BAKU, Azerbaijan, September 17. Kazakhstan
Development Bank, a subsidiary of Baiterek Holding, and PGU
Turkestan LLP signed an agreement worth 290 billion tenge (about
$636 million) to build a 1-GW power plant in Kazakhstan's Turkestan
region.


This was announced in a statement published by the Kazakhstan
Development Bank (DBK).


According to the information, an EPC contract for the
construction of the facility was signed with a consortium led by
South Korean company Doosan Enerbility Co., Ltd. and Integra
Construction KZ LLP during the state visit of Kazakhstan President
Kassym-Jomart Tokayev to South Korea.


The power plant will be based on a combined-cycle gas turbine
with flexible generation capacity and will have a total capacity of
1,000 MW.


"The project will contribute to the development of Kazakhstan's
energy infrastructure and increase the volume of flexible
generating capacity in the country's power system," the bank
said.


Another major agreement was signed between DBK and Korea Trade
Insurance Corporation (K-Sure) in connection with the construction
of a metallurgical plant in Pavlodar region.


DBK Chairman Marat Yelibayev and K-Sure Chairman and President
Yangjin Jang signed a joint declaration providing for the
organization of financing for the project and confirming the
allocation of 48 million euros under K-Sure insurance coverage
within a previously approved framework facility of up to 200
million euros.


The project is being implemented by Mineral Product
International LLP using equipment and technologies from South
Korean company SAC Co Ltd. The plant will have a planned production
capacity of 160,000 tons per year, including 80,000 tons in the
first phase. Its launch is expected to create 550 permanent
jobs.


The products will be primarily exported to the European Union,
Asian countries, and the US.







In addition, DBK's subsidiary Industrial Development Fund and
Seoyon Summit Qazaq LLP signed a memorandum of understanding on a
project to establish high-tech production of automotive components
for KIA Qazaqstan. The memorandum provides for consideration of
financing the project through instruments of the Industrial
Development Fund.


The project envisages establishing high-tech production of
automotive components in Kostanay, further expanding industrial
cooperation between Kazakhstan and South Korea in the automotive
sector.


Kazakhstan-Korea cooperation in the automotive industry already
includes the production of Hyundai passenger cars. With DBK's
support, Hyundai Trans Kazakhstan operates a plant with an annual
production capacity of 50,000 vehicles. Astana Motors, together
with South Korean companies Youngsan and Motrex, has also
established production of automotive seats and multimedia systems
in Kazakhstan.


Further localization plans include production of the new Hyundai
Tucson, as well as mufflers and seat upholstery with Youngsan
Glonet Corporation, wiring harnesses with THN Corporation and
automotive floor coverings with Motrex.


DBK said its expanded international cooperation builds on 25
years of experience in financing major industrial and
infrastructure projects.


Since its establishment, the bank has financed 218 investment
projects and 151 export operations totaling 19 trillion tenge
(about $41.6 billion), resulting in the launch of 151 new
enterprises across Kazakhstan and the creation of more than 38,000
jobs.


In 2025 alone, DBK financed 77 projects totaling 2.3 trillion
tenge (about $5 billion).