Freedom is securing financing for major technology projects in Kazakhstan. The financial and technology group led by Timur Turlov has signed an agreement with Kokzhiyek Fund L.P., an investment fund backed by an institution within Kazakhstan's state-owned Baiterek holding group. The financing will support artificial intelligence infrastructure, data centers, telecommunications networks and other strategic projects across the country, DKNews.kz reports.
Freedom Holding Corp. announced the agreement on October 29, 2026. Kokzhiyek Fund's principal investor is Qazaqstan Investment Corporation (QIC), a subsidiary of Baiterek National Investment Holding.
The agreement establishes a bond financing mechanism intended to support long-term infrastructure development. Such projects typically require substantial upfront investment, often well before the facilities begin generating revenue.
For Kazakhstan, the deal represents another step toward building the computing and communications infrastructure needed to support a growing digital economy.
Freedom Plans to Expand Kazakhstan's AI and Data Center Infrastructure
A central focus of the agreement is the development of Kazakhstan's computing capacity and digital infrastructure.
The planned investments include data centers, an artificial intelligence computing cluster, backbone telecommunications networks and international communications channels.
Other areas covered by the agreement include cross-border trade, logistics and projects in additional sectors of the economy.
The importance of these investments extends beyond the technology industry.
Artificial intelligence systems require powerful computing resources, reliable connectivity and facilities capable of processing large volumes of data.
Expanding this infrastructure within Kazakhstan could give domestic businesses more options for hosting applications, processing information and developing AI-powered services locally.
This may be particularly relevant for financial institutions, telecommunications companies, software developers and businesses handling large datasets.
However, constructing data centers does not automatically lead to the creation of competitive AI products. Their development also depends on skilled specialists, software capabilities, access to computing resources and commercial demand.
Freedom has already been pursuing initiatives in this field.
The new agreement provides an additional financing mechanism for such investments.
The company has not disclosed the amount allocated to individual projects in its announcement.
Timur Turlov Calls Baiterek's Participation a Vote of Confidence
Timur Turlov, Chief Executive Officer of Freedom Holding Corp., described the agreement as recognition of the importance of the group's technology projects.
He said Baiterek's involvement demonstrated confidence in Freedom's development strategy.
“An agreement of this scale is recognition of the significance of our projects, and we regard the Baiterek group's participation as a vote of confidence in Freedom. We want Kazakhstan's digital infrastructure to meet global standards and compete not only regionally but also in the global market. Achieving this requires technological capacity, communications networks and logistics infrastructure on an appropriate scale. Financing under this agreement will enable us to implement major projects aimed at developing the country's digital infrastructure and strengthening its digital sovereignty,” Turlov said.
The reference to digital sovereignty is particularly relevant to Kazakhstan's technological ambitions.
The concept generally refers to a country's ability to develop, manage and maintain control over critical digital infrastructure, including computing facilities, communications networks and data processing systems.
For Kazakhstan, expanding domestic infrastructure could reduce reliance on foreign computing providers for certain services.
For example, locally operated data centers could allow companies to store information and run applications within the country rather than relying entirely on overseas facilities.
The extent of those benefits will depend on which projects are completed, when they become operational and how accessible their services are to businesses.
How Baiterek and QIC Are Involved in the Agreement
Kokzhiyek Fund L.P. is an investment fund registered within the jurisdiction of the Astana International Financial Centre (AIFC).
The fund focuses on financing major projects in priority sectors of Kazakhstan's economy.
Its principal investor, Qazaqstan Investment Corporation, is part of the Baiterek National Investment Holding group.
Baiterek brings together several of Kazakhstan's development finance institutions, including the Development Bank of Kazakhstan, the Industrial Development Fund and the Damu Entrepreneurship Development Fund.
The financing structure connects institutional investment capital with large-scale projects developed by private businesses.
This approach is particularly relevant to technology infrastructure, where significant investment is often required before commercial operations begin.
Building a data center, for instance, involves considerably more than purchasing servers.
Facilities also require reliable electricity supplies, cooling systems, telecommunications connections and technical maintenance infrastructure.
These requirements make projects capital-intensive and can extend the period before investors begin receiving returns.
Bond financing can provide access to capital for such investments, while creating repayment obligations under the agreement's terms.
The announcement does not specify when individual facilities are expected to be completed or begin commercial operations.
Freedom Continues Expanding Beyond Financial Services
Freedom Holding Corp. has steadily broadened its business activities beyond traditional financial services.
The group operates in brokerage services, insurance, investment banking, telecommunications, e-commerce and digital consumer services.
According to the company, its subsidiaries and affiliated businesses employ more than 11,800 people.
Freedom maintains operations across 22 countries, including Kazakhstan, the United States and several European markets.
Its shares trade on the Nasdaq Capital Market under the ticker symbol FRHC.
The expansion into telecommunications and computing infrastructure could allow the group to support its own digital platforms while potentially providing technology services to other businesses.
Freedom is not the only company pursuing opportunities in Kazakhstan's AI infrastructure market.
Such projects reflect growing interest in developing domestic computing resources capable of supporting more demanding digital applications.
For businesses, the practical value of additional infrastructure will depend on technical capabilities, pricing and the availability of computing services.
Telecommunications and Cross-Border Logistics Are Also Priorities
The agreement extends beyond artificial intelligence and data centers.
Freedom also plans to direct financing toward backbone communications networks and international telecommunications channels.
These networks are essential for transmitting large volumes of data between Kazakhstan's regions and connecting domestic infrastructure with international systems.
Their development could benefit telecommunications operators, cloud service providers and companies that depend on reliable data connectivity.
Another area covered by the agreement is cross-border trade and logistics.
These activities increasingly rely on digital platforms for processing orders, exchanging information and coordinating the movement of goods between countries.
The announcement, however, does not identify every facility or infrastructure asset that will be constructed or upgraded under the financing arrangement.
It would therefore be premature to predict immediate changes in telecommunications prices, cloud computing costs or logistics expenses for businesses and consumers.
When Will Kazakhstan's New Data Centers Become Operational?
The agreement establishes a financing framework, but it does not mean the planned infrastructure has already been completed.
Freedom and its partners must still move forward with implementation, including construction, equipment installation and the eventual commissioning of new facilities.
The company's announcement does not provide detailed schedules for the opening of data centers, the launch of the AI computing cluster or the expansion of international communications networks.
It also does not specify when new services may become available to businesses and individual users.
What is clear is the intended direction of investment: computing infrastructure, telecommunications, digital platforms and logistics.
For Kazakhstan, the tangible results will become measurable once the facilities are operational.
Only then will it be possible to assess whether the projects have expanded access to computing capacity, improved connectivity or reduced infrastructure-related constraints for businesses developing AI and other digital services.
The financing agreement is now in place. The next milestone will be turning those commitments into functioning infrastructure that Kazakhstani companies can actually use.
