The Development Bank of Kazakhstan has signed an agreement with Banco Santander for up to €400 million to finance infrastructure and energy projects, marking a notable transition from Chinese to European lenders, following $1.96 billion in borrowing over the past year.
The Development Bank of Kazakhstan (DBK) has successfully signed a framework agreement with Banco Santander, enabling the acquisition of up to €400 million (approximately $434 million) for financing infrastructure and energy projects in Kazakhstan, with involvement from international exporters. This agreement was finalized during the 8th Kazakhstan-Spain Business Council meeting in Madrid. Over the past year, DBK has secured around $1.96 billion through various borrowing initiatives.
Initially, DBK relied on Chinese banks for funding until the fall of 2024 but has since shifted focus toward European financial institutions. Noteworthy transactions include a $300 million loan from the China Development Bank (CDB) in May 2023, followed by additional agreements with Chinese lenders. In July 2024, a deal valued at $250 million alongside 2 billion yuan (approximately $276.5 million) was finalized with CDB, as well as a $500 million agreement with the China Construction Bank via its Astana branch.
In September 2024, DBK continued its international financing endeavors by entering agreements with several German banks. Notable loans included $200 million from Deutsche Bank and a combined €200 million (approximately $217 million) from both Landesbank Baden-Württemberg and KfW IPEX-Bank. Furthermore, in October 2024 and March 2025, DBK enhanced its funding strategy by securing loans from the Italian development bank Cassa Depositi e Prestiti and the European Investment Bank.
In summary, the Development Bank of Kazakhstan has secured a substantial loan from Banco Santander to support critical infrastructure and energy projects. This highlights DBK’s significant shift towards European lenders after a year of reliance on Chinese banks, showcasing a robust strategy in managing international financial relations and expanding its funding sources effectively.
Original Source: kz.kursiv.media
