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.