The Development Bank of Kazakhstan JSC (a subsidiary of Baiterek Holding, hereinafter – DBK, the Bank) has signed agreements with international financial institutions worth a total of $922 million as part of the official visit of the President of the Republic of Kazakhstan to Brussels.
A key milestone was the signing of a $785 million loan agreement backed by a guarantee from the Multilateral Investment Guarantee Agency (MIGA). This is DBK’s first transaction using a MIGA guarantee, opening up new opportunities to attract large-scale international syndicated loans.
The initial lenders are Standard Chartered Bank, JPMorgan Chase Bank, N.A., London Branch, and Commerzbank AG. The funds raised will be used to finance projects by NC KazAvtoZhol JSC for medium-scale repairs of roads of national significance.
In addition, DBK and the European Investment Bank signed a Letter of Intent worth €120 million for the subsequent financing of projects to modernise road infrastructure, ports and logistics.
The projects to be financed cover 17 regions of Kazakhstan, including sections of the Trans-Caspian International Transport Route, also known as the Middle Corridor, and the North–South international transport corridor. Their implementation will help improve the quality and safety of road infrastructure, strengthen transport connectivity between regions and international routes, reduce travel time and accident rates, create additional jobs, and provide people and businesses with broader access to transport infrastructure.
