“Fund of Problem Loans” JSC continues performing functions of attorney (agent) for support of non-governmental loans against state guarantee of the Republic of Kazakhstan. This work is one of key activities of Right of Recourse and State Guarantees Department.

Today, Fund supports large-scale infrastructural and strategic projects with national importance in transport, road infrastructure, water management, energy and industry sectors. Fund’s main objective is to ensure control over fulfillment of borrowers’ obligations, monitor projects’ implementation and minimize risks of guarantee events.

As part of fulfilling agent’s attorney functions, Fund carries out regular remote and on-site monitoring of projects implemented under non-governmental loans against state guarantee of the Republic of Kazakhstan. Such work makes it possible to identify potential risks in a timely manner and ensure transparency of project implementation for government and creditors.

In April 2026, employees of the Department of Claims and State Guarantees of the Analytics and Agency Services Division conducted another on-site monitoring of large infrastructure projects.

Monitoring was carried out as part of fulfilling terms of Agreements on provision of state guarantees of Republic of Kazakhstan and covered the following projects: NC KazAvtoZhol JSC; Kazvodkhoz RSE; City Transportation Systems LLP; Kazspetsexport RSE with REM. 

During on-site visits, Fund’s specialists assessed actual progress of project implementation, compliance with work schedules, current financial condition and fulfillment of obligations by borrowers.

Monitoring of NC KazAvtoZhol JSC projects

During monitoring, special attention was paid to projects of NC KazAvtoZhol JSC, national operator for management of international and national highways with total length 25+ thousand kilometers.

Company implements large-scale infrastructure projects aimed at modernizing Kazakhstan’s transport network, improving quality of highways and developing country’s transit potential.

During the monitoring, construction and repair work was confirmed in more than ten regions of Kazakhstan, including Karaganda, Abay, East Kazakhstan, Kyzylorda and Aktobe regions.

As part of road construction season, work is underway on more than 2.1 thousand km of highways, including key sections: “Taldykorgan – Kalbatau – Ust-Kamenogorsk”; “Merke – Burylbaytal”; “Karaganda – Balkhash”; “Kalbatau – Maykapshagai”; “Aktobe – Kandyagash”; “Atyrau – Astrakhan”; “Kyzylorda – Zhezkazgan”; “Kurty – Kapshagai”; “Karaganda – Ayagoz – Tarbagatai – Bugaz”; “Semey – Kainar”; “Ust-Kamenogorsk – Semey”. 

Additionally, Fund noted active development of toll highway network and introduction of digital traffic monitoring services.

Monitoring of Kazvodkhoz RSE projects

As part of supporting Kazvodkhoz RSe projects, monitoring of measures for construction, reconstruction and automation of water facilities was carried out.

It was established that Company implements projects in 14 regions of the Republic of Kazakhstan. Most active work is underway in Zhambyl, Kyzylorda, Turkestan and Zhetysu regions.

Special attention is paid to modernization of irrigation systems and improving efficiency of water resources management. Monitoring confirmed: reconstruction of irrigation networks; major repairs of canals; introduction of digital water metering; implementation of new water management projects; commissioning of large reservoirs. 

Implementation of these projects is of strategic importance for ensuring sustainable water supply and development of the country’s agro-industrial complex.

Monitoring of LRT project of City Transportation Systems LLP

Fund’s employees also conducted on-site monitoring of City Transportation Systems LLP’s light rail project.

During inspection, assessment of infrastructure readiness and project’s current status was carried out.

At the time of monitoring, it was established that the project is at final stage. In particular: laying of trackbed has been completed; depot is ready; work is underway at stations; test operation of rolling stock; commissioning of automated traffic control systems is underway. 

Project is important for further development of urban transport infrastructure and improving quality of public transport.

Monitoring of activities at Kazspetsexport RSE with REM

As part of on-site monitoring, inspection of activities at Kazspetsexport RSE with REM was also carried out. This monitoring included: analyzing implementation of ongoing projects; compliance with established regulations; monitoring compliance with internal procedures; checking procedure for work restricted materials. 

Work was carried out in compliance with requirements of information security and current legislation of the Republic of Kazakhstan.

Systematic work on support of state guarantees

Activities of Department of Claims and State Guarantees of “Fund of Problem Loans” JSC is aimed at ensuring stability of state guarantees system and protecting interests of the state.

Fund is constantly: monitoring implementation of projects; analyzing financial and economic condition of borrowers; monitoring fulfillment of loan obligations; ensuring interaction with Ministry of Finance and creditors; minimizing risks of guarantee cases. 

This work makes it possible to ensure high level of borrowers’ financial discipline and transparency in implementation of infrastructure projects.

It is important to note that since transfer attorney agent functions for support of government guarantee loans to Fund, no guarantee cases have been recorded for supported projects, that confirms effectiveness of current monitoring and control system.

Importance of monitoring for country’s economy

Each project supported by the Fund represents strategically important infrastructure facility — highways, water supply systems, transport facilities and other projects that have direct impact on development of regions and the country’s economy as a whole.

On-site monitoring allows not only to monitor project implementation, but also to ensure timely sustainability of state guarantees system of the Republic of Kazakhstan, increasing confidence of international financial institutions and investors in Kazakhstan as a reliable partner.