Kazakhstan Sees Over Triple Growth in EBRD Investments

The European Bank for Reconstruction and Development (EBRD) has invested €913 million (US$942.8 million) across 25 projects in Kazakhstan in 2024, marking a more than threefold increase in its annual investments.

According to the bank's press office, 61% of these funds were directed toward green economy projects, The Caspian Post reports, citing The Astana Times.

“Overall, the main factor is that the economy in Kazakhstan is growing. We are a demand-driven institution. There are projects, if there is demand. If there is more demand, there will be more investments. This is why we are seeing, overall in Central Asia, an increased demand for projects, particularly in the private sector,” EBRD Managing Director for Central Asia Hüseyin Özhan told The Astana Times in a comment for this story.

Last year was a record-high year for the EBRD’s investments in Central Asia, which totaled almost 2.26 billion euros ($2.3 billion) across six countries. These numbers surpassed the projections that Özhan shared with The Astana Times in October.

The bank supported 121 projects. More than 60% of the financing was earmarked for sustainable infrastructure projects and 58% for green economy projects.

“To be very frank, all the stars aligned, and we managed to get there,” he said. “Also, on top of it, we have almost 800 million euros ($829.4 million) of mobilized financing.”

In 2024, Uzbekistan and Kazakhstan secured the most extensive funding from the EBRD across the region, with 938 million euros ($968.6 million) and 913 million euros ($942.8 million), respectively. This makes them the bank’s fifth and sixth-largest investment destinations globally.

In other parts of Central Asia, the EBRD invested 264 million euros ($272.6 million) in Mongolia, 88 million euros ($90.9 million) in Tajikistan, and 52 million euros ($53.7 million) in the Kyrgyz Republic.