Delivered projects

Context and objective

Kazakhstan’s aviation sector holds a unique geographic advantage: the country sits at the centre of Eurasia, within narrow-body range of major markets. Yet the sector had no single strategic plan — airport infrastructure in most cities required large-scale modernisation, and the country’s transit potential remained untapped.

What we did

• Benchmarking of leading regional hubs: Dubai, Istanbul, Tashkent
• A Eurasian transit hub model developed with a full economic case
• Prioritisation of infrastructure projects across the country’s airports
• A plan across 5 workstreams: ICAO safety, infrastructure, jet fuel, fleet and traffic

Outcome

• The plan was adopted by the Ministry of Transport
• An airport infrastructure modernisation programme was approved
• Decisions were taken on building a new aviation hub and consolidating aircraft orders

Context and objective

Kazakhstan’s road network is among the largest in the region. International freight volumes grew steadily, yet transit potential remained unrealised. The sector needed a plan built on an economic rationale for infrastructure investment, together with instruments to recover that investment.

What we did

• A prioritised portfolio of transit corridors was defined
• A differentiated approach to pavement design and life-cycle cost optimisation was developed
• Monetisation instruments introduced: toll sections, per-kilometre charging, green corridor and fuel levy
• A border crossing modernisation programme prepared to cut transit times and raise throughput

Outcome

• The strategy was adopted by the Government of Kazakhstan
• A major investment portfolio was formed
• Monetisation instruments with significant revenue potential were developed

Context and objective

The national operator of the country’s transport infrastructure functioned largely as a technical client for construction and maintenance works. At the same time it held substantial untapped potential to monetise infrastructure and raise financing independently. Delivering the sector strategy required a comprehensive transformation of its operating model.

What we did

• A target operating model across 5 workstreams: financing, revenue generation, project management, digitalisation and organisational change
• A roadmap prepared for transferring infrastructure onto the balance sheet as collateral for IFI lending
• Bond issuance instruments designed for long-term financing
• More than 10 sources of additional revenue identified

Outcome

• The target operating model was adopted by company management
• New revenue sources with significant aggregate potential were identified
• A model for raising financing independently was established

Context and objective

The client is a state infrastructure monopoly in the transport sector whose revenue derives from a regulated tariff. Recent revenue growth had been driven by external factors — redirected client flows and currency effects — was temporary in nature, and had begun to normalise. A large investment programme and non-core cost burden created the risk of a liquidity gap.

What we did

• Financial diagnostic: decomposition of revenue drivers (organic growth versus temporary and currency effects) and quantification of the liquidity gap
• Forecast and tariff strategy: revenue forecast across 3 scenarios to 2030, tariff benchmarking against 20+ peers, phased adjustment
• Financing and optimisation: structuring of loans and state support measures, cost reduction, investment programme control
• Commercial growth initiatives: client base expansion and data-driven tariff management

Outcome

• The rationale was accepted by the line ministry for presentation at sector leadership level
• A phased tariff increase was substantiated without loss of competitiveness or user attrition
• A comprehensive financing package closing the liquidity gap was assembled
• Long-term financial sustainability through 2030 was confirmed