ASTANA, Kazakhstan, October 13. The World Bank will continue to work on the development of venture financing in Kazakhstan, said World Bank Country Manager for Kazakhstan and Turkmenistan Andrey Mikhnev during a round table on the topic "The joint role of institutional investors in the development of the regional venture market," Trend reports.
During the discussion, First Vice Minister of Digital Development, Innovation, and Aerospace Industry Kanysh Tuleushin presented an overview of the innovation ecosystem, noting that the government of Kazakhstan pays special attention to supporting the technology industry, including through the formation of a venture ecosystem.
He also spoke about the successful implementation of the "Stimulating Productive Innovation" project, financed by the World Bank, within which the Tumar Venture Fund was launched in January 2023.
In turn, Andrei Mikhnev thanked the Ministry of Digital Development, Innovation, and Aerospace Industry for the fruitful cooperation.
"The World Bank intends to continue working on the introduction of effective tools for the development of venture financing in Kazakhstan and has announced a number of current and planned initiatives in this direction," he added.
At the beginning of 2023, the creation of the Tumar Venture Fund was announced in Kazakhstan. Its strategy is aimed at financing and developing innovative technology and IT companies at the pre-seed and seed stages in rounds A, B, and C. The fund is aimed at investing in Kazakh and foreign startups structured in different jurisdictions in the areas of FinTech, E-commerce, EdTech, HealthTech, AgriTech, LogiTech, and other promising industries.
Tumar Venture will operate for 8 years, and the target investment size is up to $50 million.
