Tokayev Launches $14 Billion People's Construction Project in Kazakhstan

President Kassym-Jomart Tokayev announced a massive national development strategy on October 28 titled Kazakhstan’s Current Priorities in a New Historical Cycle. The centerpiece of the plan is the People's Construction Project, the largest infrastructure initiative in the country's history, which will allocate approximately 6.5 trillion tenge ($14.27 billion) from the National Fund through 2029. This spending represents a strategic shift from a 2022 goal to increase National Fund assets to $100 billion by 2030.

The initiative focuses on transforming the country into one big construction site by upgrading roads, airports, and railway stations. Key projects include the Bakhty-Ayagoz rail line and the Aral-Caspian Highway, intended to establish Kazakhstan as a leading logistics hub between China and Europe. To address energy needs, Tokayev set a target to eliminate the national electricity deficit by 2029 using renewables, coal, and nuclear power, with construction of the Balkhash nuclear power plant potentially beginning in 2027.

Economic and social reforms accompany the infrastructure push. Tokayev proposed increasing the minimum monthly wage to 110,000 tenge by January 2027 and implementing a new Civil Code by the end of 2027. To attract investment, the government plans to establish an investment court based on English common law in Alatau City. Digitalization efforts will also accelerate, including the deployment of a third supercomputer by 2026 and the expanded application of artificial intelligence.