As international financing in Central Asia approaches the $2 billion mark, Kazakhstan is emerging as a key focal point for institutional investors. The Astana Times features that the European Bank for Reconstruction and Development’s near-$450 million investment in the country underscores Astana’s growing role as a regional anchor for economic reform, infrastructure development, and private-sector growth-highlighting a broader shift in how global lenders are prioritizing the region.

The European Bank for Reconstruction and Development invested 378 million euros (US$446 million) in 2025, bringing its total funding across Central Asia and Mongolia to nearly $2 billion. The bank backed projects in renewable energy, infrastructure and small business financing in one of its strongest regional performances in more than a decade, The Caspian Post republishes the article.

The bank financed 120 projects in the region last year, with nearly one-third of funding directed to sustainable infrastructure and another third channeled through local banks to support small and medium-sized enterprises, including women- and youth-led businesses, as well as for climate resilience and resource efficiency lending

“A further 15% of the bank’s loans were channelled to support private companies engaged in manufacturing and providing services across Central Asia. Many of these projects stimulated the inflow of foreign direct investment. Close to 68% of loans supported private entrepreneurial initiative and 53% of the EBRD investment went to promote green economy projects,” said EBRD in a Jan 30 official statement.

Uzbekistan was the largest recipient for the sixth consecutive year, receiving 880 million euros (US$1 billion) in EBRD financing. Kazakhstan ranked second, followed by Mongolia with 188 million euros ($222 million), the Kyrgyz Republic with 183 million euros ($216 million) and Tajikistan with 88 million euros ($104 million).

Who Received Financing in Kazakhstan?

In 2025, the EBRD signed 18 projects in Kazakhstan, focusing on attracting foreign direct investment, expanding private-sector activity and supporting sustainable infrastructure. Nearly half of EBRD lending in the country supported sustainable infrastructure, while around 27% was channeled through partner financial institutions to the real economy.

“The loans were provided to local banks and non-banking financial institutions for on-lending to small and medium-sized enterprises (SMEs), women and young entrepreneurs, as well as for climate resilience and resource efficiency purposes. Half of the investments were in the private sector, while nearly 33% of the bank’s investment went to promote green economy projects,” said the bank.

Several EBRD-backed projects aimed to bring new foreign investment into Kazakhstan. Financing will support Empire Manufacturing Kazakhstan, a subsidiary of the Singapore Exchange-listed group Food Empire Holdings, to build a new coffee-processing facility in the Khorgos Free Economic Zone.

With EBRD support, Orzax Central Asia, part of Türkiye’s Orzax Group, will construct a greenfield food supplement production facility in the Turkistan Region, marking the company’s first international manufacturing base. The facility will serve markets across Asia and Eastern Europe.

photo: Engineering News

The funding will allow Sarens Kazakhstan, a subsidiary of Belgium’s Sarens Group, to expand its heavy-lifting and engineered transport operations. A new project with Borusan Makina Kazakhstan, part of Borusan Cat Türkiye, will help expand operations for the distributor and service provider of Caterpillar machinery.

With the European Union, the EBRD is also financing an expansion of cargo-handling capacity at the port of Aktau, Kazakhstan’s main maritime gateway on the Caspian Sea and a key node along the Trans-Caspian transport corridor.

The bank is also supporting the modernization of a 234-kilometer road section between Aktobe and Ulgaisyn, upgrading it to a dual-carriageway highway. The project strengthens Kazakhstan’s segment of the Western Europe-Western China corridor.

“In Kazakhstan, three loans totalling $60 million [57.6 million euros] were provided to Bank CenterCredit. The funds will be used to create growth opportunities for micro, small and medium-sized enterprises led or owned by young people or women. KMF bank also received a loan of up to $25 million [22.9 million euros] to support women entrepreneurs. Another local microlender, Arnur Credit, received a loan of up to $7 million [€6 million] under the EBRD’s Youth in Business program,” said the bank.

Across Central Asia

Across the region, renewable energy featured prominently. In Uzbekistan, the EBRD supported the development of Central Asia’s largest combined solar and battery storage facility, alongside additional financing for large-scale solar projects.

In Tajikistan, the completion of upgrades at the Qairokkum hydropower plant increased installed capacity from 126 megawatts to 174 megawatts and strengthened the electricity supply for nearly 500,000 people. Infrastructure projects also included road upgrades, power transmission lines and irrigation system modernization in the Kyrgyz Republic and Tajikistan.

In Mongolia, the bank financed a new specialized cardiovascular hospital in Ulaanbaatar under its Green Cities Action Plan and expanded lending through local banks to support agribusiness and youth employment.

Support for Small Businesses

The EBRD said it supported more than 4,600 small and medium-sized enterprises in Central Asia and Mongolia in 2025 through financing, training and advisory services. Nearly 2,700 of them were in Kazakhstan.

Over the past decade, its Women in Business program has provided 305 million euros (US$361 million) in financial support to more than 100,000 women entrepreneurs across the region.