development of the country’s regions.
