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. 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