ASTANA, Kazakhstan, September 3. During President Kassym-Jomart Tokayev’s official visit to China (August 30–September 3, 2025), a signing ceremony for commercial documents took place at the 8th Kazakhstan-China Business Council meeting, with JSC "National Managing Holding 'Baiterek'" represented in the delegation, Trend reports via Baiterek.
The executed accords augmented the results of prior bilateral
engagements and institutionalized frameworks with pivotal financial
entities in China.
The Acting Chairman of the Management Board of Baiterek, Yersain
Khamitov, delivered a discourse during the plenary session of the
assembly, emphasizing the strategic synergies and collaborative
frameworks established between the Holding and premier financial
entities of the People's Republic of China.
In his address, he referenced instances of extant instruments and
initiatives of the Baiterek Holding consortium presently
operational within the Chinese marketplace. The Development Bank of
Kazakhstan has emerged as the pioneering entity in the Central Asia
and Caucasus landscape by executing a Dim Sum yuan-denominated
Eurobond issuance amounting to $300 million, structured over a
3-year tenor, thereby affirming robust engagement from Chinese
investment stakeholders.
Additionally, in cooperation with ICBC Asia, there are ongoing
efforts to issue yuan-denominated bonds of up to 5 billion yuan
(approximately $700 million) in 2026, which would allow for the
diversification of the Holding’s funding sources. Joint projects
with Chinese partners involving the Qazaqstan Investment
Corporation were highlighted, including the construction of a 160
MW combined cycle power plant in the Mangystau region in
collaboration with China Huadian Corporation, as well as
initiatives to develop export and logistics chains into China.
The key document was the signing of a bank loan agreement between
Baiterek and ICBC Almaty for 500 million yuan (about $70 million),
under a general agreement for 1 billion yuan (around $140 million),
aimed at financing the group’s investment projects. The agreement
was signed by Acting Chairman of Baiterek Holding, Yersain
Khamitov, and Chairman of ICBC Almaty, Lü Honghai.
In addition, the Development Bank of Kazakhstan (DBK), a member of
the Baiterek Holding group, and the Export-Import Bank of China
signed a framework agreement on credit lines totaling up to $1
billion USD (or the equivalent in yuan). The parties agreed that
the funds could be allocated for general corporate purposes and to
finance DBK’s investment projects. The agreement was signed by DBK
Chairman Marat Yelibayev and Vice President of China Eximbank Yang
Dunning.
Furthermore, Baiterek and ICBC Asia have executed a memorandum
of cooperation, formalizing their collaborative engagement. The
document delineates collaborative initiatives aimed at the issuance
of yuan-denominated bonds and the procurement of a 500 million yuan
loan (approximately $70 million), thereby augmenting the spectrum
of financial instruments available for capital mobilization in
China’s national currency.
A formal memorandum of understanding was executed pertaining to an
investment initiative aimed at the establishment of a gas chemical
complex dedicated to methanol synthesis. On the Kazakh side, the
entities involved were JSC "Baiterek Venture Fund" (integrated
within the Baiterek Holding conglomerate) and LLP "Zhaik Petroleum
Ltd."; conversely, on the Chinese side, the signatory was LLP "San
Bao." The document delineates the established parameters for the
procurement of raw materials and the prospective regulatory
framework governing the project's trajectory.
Yersain Khamitov articulated that the accords enhance synergistic
collaboration with Chinese stakeholders and broaden the aperture to
sustainable fiscal resources.
“I am confident that our partnership with ICBC has high potential and can be elevated to a new level both in terms of direct lending and through market instruments. The signed documents create a reliable foundation for further expansion of joint projects and the strengthening of investment cooperation,” he emphasized.
Thus, the package of agreements reinforces the financial foundation of the Baiterek Holding group and supports the implementation of priority projects in industry and infrastructure. It is worth noting that, as a result of the Kazakhstan-China Business Council meeting, over 70 commercial documents were signed for a total of more than $15 billion.
