(12 February 2026 | Source: The Tenge)
In 2025, two transfers totalling 5.25 trillion tenge were directed from the National Fund to the republican budget of Kazakhstan. A targeted transfer of 3.25 trillion tenge was allocated to socially significant and strategic infrastructure projects, including the construction of the metro, LRT and the Baiterek space rocket complex.
TARGETED TRANSFER FROM THE NATIONAL FUND: DISTRIBUTION OF FUNDS
According to The Tenge, the Ministry of Finance of the Republic of Kazakhstan allocated 1.65 trillion tenge in subventions to the country's regions in 2025; the details of the distribution are not specified in the report.
The Ministry of Internal Affairs received 30.17 billion tenge for public order and safety facilities, with 17.67 billion tenge (58.6%) spent. The Ministry of Emergency Situations received 7.72 billion tenge, with 100% spent. The Ministry of Defence received 8.84 billion tenge, with 100% spent.
The Ministry of Labour and Social Protection of the Population allocated 10.35 billion tenge for social welfare facilities in the regions, with 100% spent. The Ministry of Artificial Intelligence and Digital Development received 60.86 billion tenge for the creation of the Baiterek space rocket complex, fully spent.
EDUCATION AND HEALTHCARE INFRASTRUCTURE
The Ministry of Education allocated 346.64 billion tenge for the construction of secondary education facilities, with 99.7% spent. The Ministry of Health allocated 42.67 billion tenge, of which 5.89 billion tenge was for healthcare facilities at the republican level (99.5% spent) and 36.77 billion tenge for developing regional infrastructure (100% spent).
TRANSPORT PROJECTS AND THE METRO
The Ministry of Transport received 603.61 billion tenge. 98.65 billion tenge was allocated for republican roads, with 100% spent. For the Astana LRT project, 332.41 billion tenge was allocated, with 100% spent. 28.60 billion tenge was directed to the Almaty budget for metro construction, with 100% spent. For border crossing points, 50.90 billion tenge was allocated, with 100% spent.
INDUSTRY, ENERGY AND ENGINEERING INFRASTRUCTURE
The Ministry of Industry and Construction received 92.04 billion tenge, fully spent. The Ministry of Energy received 127.11 billion tenge for the development of heat supply, gas transport and thermal power systems, with 100% spent. The Ministry of National Economy received 101.43 billion tenge for social, transport and engineering infrastructure in the regions, with 100% spent.
The Ministry of Tourism and Sports received 62.32 billion tenge, with 94.2% spent. The Ministry of Water Resources and Irrigation received 106.18 billion tenge, with 100% spent.
DIRECT FINANCING OF THE ECONOMY THROUGH BOND LOANS
As of 31 December 2025, bond loans from the National Fund amounting to 3.85 trillion tenge were used to support SMEs, housing construction, real estate, railway and gas infrastructure. 477.7 billion tenge has been repaid, with outstanding loans amounting to 3.37 trillion tenge.
Previously, in 2023–2024, shares of KazMunayGas (1.3 trillion tenge) and Kazatomprom (467 billion tenge) were purchased using National Fund resources. Thus, total direct financing of the economy from the National Fund exceeded 5 trillion tenge.