Kazakhstan Adopts Endowment Law to Enhance University Sustainability

The Astana Times provides news and information from Kazakhstan and around the world.

President of Kazakhstan, Kassym-Jomart Tokayev, signed the law on targeted capital funds and endowment funds on June 30. The law aims to develop a legal framework for the production of endowment funds designed to support science, innovation, education, healthcare, and social security through financial investment income.

During a plenary session of the Mazhilis, Kazakh Minister of Science and Higher Education, Saysat Nurbek, highlighted the necessity for a new law due to the lack of clear guidelines governing the investment activities of endowment funds and the ownership rights of contributors to targeted capital.

The law is inspired by the Uniform Prudent Management of Institutional Funds Act (UPMIFA) of the United States, the Russian law on endowment funds, and the experiences of Australia, France, and Singapore. This legislation aims to promote economic savings and capital inflows into financial markets.

Benefits for Universities

The new law revolutionizes university financing, reducing their dependence on state budgets and enhancing institutional autonomy. It fosters academic freedom, improves education quality, and nurtures engaged university communities, marking a significant step towards sustainable development in science and higher education in Kazakhstan.

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