Kazakhstan to launch $1 bln venture capital fund for IT projects

ASTANA. Jan 21 (Interfax) - Kazakhstan plans to establish a venture capital fund with a target capitalization of $1 billion at Astana Hub, Zhaslan Madiyev, Minister of Digital Development, Innovations, and Aerospace Industry, said.

"We are in the process of launching a venture capital fund at Astana Hub, operating under the jurisdiction of the Astana International Financial Centre (AIFC). The fund's target size is $1 billion, with initial capital commitments of $130 million already secured," Madiyev said during a government meeting on Tuesday.

The fund will be formed through private capital. Its creation is expected to attract foreign investment and facilitate technology transfer to Kazakhstan through investments in high-tech companies abroad.