National Bank Deputy Chair Details Pension Fund Finances for Economic Development

Kazakhstan's President proposed more active use of the Unified National Pension Fund (UAPF) resources to finance strategic projects, reports Orda.kz.

He announced this at today's expanded government meeting.

Deputy Chair of the National Bank, Akylzhan Baimagambetov, revealed the details of this initiative.

At the press conference, Baimagambetov noted that UAPF funds will be directed towards economic diversification and import substitution development.

For 2024-2025, a limit of up to two trillion tenge has been set. We are talking about purchasing debt instruments from entities like Baiterek and Samruk-Kazyna. The money is allocated exclusively on market terms, which excludes any professional privileges at the expense of pension savings. These funds are so-called 'long money,' which probably only UAPF can provide in our economy, he said.

Baiterek Holding has invested 173 billion tenge in transport projects and 213 billion in the agro-industrial complex.

Energy projects might potentially be financed in the future.

But I emphasize again that all funds are allocated on market terms with market returns. Institutions like Baiterek and Samruk-Kazyna are companies backed by the state. They carefully select projects. In this context, I don't see any risks for depositors, added Baimagambetov.

Original Author: Zhadra Zhulmukhametova