Abstract:
This article examines the impact of risks on the effectiveness of project financing
in Kazakhstan, with an emphasis on the role of derivative financial instruments in managing these
risks. The analysis shows that the main risks are financial, operational, regulatory and political. The
trends in the development of the derivatives market are considered, which help companies minimize
risks and improve financing conditions. The conclusions of the article emphasize that effective risk
management and the use of modern financial instruments are key factors for the successful
implementation of projects in Kazakhstan, which in turn contributes to attracting foreign investment
and developing the country's economy
