Kazakhstan's pension fund could invest about $3.253 bln in Samruk-Kazyna, Baiterek bonds

ASTANA. Nov 24 (Interfax) - The Unified Accumulative Pension Fund (UAPF) of Kazakhstan could invest 1.5 trillion tenge [about $3.253 billion at today's exchange rate] in the bonds of Samruk-Kazyna National Wealth Fund and Baiterek National Holding Company, respectively, as part of the government's energy infrastructure development projects, Kazakh National Bank chairman Timur Suleimenov said.

"If financing [totaling 1.5 trillion tenge from the UAPF] is approved, then the following will occur: Baiterek and Samruk-Kazyna will issue bonds and the UAPF will buy the bonds. Baiterek and Samruk will later finance the [infrastructure] projects," Suleimenov said on Friday at a briefing in Astana.

"Baiterek and Samruk will be responsible to future and current pensioners and the pension fund for the projects," Suleimenov said.

Investment in the projects will not involve any serious risks, Suleimenov added.

Prime Minister Alikhan Smailov earlier said that the government was mulling the allocation of 1.5 trillion tenge from the UAPF to finance infrastructure projects in the energy sector.

The official exchange rate as on November 24, 2023, is 461.17 tenge/$1.