BAKU, Azerbaijan, September 29. The Eurasian
Development Bank (EDB) acts as a senior co-lender in the financing
of Almaty International Airport in Kazakhstan as part of a
syndicate arranged by Bank of America, the EDB announced today.
The total financing will amount to $670 million, with the EDB
contributing $100 million.
As part of the capital investment programme, the financing will
support, among other things, the modernization of the domestic
terminal, airside infrastructure improvements and aircraft de-icing
facilities, as well as the expansion of the cargo terminal.
The project will improve connectivity between the international
and domestic terminals, speed up baggage handling and streamline
apron operations. Expanding the parking facilities will improve
access to the airport, while airside infrastructure improvements
are expected to enhance operational efficiency and capacity.
“We have consistently supported the development of Almaty
Airport and are pleased to continue this work as part of the new
Bank of America syndicate. Our extensive experience in syndicated
financing enables us to work effectively with international and
local financial institutions. We welcome the participation of
Merrill Lynch International, Société Générale, the Turkic
Investment Fund and Kazakhstan banks, and remain open to new joint
projects. The broader group of participating lenders underscores
confidence in Kazakhstan’s infrastructure assets and creates
additional opportunities to attract international capital to major
projects in the country,” Nikolai Podguzov, Chairman of the
Management Board of the Eurasian Development Bank, said.
In 2021, international financial institutions EDB, DEG, EBRD,
and IFC financed the expansion and modernization of the airport.
The project included the construction of a new international
terminal, which was commissioned in 2024. As a result, the
airport’s annual design capacity increased from 3 million to 14
million passengers.
As part of the new phase, the EDB said it will continue
supporting the development of the airport’s infrastructure, now
alongside commercial banking partners. The new financing
demonstrates how multilateral development banks and commercial
lenders can work together to support major infrastructure
investment. The financing has a final maturity in 2033.
The Eurasian Development Bank (EDB) is a multilateral
development bank investing in Eurasia. The Bank’s operations are
guided by the UN Sustainable Development Goals and ESG principles.
The EDB is headquartered in Almaty.
Almaty International Airport is the largest aviation hub in
Central Asia and ranks first in Kazakhstan in terms of passenger
and cargo traffic. Today, the airport serves more than 32,000
passengers per day, while passenger traffic reached 12 million in
2025.
TAV Airports is a shareholder in Almaty International Airport.
Its majority shareholder is France-based Groupe ADP, the operator
of the three main airports in Paris. TAV Airports operates 15
airports in 8 countries.
Meanwhile, the Turkic Investment Fund (TIF) has also joined the
internationally mobilized financing of Almaty International Airport
in Kazakhstan. TIF commits up to $20 million as part of a $670
million financing.
