ASTANA – Kazakhstan attracted more than $200 million in additional non-sovereign financing in the third quarter this year, as new international lenders entered the market. Existing partners backed major infrastructure and business projects, according to the Eurasian Development Bank’s (EDB) report, New Players and Major Projects: International Financial Institutions’ Investments in Q3 (third quarter) 2026, released on Nov. 5.
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International financial institutions (IFIs) provided $1.07 billion in non-sovereign financing across the Eurasian region in July-September, down 36% year on year and 74% from $4.04 billion in the previous quarter.
Despite the quarterly decline, financing over the first nine months rose 50% year on year to $6.79 billion. The Q3 decline was driven mainly by fewer large transactions and lower financing in Uzbekistan, Armenia and Georgia.
Kazakhstan, Azerbaijan and Mongolia recorded increases, although these gains only partly offset declines elsewhere in the region.
Kazakhstan attracts new financial partners
Kazakhstan recorded a $207 million increase in IFI financing, or 76% year on year, making it the largest recipient of non-sovereign financing in both Q3 and the first nine months of this year.
The country attracted a wider range of institutions supporting private businesses. Its principal financiers included MIGA, the EDB, Proparco, the OPEC Fund and the Turkic Investment Fund (TIF).
The OPEC Fund approved its first non-sovereign operation in Kazakhstan, providing a $30 million loan to a Kazakh financial institution to support lending to small and medium-sized enterprises (SMEs) and agribusinesses.
The TIF also began its financing activity in Kazakhstan, approving a loan of up to $10 million for KMF Bank and $20 million for the modernization of Almaty Airport.
Guarantees are also becoming an increasingly important financing instrument. MIGA provided $190 million in guarantee coverage for financing by Germany’s development bank KfW to the Development Bank of Kazakhstan for renewable energy projects.
Across the Eurasian region, the share of guarantees in IFI financing increased from 4.1% in the first nine months of 2025 to 21.9% in the same period of 2026.
Logistics and energy projects drive investment
Infrastructure remained an important area of investment in Kazakhstan.
The EDB supported the construction of the approximately 120,000-square-meter Griffin Logopark Almaty logistics complex. It also financed a new generating unit at the Ust-Kamenogorsk combined heat and power plant, which will increase heat capacity by 130 Gcal per hour and electricity capacity by 100 megawatts.
In addition, the EDB and Mercury Properties signed a memorandum of cooperation to build the Mercury Logistics hub in Kazakhstan.
Investment in modern warehousing infrastructure is expanding across the region. The International Finance Corporation (IFC) provided up to $50 million for the Umai Group investment program in the Kyrgyz Republic, including construction of a 29,000-square-meter Class A LogoPark distribution center near Bishkek.
The financial sector remained the largest recipient of IFI financing in Q3, attracting $427.6 million, or 40% of the total.
Water infrastructure emerges as a new investment area
Water infrastructure emerged as another area of IFI investment growth, with financing reaching $85 million in Q3.
A major project was the construction of Azerbaijan’s first large-scale desalination plant, with a capacity of approximately 300,000 cubic meters per day. The AIIB approved a $45 million loan, while the OPEC Fund committed $40 million. The project will also mark the country’s first public-private partnership in the water sector.
Meanwhile, conventional power generation attracted additional financing as renewable energy investment declined.
Overall, the EDB expects IFI financing to recover in Q4. In 2022–2025, new operations in the final quarter averaged $2 billion, with the EDB, EBRD, AIIB and ADB expected to be among the principal sources of additional financing.
