ASTANA – Abu Dhabi Commercial Bank plans to triple project financing in Kazakhstan over the next 18 months, from the current 2.5 trillion tenge (US$5.5 billion), as the bank expands its role in supporting the country’s real economy and infrastructure development.
Prime Minister Olzhas Bektenov and Farooq Abdulrahman Al Marzooqi, Chairman of Abu Dhabi Commercial Bank Kazakhstan, during their meeting on Sept. 9. Photo credit: gov.kz
The plans were discussed during a Sept. 9 meeting between Prime Minister Olzhas Bektenov and Farooq Abdulrahman Al Marzooqi, Chairman of Abu Dhabi Commercial Bank Kazakhstan (ADCB Kazakhstan).
The meeting focused on expanding ADCB Group’s participation in projects in Kazakhstan, with particular attention to the development of the real sector and the modernization of digital infrastructure, the Prime Minister’s press service reported.
Bektenov highlighted Kazakhstan’s ongoing economic and institutional reforms to strengthen the country’s investment appeal. He also pointed to the growing role of the United Arab Emirates as an investment partner for Kazakhstan. UAE investments in the country have exceeded $7 billion over the past 20 years, with around $3 billion invested during the last two and a half years.
According to Bektenov, deeper involvement by ADCB Group could help Kazakhstan attract additional capital from the UAE and other Middle Eastern markets, while diversifying external sources of project financing.
Al Marzooqi highlighted the bank’s experience in Kazakhstan, including financing for energy and railway infrastructure, as well as projects in petrochemicals, transport and logistics.
Over the past 15 years, ADCB Kazakhstan has supported more than 100 business initiatives. Small and medium-sized enterprises account for around 90% of these projects.
ADCB explores energy financing opportunities
ADCB’s potential involvement in Kazakhstan’s energy projects was also discussed at a Sept. 10 meeting between Energy Minister Yerlan Akkenzhenov and an ADCB delegation led by Al Marzooqi.
The ministry outlined key investment priorities for the next three to five years, including the modernization of 77,500 kilometers of power grids, the addition of 8.4 gigawatts (GW) of renewable energy capacity by 2035, and the development of gas processing facilities at major fields such as Kashagan and Karachaganak.
The talks also covered major value-added projects, including a 1.25-million-ton-per-year polyethylene complex, planned butadiene and alkylate production, and the expansion of oil refining capacity.
Kazakhstan proposed project financing, joint credit facilities and public-private partnerships as potential mechanisms for ADCB’s participation. Islamic financing was also highlighted, given the presence of ADCB Islamic in Kazakhstan.
The meeting follows growing UAE-Kazakhstan cooperation in the energy sector, including Masdar’s 1 gigawatt (GW) wind power project in the Zhambyl Region. ADCB said it was ready to further assess the projects presented by the Kazakh side.
The bank’s planned expansion comes as Kazakhstan seeks to mobilize greater private investment for infrastructure and economic diversification. The increased financing capacity is expected to support new projects across key sectors of the economy.
