The decision to award the consortium the project was based on its offer of $33.67564 per megawatt-hour (MWh), the lowest electricity cost compared with other competing bids.

The government also plans to reduce the use of the National Fund's transfers to 2.4 trillion tenge from 4.5 trillion tenge in the next three years.

The three-year bonds worth 12.5 billion tenge ($28.8 million) were auctioned at full issue price on the Kazakhstan Stock Exchange (KASE).

IMF projects 3.7 percent economic growth this year that will converge to its potential over the medium term.

The funds will cover payments for Russian equipment and services under the project, as well as part of the costs in Uzbekistan.