Prime Minister Olzhas Bektenov chaired a meeting of the Board of Directors of Samruk-Kazyna JSC, during which progress on implementing the Head of State’s instructions to support the economy and deliver major infrastructure projects was reviewed.

The meeting focused on the production and financial performance of Samruk-Kazyna JSC for the first quarter of 2026. The Head of the Fund, Nurlan Zhakupov, reported that EBITDA increased by 32% over the reporting period, while net profit rose by 93%. Key production targets were fully met.

A significant milestone was the successful issuance of Samruk-Kazyna’s debut panda bonds on China’s domestic market in April this year, totaling CNY 3 billion. The transaction involved leading Chinese institutional investors, as well as international financial, insurance, and investment companies. The bonds were issued for a three-year term at a yield of 2.18% per annum, representing a record-low borrowing cost and reflecting strong market confidence in the Kazakh sovereign fund. The proceeds are planned to be directed toward investment projects, including the development of transport and logistics infrastructure and other sectors.

In addition, several important documents were signed during the reporting period, including a Term Sheet between Tau-Ken Samruk JSC and Ngali Holdings (Rwanda), as well as a shareholders’ agreement between Samruk-Kazyna Invest LLP and AZCON (Azerbaijan) on a dredging project in the ports of Kazakhstan and Azerbaijan, among others.

In line with Presidential instructions, particular attention was given to the implementation of 64 major investment projects in the oil and gas, petrochemical, energy, transport and logistics, and mining sectors, with a total value of 38.6 trillion tenge. EPC and construction contracts have been signed for 41 projects, with construction and installation works already underway on 33 of them. In particular, construction of two major wind power plants, each with a capacity of 1 GW, was launched in March this year in the Zhambyl and Pavlodar regions. These projects are aimed at advancing green energy development and contributing to the United Nations Sustainable Development Goals (SDGs). For the petrochemical “Butadiene” project, an EPC contract has been signed with Sinopec Guangzhou Engineering (China), with construction scheduled to begin in May this year. Another six projects are at the design stage, while 17 are at the pre-investment stage.

The meeting also reviewed the construction of the second line of the Beineu–Bozoy–Shymkent main pipeline, as well as the development of the NINT Special Economic Zone in the Atyrau region. The project is intended to provide infrastructure for large-scale production facilities in the deep processing of hydrocarbon raw materials. The Tau-Ken Samruk project in geological exploration using artificial intelligence technologies was also noted as being of key importance for Kazakhstan’s industry and economy.

Following the meeting, Prime Minister Olzhas Bektenov instructed the Fund’s leadership to strengthen oversight of all projects and take comprehensive measures to increase the share of local content in goods, works, and services during their implementation.