World Bank approves $75 mln loan to Kazakhstan for AI startups

ASTANA. Oct 5 (Interfax) - The World Bank's Board of Executive Directors has approved a $75 million loan to Kazakhstan to enable the creation, commercialization, and scale-up of technology startups, the bank's press service said.

The project, titled "Advancing Learning, Entrepreneurship, and Markets for Artificial Intelligence" (ALEM), aims to build a deeper pool of specialized digital talent, expand access to high-performance computing, strengthen robotics prototyping infrastructure, and bridge an estimated $20-25 million annual growth-stage risk capital financing gap.

The project is expected to create 10,000 jobs. By December 2031, the project aims to support 28,000 young people to complete advanced skills trainings, help 800 startups through pre-seed, seed, or global acceleration programs, facilitate venture investment in more than 50 businesses, and mobilize at least $60 million in private capital, the press release says.

The project will equip more than 5,000 learners annually with complementary skills covering foundational AI, data science, and machine learning, with targeted outreach to women. On the financing side, the project will deploy $20 million through a Fund-of-Funds structure managed by Alem Capital Management.

"Kazakhstan has made remarkable strides in building its digital economy. This project will contribute to turning that potential into productivity-led growth by supporting entrepreneurs, creating high-skilled jobs, and bringing more private investment into the country's technology sector," said Andrei Mikhnev, World Bank Country Manager for Kazakhstan and Turkmenistan.

The project will be implemented by Kazakhstan's Ministry of Artificial Intelligence and Digital Development in partnership with Astana Hub and Alem Capital Management.