Kazakhstan is actively attracting international investments, which play an important role in the country's economic growth. Since the beginning of independence, the volume of foreign investments has exceeded 400 billion US dollars. According to the National Bank, in 2024, the gross inflow of foreign direct investment to Kazakhstan amounted to 17.2 billion US dollars. Most of the investments went to the mining, trade and manufacturing industries. Russia, the Netherlands, South Korea, Belgium and China are the leaders among the investor countries.
Despite the fact that the mining industry still holds the lead in investment, its weight in the economy is decreasing. Over the past five years, the share of this sector in GDP has fallen from 7.5% to 3.3%. At the same time, there is a growing interest in the manufacturing industry: its share in the total volume of foreign direct investment increased from 14.3% to 22.9%. Such data only reflect the global trend towards sustainable development and reducing dependence on raw materials.
How DBK attracts international investments to Kazakhstan
One of the leading participants in attracting foreign investment into the economy of Kazakhstan is the Development Bank of Kazakhstan JSC (a subsidiary of «Baiterek» Holding, DBK, Bank), whose main goal is the development of the non–resource sector of the economy and infrastructure of the country. Since the beginning of its activity, DBK has financed 329 investment projects and export operations in the energy, transport and industry sectors. Most of the projects were funded with the participation of leading international financial institutions such as J.P. Morgan, Japan Bank for International Cooperation, BNP Paribas, HSBC, Deutsche Bank, China Development Bank and China Export-Import Bank. In total, since its foundation, the Bank has attracted more than 8 trillion tenge of borrowed funds.
The Bank actively attracts financing through various instruments, including bilateral and syndicated loans on competitive market terms, including under the insurance coverage of export credit agencies. For example, to finance the reconstruction and modernization of the Shymkent Oil Refinery LLP, one of the four refineries in the country, DBK attracted a syndicated loan under the insurance coverage of the Chinese export credit agency Sinosure from a syndicate of international banks. Shymkent Oil Refinery produces up to 30% of all petroleum products produced in the country. After modernization with the Bank's participation, the plant's capacity reached 6 million tons per year. The company has a significant impact on the development of the region – more than 1.8 thousand people are employed at the plant, provided with social guarantees.
Such cooperation with international financial institutions not only expands enterprises' access to financing on favorable terms, but also promotes the transfer of best practices, technologies and knowledge, increasing the effectiveness of projects and their competitiveness at the international level.
In addition to loans, DBK actively attracts investments by entering the international debt securities market, which allows the Bank not only to provide itself with the necessary liquidity in a timely manner, but also to effectively manage its obligations. DBK is the most frequent issuer of Eurobonds in the country. In the period from 2002 to 2025, the Bank placed 18 issues of Eurobonds denominated in tenge and US dollars for a total amount of more than 6 billion US dollars.
Of particular importance is the placement in April 2024 of the debut issue of stable bonds for Central Asia in the amount of 100 billion tenge, which was listed twice on the Vienna and Kazakhstan Stock Exchange. The funds received were used to finance such "green" projects as the construction of small hydroelectric power plants in the Zhetysu region, a 24.9 MW hydroelectric power plant in the East Kazakhstan region and a 50 MW solar power plant in the Karaganda region.
Thus, at the end of 2024, the construction of a cascade of small hydroelectric power plants with a planned annual production of about 76.5 million kWh of electricity was successfully completed. The project attracted investments to the region, created up to 200 jobs during the construction phase and 30 permanent ones after commissioning. The new hydroelectric power plants are equipped with modern equipment and fully automated, which reduces operating costs and increases their reliability. The implementation of the project contributes to the growth of electricity production and reduction of energy shortages in the south of Kazakhstan.
The Bank also actively places debt instruments in the domestic market, contributing to the development of the national financial sector. In 2023, DBK placed "green" bonds in the amount of 15 billion tenge on the Exchange site of the Astana International Financial Center. This was the first issue in the region to receive certification of compliance with international standards for climate bonds from the Climate Bonds Initiative. The funds were allocated for the construction of a 150 MW wind farm in Aktobe region.
Another significant placement was the debut issue of the Bank's "green" bonds in the amount of 15 billion tenge on the Kazakhstan Stock Exchange. The funds were allocated for the modernization of the Aktyubinskiye MES, Sarbaiskiye MES and Zapadnye MES power grids. These initiatives not only contribute to the sustainable development of the country, but also increase the investment attractiveness of Kazakhstan in the international arena.
The Bank also actively promotes the attraction of foreign direct investment in the country. Since 2024, DBK has been actively involved in syndicated financing, a tool that allows it to raise funds from several creditors at once. The mechanism expands the possibilities of financing large investment projects, reducing the risks for each participant. Thanks to this instrument, the Bank approved financing for the construction of a soda ash plant by Qazaq Soda LLP, which became the first international syndicate in the history of DBK. The implementation of the project will allow Kazakhstan to fully supply the domestic market through its own production, as well as export products abroad. Starting in 2027, the company will produce up to 500,000 tons of products annually and provide jobs for 255 people.
Other significant projects implemented through the syndicated financing mechanism include the construction of a multidisciplinary hospital by RenEll Kokshetau LLP, as well as the expansion of production facilities as part of the pre-export financing of the beverage production project by RG Brands Kazakhstan LLP.
Thus, the purpose of attracting international investments by the Bank is not only access to long–term and profitable financing, but also to promote sustainable economic growth. The funds raised are directed to the real sector of the economy in accordance with the Bank's mandate. Long-term money allows launching large-scale projects in priority sectors, creating jobs, increasing budget revenues, and stimulating economic diversification. At the same time, imports are decreasing and the export opportunities of domestic production are expanding.
At the same time, the Bank strictly adheres to the principles of financial stability: the returnability of each project, its payback period and socio-economic impact are assessed. This approach ensures transparency in the use of funds and helps maintain a high level of trust on the part of investors and partners.
Energy, transport, digitalization: where investments will go
It should be noted that in 2023, the President of the Republic of Kazakhstan set an ambitious goal to double the size of the economy by 2029. To achieve this goal, the National Infrastructure Plan (NIP) was developed until 2029. The plan includes more than 200 projects worth over 80 billion US dollars and covers four key areas: energy, transport, water resources management and digitalization. In turn, this opens up new opportunities for the Bank to cooperate with international partners.
The Bank is currently working on a number of investment projects that are planned to be implemented with the help of borrowed funds from international commercial banks and multilateral development institutions in such areas as manufacturing, renewable energy, social and transport infrastructure, as well as the agricultural and industrial complex.
Why investors choose DBK
The Bank's success in international markets is largely due to its high credit ratings, which are at the level of the sovereign rating of the Republic of Kazakhstan (BBB/BBB-/Baa1). Investment-grade credit ratings primarily attest to DBK's high level of financial stability, transparency of its operations, and reputation as a reliable borrower, which is highly appreciated by investors. This allows DBK to raise funds on attractive terms, providing customers with affordable and competitive financing. In addition, the Bank builds long-term relationships with investors through regular dialogue, participation in international events, roadshows, and meetings with current and potential partners. This approach helps to build trust and increase the investment attractiveness of the Bank.
