Kazakh Deputy Prime Minister — Minister of National Economy Serik Zhumangarin met Chinese Finance Minister Lan Fo'an on the sidelines of the Second Tianshan Economic Cooperation Forum for Central Asia, Qazinform News Agency cited primeminister.kz. One of the topics discussed was establishing a joint investment fund to develop the Trans-Caspian International Transport Route (TITR).
The initiative was first raised at the meeting between the heads of state of Kazakhstan and China held in Shanghai in July this year. The two sides are working to set up a Kazakhstan-China direct investment fund targeting up to $200 million in initial capital, with a potential for future expansion.
To speed up the fund launch, Serik Zhumangarin proposed designating responsible financial institutions in both countries to establish shared operational approaches. "To transition from agreements to practical project financing, we must establish a comprehensive Kazakh-Chinese financial architecture," Zhumangarin said, noting that several complementary mechanisms are being created to address specific objectives.
The emerging structure involves three primary financing channels: the Kazakh Invest Fund with the Silk Road Finance Corporation, the Kazakhstan-China direct investment fund involving state holding company Baiterek and the Silk Road Fund, and debt and insurance financing mechanisms involving institutions such as the Development Bank of Kazakhstan, China Development Bank, China EximBank, Bank of China, ICBC, and Sinosure.
"I propose combining existing and planned mechanisms through a unified Kazakh-Chinese project financing and insurance 'one-stop shop' without establishing a new organization," the Kazakh deputy premier said. "This will allow us to structure a comprehensive financial package for each priority project, including long-term lending, insurance coverage, guarantees, yuan-denominated financing, and equity participation where necessary." To test the proposed framework, officials plan to select several pilot projects and support them across all phases, from investment approval to financial closure.
This approach aims to identify and remove systemic bottlenecks that delay major investment initiatives. The two sides also discussed expanding cooperation with the Export-Import Bank of China to fund priority infrastructure projects. Work is underway on several strategic initiatives to upgrade Kazakhstan’s transport and public utilities infrastructure.
As reported earlier, Kazakhstan had attracted over $30 billion in investment from CAREC nations.