BAKU, Azerbaijan, January 12. In 2025,
international financial institutions maintained a strong presence
in Kazakhstan, with investments concentrated in key sectors such as
transport, energy, climate initiatives, and finance. These
investments were closely aligned with both the strategic priorities
of the international financial community and Kazakhstan’s
overarching objectives, including economic modernization, the
development of transport corridors, and the enhancement of
financial resilience.
Among these institutions, the European Bank for Reconstruction
and Development (EBRD) emerged as the most active investor in
Kazakhstan. The bank’s investments in the real sector focused on
fostering the development of processing industries and establishing
export-oriented production capabilities. Notably, the EBRD extended
a loan of up to $10 million to Empire Manufacturing Kazakhstan for
the construction of a coffee processing plant in Khorgos, with
approximately 50% of the plant’s output slated for export to
Central Asia and the Caucasus. Additionally, the EBRD provided a
loan of up to €25 million to Orzax Central Asia, a subsidiary of
Orzax Türkiye, to support the construction and operation of a food
additives plant in the Turkestan region. The plant’s production is
also aimed at exports to Asia and Eastern Europe.
Both projects not only aim to establish new production
facilities but also serve to enhance Kazakhstan’s position within
regional supply chains.
Simultaneously, the EBRD continues to actively engage with banks
and microfinance institutions. For instance, Bank CenterCredit
secured a substantial financing package of $60 million to promote
green lending initiatives, as well as to support small and
medium-sized enterprises (SMEs) and businesses led by women and
youth. Additionally, through a $25 million loan to Home Credit Bank
Kazakhstan, the EBRD is advancing energy-efficient and
climate-oriented projects for both businesses and households.
Special emphasis is placed on microfinance institutions, with KMF
receiving $25 million and Arnur Credit benefiting from a $7 million
loan, both aimed at supporting women entrepreneurs and young
business owners. Thus, the EBRD’s financing not only targets large
corporations but also supports small and medium-sized enterprises,
with a notable focus on projects led by youth and women.
Infrastructure remains the EBRD’s primary area of investment. In
2025, the bank approved €449 million in financing for JSC
KazAvtoZhol, Kazakhstan’s national road operator, to reconstruct a
234-kilometer stretch of the Aktobe–Ulgaısyn highway. This project,
which is being implemented in collaboration with the Asian
Infrastructure Investment Bank (AIIB) and Kazakhstan, has a total
project value exceeding 1 billion euros.
Additionally, the EBRD provided a 35 million euro loan to the
Aktau port complex, which will significantly increase its cargo
handling capacity. The project also includes an EU grant of up to
10 million euro aimed at modernizing port infrastructure.
These projects further confirm that the EBRD views Kazakhstan as
an important transit hub. The Aktau project is particularly
indicative: the expansion of berths, acquisition of new equipment,
and acceleration of container handling are directly linked to the
development of the Trans-Caspian International Transport Route
(TITR, or Middle Corridor) and the growth of cargo flows between
Europe and Asia. The bank emphasized that the Aktau port was
identified in a joint EU study as one of the key elements of the
TITR.
EBRD President Odile Renaud-Basso emphasized that the bank,
together with the EU, supports the project because it aligns with
its strategic objectives for Kazakhstan and Central Asia. She noted
that the initiative is also part of global solutions in transport
and logistics infrastructure under the EU’s Global Gateway program,
with EBRD investments aimed at removing key infrastructure
bottlenecks along the Middle Corridor.
Furthermore, on October 10, 2025, the EBRD signed memoranda of
understanding with Kyrgyzstan, Kazakhstan, and Uzbekistan regarding
investment in the construction of the Kambarata-1 hydropower plant
on the Naryn River in Kyrgyzstan. The bank indicated that it is
considering providing a combined financing package of €1.3 billion
in support of the project. Additionally, memoranda were signed
between the EU, the European Investment Bank (EIB), and the three
Central Asian countries for a total of 900 million euros to
implement the project.
The Asian Development Bank (ADB) operates somewhat differently.
Its focus in 2025 was not on individual projects in Kazakhstan but
on initiatives impacting multiple countries in the region. On April
5, 2025, the ADB, AIIB, and the ministries of energy of Azerbaijan,
Kazakhstan, and Uzbekistan signed a Memorandum of Understanding to
support the feasibility study for the Caspian Green Energy Corridor
project. The project will involve integrating energy systems and
creating a green corridor for the transmission and trade of
renewable energy. It envisions a comprehensive transfer of green
energy from the Caspian region to Europe via the Black Sea
cable.
Despite recognizing the strategic importance of the energy
sector for the region and actively investing in energy
infrastructure and renewable energy, the ADB believes that ensuring
long-term impact requires more innovative and integrated
approaches. In 2025, the bank analyzed its activities in
Kazakhstan, the results of which indicated the need to revise the
cooperation format with the country. This involves transitioning to
a more comprehensive model of engagement, utilizing various
instruments - from flexible credit mechanisms to knowledge
exchange, human capital development, political dialogue, and wider
application of successful ADB project experience.
Climate and water resources remain another key focus of the ADB.
