ALMATY, Jan. 21 (Xinhua) -- Kazakhstan is set to establish a venture capital fund with a target size of 1 billion U.S. dollars to support information technology (IT) projects, according to the country's Minister of Digital Development, Innovations, and Aerospace Industry Zhaslan Madiyev.

"We are in the process of setting up the fund at Astana Hub, which will operate under the jurisdiction of the Astana International Financial Center (AIFC). The fund's target capitalization is 1 billion U.S. dollars, with 130 million U.S. dollars in initial capital already secured," Madiyev stated during a government meeting on Tuesday.

The fund will be established through private investment, aiming to attract foreign capital and facilitate technology transfer to Kazakhstan by investing in high-tech companies abroad.

Kazakh IT exports are projected to reach approximately 700 million U.S. dollars in 2024, Madiyev said. "In the first nine months of 2024, IT exports totaled 471 million U.S. dollars, marking a 26 percent increase compared to the same period in 2023. Based on our projections, this figure is expected to approach 700 million U.S. dollars by year-end," he added. ■