KazAgro

No. KazAgro National Management Holding was dissolved in March 2021 and its subsidiaries were transferred to Baiterek National Management Holding. The operational entities — including KazAgroFinance, the Food Contract Corporation, and the Agrarian Credit Corporation — continue to function under Baiterek's oversight, but the holding company itself no longer exists as a separate legal entity.

KazAgro served as the state's primary instrument for agricultural policy execution. It managed Kazakhstan's State Grain Reserve, provided subsidized financing and equipment leasing to farmers through its subsidiaries, and invested in rural infrastructure. Its mandate combined commercial agricultural operations with public policy objectives around food security and rural development.

As a state-owned holding, KazAgro operated under the authority of Kazakhstan's Ministry of Agriculture and ultimately the government of the Republic of Kazakhstan. Strategic direction and leadership appointments were determined by the state, with operational subsidiaries executing defined policy mandates rather than exercising independent investment discretion.

KazAgro's subsidiaries — including grain purchasing operations, agricultural finance entities, insurance providers, and machinery fleets — were integrated into Baiterek Holding's portfolio. Each subsidiary continues to operate within its original mandate, but now reports through Baiterek's consolidated governance structure rather than through a dedicated agricultural holding company.

Baiterek National Management Holding is a state-owned development institution, structured similarly to a sovereign development fund. It consolidates multiple state development entities — including the former KazAgro subsidiaries — under a single balance sheet, with the government of Kazakhstan as its sole shareholder. It functions as a policy-driven development institution rather than a family office or commercially motivated asset manager.