The Green Climate Fund (GCF) approved $250 million for the “From
Glaciers to Farms” program, implemented under the leadership of the
ADB. The initiative covers nine developing ADB member countries:
Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Pakistan,
Tajikistan, Turkmenistan, and Uzbekistan. These countries largely
depend on rivers fed by glaciers and snow, which play a key role in
agriculture, water supply, and electricity generation. The program
aims to create sustainable water management and agricultural
systems to support vulnerable communities.
Additionally, in November 2025, the ADB announced plans to
invest more than $10 billion by 2030 to support projects and
initiatives under the Central Asia Regional Economic Cooperation
(CAREC) Program, of which Kazakhstan is a member. These funds are
intended to develop infrastructure, enhance climate resilience, and
implement other key regional initiatives.
The World Bank (WB) in 2025 provided Kazakhstan with funding to
develop a carbon market, enabling the country to establish an
emissions trading system and prepare for carbon credit operations.
This is particularly relevant as Kazakhstan is a pioneer in carbon
pricing in Central Asia, being the first country in the region to
implement an Emissions Trading System (ETS).
To support the efforts of the Ministry of Ecology and Natural
Resources and JSC “Zhasyl Damu” (ETS operator), the World Bank
provided a $4.8 million grant from the Partnership for Market
Implementation Trust Fund (PMI Trust Fund). These funds will be
used to implement the project by June 30, 2028. The initiative is
expected to strengthen Kazakhstan’s ETS, encourage greenhouse gas
emissions reduction, develop the domestic carbon credit market, and
formulate a strategy for trading carbon credits in the
international market.
Meanwhile, the European Investment Bank (EIB) continued to
invest in infrastructure and the green transition in Kazakhstan in
2025. In addition to financing the Kambarata-1 hydropower plant,
the EIB provided a €200 million loan via the Development Bank of
Kazakhstan to develop roads, transport corridors, and renewable
energy. These funds will support sustainable transport
infrastructure, including the Middle Corridor, as well as projects
to increase renewable energy and reduce climate impact.
The EIB also worked with the housing sector: EIB Global and the
Kazakhstan Housing Company (JSC) signed a cooperation agreement
aimed at jointly increasing the number of energy-efficient and
sustainable homes in the country.
The Eurasian Development Bank (EDB) also actively implements
projects in Kazakhstan. On April 14, 2025, the bank, together with
UN ESCAP, launched an initiative to share experiences among energy
specialists from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan,
and Uzbekistan. The project aims to strengthen subregional
cooperation in sustainable energy development.
Additionally, the EDB issued its debut bond in UAE dirhams on
the Astana International Exchange, becoming the first issuer of
such bonds in Kazakhstan.
In October 2025, the bank signed an agreement with the Ministry
of Water Resources and Irrigation of Kazakhstan and UNDP for the
project “Developing a Business Ecosystem for Sustainable
Irrigation.” As part of the initiative, the EDB allocated a $5.3
million grant for irrigation system modernization and increased
water use efficiency in the country.
Furthermore, Kazakhstan and the Islamic Development Bank (IsDB)
signed a Memorandum of Understanding to attract financing of up to
$1.1 billion for priority infrastructure projects in the
country.
In 2025, Kazakhstan became a major hub for international
investment. Funds from the EBRD, EIB, ADB, WB, IsDB and EDB were
directed to roads, ports, energy, and climate projects.
International financial institutions support both large companies
and small businesses. This strengthens the country’s export and
transit potential, develops the green economy, and promotes new
technologies. In 2026, the Turkish Investment Fund, with members
including Azerbaijan, Hungary, Kazakhstan, Kyrgyzstan, Türkiye, and
Uzbekistan, is expected to begin financing, opening additional
opportunities for attracting international capital.
Kazakhstan has outlined ambitious plans for the development of
its energy and infrastructure sectors, significantly enhancing its
appeal to international investors. By 2030, the country plans to
commission 93 renewable energy facilities with a total capacity of
2.3 GW. Furthermore, Kazakhstan's long-term energy strategy
envisions the integration of at least 8.4 GW of renewable energy by
2035.
In the transport sector, over 11,000 km of roads are slated for
construction and reconstruction by 2026, including the continuation
of the Kyzylorda–Zhezkazgan highway (208 km) in the Ulytau region.
Additional key road projects include the "Center–West" (896 km),
Aktobe–Ulgaısyn (232 km), Karaganda–Zhezkazgan (572 km), among
others. These infrastructure projects not only aim to improve
domestic and transit logistics but also create new avenues for
attracting both domestic and international investments.
The successful realization of these ambitious plans hinges upon
effective state financial management. As of October 1, 2025,
Kazakhstan’s external debt stood at $171.4 billion, reflecting an
increase of $6.7 billion over the previous nine months. This
highlights the critical need for a balanced approach to borrowing
and the strategic mobilization of external capital.
Kazakhstan possesses considerable potential in green energy and
transport infrastructure development, aligning with the priorities
of international financial institutions and opening up significant
investment opportunities. However, the successful implementation of
these initiatives depends on sound financial discipline, strategic
coordination between public and private stakeholders, and the
proactive engagement of external funding sources.
