Managing Director of Development Bank of Kazakhstan JSC (a subsidiary of the Baiterek holding company, hereinafter — DBK, the Bank) Dina Zhanadil took part in the IV International Business Festival Qazaq Green Fest.
During the session “Energy Transformation: Legislative Initiatives in the Field of Alternative Energy Sources”, Dina Zhanadil noted the Bank's key role in supporting the legislative development of renewable energy in Kazakhstan and the implementation of key energy projects in the country.
“DBK remains a key institution that supports every stage of legislative and market evolution. At each stage of legislative development, the Bank has financed a number of renewable energy projects using various mechanisms, from fixed feed-in tariffs to auctions and corporate agreements. Thus, at the end of the first half of this year, the Bank financed 24% of all existing renewable energy facilities in Kazakhstan, which amount to 751.8 MW”, - emphasized Dina Zhanadil in her speech.
To ensure the competitiveness of the national economy, DBK introduced a unified fixed interest rate of 12.6% per annum for all new projects, including renewable energy projects. A notable example is the financing of the construction of the Rudnichnye Hydropower Plants with a capacity of 42 MW in the Zhetysu region, which provided energy to the region and became an example of the use of a unified rate for the implementation of strategically important renewable energy projects.
At the same time, the Bank's experience in implementing green and sustainable projects in the energy sector and its key role in the implementation of the National Project “Modernization of the Energy and Utilities Sectors” were noted.
In addition, the important initiative of the Baiterek holding company in the establishment of a Guarantee Fund based on the Damu Fund was noted. This mechanism, covering up to 30% of the project cost, significantly reduces risks for creditors and increases the availability of financing.
Earlier, we wrote that within the framework of this mechanism, DBK had already signed its first agreement with Damu to provide a loan guarantee for Qazaq Global Food JV LLP.
The DBK's successful experience in attracting financing in Chinese yuan was noted separately, including the placement of the first Eurobonds in Central Asia in the amount of 2 billion yuan. Such measures allow the Bank to effectively support Kazakhstani businesses focused on exports and cooperation with China.
Participation in Qazaq Green Fest reaffirmed DBK's status as a key financial institution ensuring the implementation of major national projects in the field of energy, infrastructure modernization, and the transition to a green economy.
