BAKU, Azerbaijan, September 29. The Eurasian Development Bank (EDB) acts as a senior co-lender in the financing of Almaty International Airport in Kazakhstan as part of a syndicate arranged by Bank of America, the EDB announced today.
The total financing will amount to $670 million, with the EDB contributing $100 million.
As part of the capital investment programme, the financing will support, among other things, the modernization of the domestic terminal, airside infrastructure improvements and aircraft de-icing facilities, as well as the expansion of the cargo terminal.
The project will improve connectivity between the international and domestic terminals, speed up baggage handling and streamline apron operations. Expanding the parking facilities will improve access to the airport, while airside infrastructure improvements are expected to enhance operational efficiency and capacity.
“We have consistently supported the development of Almaty Airport and are pleased to continue this work as part of the new Bank of America syndicate. Our extensive experience in syndicated financing enables us to work effectively with international and local financial institutions. We welcome the participation of Merrill Lynch International, Société Générale, the Turkic Investment Fund and Kazakhstan banks, and remain open to new joint projects. The broader group of participating lenders underscores confidence in Kazakhstan’s infrastructure assets and creates additional opportunities to attract international capital to major projects in the country,” Nikolai Podguzov, Chairman of the Management Board of the Eurasian Development Bank, said.
In 2021, international financial institutions EDB, DEG, EBRD, and IFC financed the expansion and modernization of the airport. The project included the construction of a new international terminal, which was commissioned in 2024. As a result, the airport’s annual design capacity increased from 3 million to 14 million passengers.
As part of the new phase, the EDB said it will continue supporting the development of the airport’s infrastructure, now alongside commercial banking partners. The new financing demonstrates how multilateral development banks and commercial lenders can work together to support major infrastructure investment. The financing has a final maturity in 2033.
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles. The EDB is headquartered in Almaty.
Almaty International Airport is the largest aviation hub in Central Asia and ranks first in Kazakhstan in terms of passenger and cargo traffic. Today, the airport serves more than 32,000 passengers per day, while passenger traffic reached 12 million in 2025.
TAV Airports is a shareholder in Almaty International Airport. Its majority shareholder is France-based Groupe ADP, the operator of the three main airports in Paris. TAV Airports operates 15 airports in 8 countries.
Meanwhile, the Turkic Investment Fund (TIF) has also joined the internationally mobilized financing of Almaty International Airport in Kazakhstan. TIF commits up to $20 million as part of a $670 million financing.
