ASTANA – The Development Bank of Kazakhstan (DBK) is one of the country’s key institutions that finances large-scale projects in non-resource sectors. As DBK marks its 25th anniversary this year, Botagoz Abisheva, deputy chairwoman of the DBK’s management board, spoke to The Astana Times, explaining how that role is evolving, and the bank’s key priorities moving forward.
Botagoz Abisheva, deputy chairwoman of the DBK’s management board. Photo credit: The Astana Times
“DBK’s funding strategy is built around mobilizing long-term affordable funding to accelerate diversification of the economy,” said Abisheva, sitting in the bank’s office near the EXPO area.
“We actively engage international investors, development finance institutions, and ESG-focused funds to share the sustainability agenda of the bank. Every deal we structure is linked to projects that generate long-term social and economic impact, whether it’s renewable energy, industrial modernization, or infrastructure that supports private sector growth,” she explained.
In 2025, the Development Bank of Kazakhstan reported solid financial performance, with net profit reaching 117 billion tenge (US$231.3 million), a 3.5 trillion tenge (US$6.9 billion) loan portfolio and a 2.4 trillion tenge (US$4.7 billion) leasing portfolio, while the share of nonperforming loans stood at 0.4%, according to the bank’s data.
The bank has financed 77 projects totaling 2.3 trillion tenge (US$4.5 billion), including 41 investment projects and 36 export-oriented projects, reflecting its focus on long-term development and external market expansion.
Promising areas to drive the nation’s growth
Botagoz Abisheva spoke to The Astana Times Senior Editor Assel Satubaldina. Photo credit: The Astana Times
Turning to areas that hold potential for the country’s economy, Abisheva highlighted renewable energy and green technologies among the first.
“Second, advanced manufacturing and processing industries, particularly in metallurgy, chemical, and engineering. Third, logistics and transport, as Kazakhstan strengthens its role as a Eurasian transit hub. And finally, the digital and creative economy, areas where young Kazakhstan entrepreneurs are increasingly competitive, regionally and globally,” she said.
Issuance of yuan-denominated bonds and cooperation with China
In September, DBK issued Central Asia’s first yuan-denominated Eurobonds ahead of Kazakh President Kassym-Jomart Tokayev’s visit to China. The three-year bond totaled two billion yuan ($287 million) and was priced at a 3.35% yield.
Investor interest was reported to be robust, with the order book reaching 4.9 billion yuan (US$704 million), more than 2.5 times the size of the offering. More than 60 bids were submitted by major institutional investors, leading Chinese financial institutions, international organizations and global investment funds.
Abisheva describes it as one of the “remarkable transactions” for the DBK. It strengthens DBK’s access to Asian debt capital markets and supports greater investor diversification.
“China is one of Kazakhstan’s largest trade and investment partners, and many of the bank’s clients import Chinese equipment and cooperate with Chinese counterparts. By issuing RMB, we created a natural funding channel to our customers for such projects,” said Abisheva. “We support their natural settlement in their currency and decrease their FX risk for them.”
The deal also fits the broader Belt and Road initiative, she added.
Speaking in detail about cooperation with Chinese partners, Abisheva brought several examples.
“For example, China Development Bank has been one of our anchor investors for two decades. DBK also has great cooperation with China Exim Bank [refers to The Export-Import Bank of China], China Construction Bank, ICBC, Bank of China, and Sinasure [China Export & Credit Insurance Corporation,” Abisheva said.
These partners, she noted, provide credit lines that support the implementation of several strategic projects in Kazakhstan, including in the energy, transport and industrial modernization sectors. Cooperation is also expanding through the Shanghai Cooperation Organization’s Interbank Consortium, of which DBK has been a member for more than 20 years.
Cooperation with international financial institutions
As DBK looks to scale up long-term financing, cooperation with international lenders and export credit agencies has become increasingly important, Abisheva said.
“Recent cooperation with such institutions as the European Investment Bank, with the World Bank Group, and with export credit agencies in Europe, Asia, and the U.S., allows DBK to access affordable financing, risk mitigation tools, and technical expertise. For example, through the ECA-backed loans, DBK has financed power and transport infrastructure, as well as the modernization of industrial facilities using advanced European and Asian technologies,” she explained.
The partnership both broadens the bank’s funding base and brings international standards of project management and sustainability.
New financial instruments
The bank is adapting its financing strategy to a changing environment and has expanded its ESG toolkit to include green and sustainability-linked bonds and loans.
“Also, we are planning the issuance in different currencies following the customers’ demand. It will be issuances in Japanese yen or issuances in Swiss francs. Of course, it depends on our customers. Moreover, we are exploring options to issue Sukuk for the customers who will be eligible for such type of Sharia-compliant transactions,” she said.
Watch the full interview soon on The Astana Times YouTube channel.
