Development Bank of Kazakhstan

What Development Bank of Kazakhstan does

The Development Bank of Kazakhstan (DBK / JSC Bank Razvitiya Kazakhstana / БРК) is Kazakhstan's national development finance institution, established by presidential decree in December 2000 and incorporated as a closed joint-stock company in May 2001. Wholly owned by state-managed Baiterek National Holding, DBK provides long-term financing for large-scale industrial and infrastructure projects in Kazakhstan's non-commodity sectors — including metallurgy, energy, chemicals, agro-processing, transport, machinery, and construction — with typical investment sizes exceeding 1 billion tenge. Over its history the bank has financed 329 investment and export projects, launched 141 production facilities, created 34,315 jobs, and invested over 9.4 trillion tenge into the national economy.

DBK's product suite spans investment project financing, pre-export financing, guarantee services, interbank lending to second-tier banks, a subsidized preferential car loan program, and syndicated financing with international partners. Its core technology stack is operational rather than analytical: a BPM system covering all stages of project analysis, a CRM for pipeline tracking, an electronic document management system enabling paperless operations, and a digital client portal (my.kdb.kz) for remote application submission and status tracking. It raises funds through eurobond issuance (18 placements totaling over $6 billion since 2002, including the first Central Asian sustainable bond in April 2024), a pioneering yuan-denominated bond in Hong Kong in September 2025, bilateral and syndicated loans with institutions such as EBRD, AIIB, ADB, China Development Bank, Helaba, MUFG, and JBIC, plus a new guarantee co-lending mechanism with the Damu Fund.

The bank's revenue model rests on net interest income from its lending portfolio (credit and leasing at 67.4-67.8% of total assets), loan syndication and arrangement fees, guarantee fees, and the spread between its cost of funds (international bond issuance and sovereign-linked borrowing) and lending rates. As of December 31, 2025, DBK reported 7.67 trillion tenge in total assets, 1.13 trillion tenge in equity, and 111.4 billion tenge in net profit. It holds investment-grade ratings from Moody's (Baa2, stable) and Fitch (BBB, stable), is the first entity in Kazakhstan accredited by the Green Climate Fund, and operates under an ISO 37001 anti-corruption certified framework.

Name

Development Bank of Kazakhstan

Legal name

JSC Development Bank of Kazakhstan (АО «Банк Развития Казахстана»)

Website

https://kdb.kz

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

The Development Bank of Kazakhstan (DBK) is a state-owned national development bank and subsidiary of Baiterek National Holding that provides long-term financing, guarantees, and syndicated loans to large enterprises for non-commodity industrial, infrastructure, and export projects across Kazakhstan.

Ownership category

akta.pro rank

Product category

Development Banking

NAICS

Public Finance Activities (92113)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industries

Infrastructure & Project Finance Development Banks (FSABAKAD), Regional Development Banks (BPADACAB)

Keywords

• Development banking
• Project financing
• Export financing
• Sovereign lending
• Infrastructure financing

Headquarters

HQ city

Sultan

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others, Infrastructure

Revenue model

1. Net Interest Income: DBK earns interest income from loans extended to industrial, energy, and infrastructure projects, as well as from its investment securities portfolio. As a development bank, it maintains a spread between its cost of borrowing (including international bond issuance) and lending rates to borrowers.
2. Loan Syndication and Arrangement Fees: Fees earned from arranging and syndicating loans, particularly for large-scale projects involving international financial institutions.
3. Guarantee Fees: Revenue from issuing financial guarantees to support borrower access to financing from commercial banks, particularly under the new guarantee mechanism with the Damu Fund.
4. Debt Securities Issuance: DBK raises funds by issuing eurobonds (in tenge and USD) and other debt instruments on international and domestic capital markets. The bank is a regular issuer, having placed 18 eurobond issuances totaling over $6 billion since 2002.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

The Development Bank of Kazakhstan (DBK) is a state-owned national development finance institution providing long-term financing to large enterprises for industrial, infrastructure, and export-oriented projects in Kazakhstan's non-commodity sectors. Core offerings include investment project financing (typically above 1 billion tenge), pre-export financing, bank guarantees, interbank lending to second-tier banks, syndicated loans with international financial institutions, and a government-subsidized preferential car loan program administered through commercial banks. The bank also delivers targeted sector programs (rare earth and critical materials, agriculture, Priority 17 industrial projects) and digital services through the my.kdb.kz client portal.

Product overview

The Development Bank of Kazakhstan (DBK/Bank Razvitiya Kazakhstana) operates as a national development finance institution offering a unified platform of financing products and services focused on non-commodity sector development and infrastructure. The core offerings include Investment Project Financing for large-scale industrial projects, Export Operations (pre-export financing for raw material procurement and export), Guarantee Services, Interbank Lending to second-tier banks, Preferential Car Loans for domestic vehicle purchases, and Syndicated Financing with international partners. These are complemented by digital services such as the Personal Account (my.kdb.kz) platform for remote application submission and status tracking, and subsidiary services through the Industrial Development Fund providing preferential leasing. The bank also manages specialized programs including the $1 billion Rare Earth and Critical Materials Financing Program (2025-2030), the Priority 17 Projects Program covering metallurgy and chemical sectors, and agricultural financing programs totaling 500 billion tenge. The product architecture functions as a platform-plus-programs model, where core financing services are bundled with targeted sector-specific programs to address Kazakhstan's economic diversification objectives.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Project Financing Long-term financing for large-scale industrial and infrastructure investment projects in Kazakhstan, including greenfield projects, import substitution initiatives, and modernization. Project sizes typically exceed 1 billion tenge. Offered to large enterprises across priority non-commodity sectors including metallurgy, energy, agro-processing, transport, chemicals, machinery, and construction.
• Export Operations (Pre-Export Financing) Pre-export financing services allowing enterprises to purchase raw materials for processing and subsequent export of finished products. Provided to export-oriented industrial enterprises to support working capital needs tied to foreign sales.
• Guarantee Services Banking guarantees to support contractual obligations in domestic and international projects, including guarantees issued under the Damu Fund Guarantee Fund 2 mechanism covering up to 30% of project cost for loans above 7 billion tenge.
• Interbank Lending Credit lines provided to second-tier banks for on-lending to priority sectors of the economy, including the preferential car loan program funded at up to 1% per annum to commercial banks and leasing companies.
• Preferential Car Loans Subsidized automobile financing program for Kazakhstan citizens to purchase domestically produced vehicles. End-borrower rate is 4% per annum with the annual effective rate capped at 7.5% including insurance and pledge costs. Funded through second-tier banks and leasing companies at up to 1% per annum from DBK.
• Syndicated Financing Co-financing arrangements with second-tier banks and international financial institutions (including EBRD, AIIB, ADB, China Development Bank, JBIC, Helaba) to expand private and international capital participation in economic development projects.
• Personal Account (my.kdb.kz) Digital banking platform enabling clients to remotely submit financing applications and track application status online. Accessible via the my.kdb.kz web portal.
• Rare Earth and Critical Materials Financing Program (2025-2030) $1 billion financing program dedicated to mining and processing projects involving rare, rare-earth, and critical materials in Kazakhstan over the 2025-2030 period. Targeted at diversifying the economy and enhancing industrial competitiveness.
• Agricultural Sector Preferential Financing 500 billion tenge program providing preferential financing for large investment projects in agriculture and agro-processing, supporting food security and the development of processing industries.
• Industrial Development Fund (FRP) Leasing 100 billion tenge preferential leasing program operated through DBK's wholly-owned subsidiary JSC Development Fund of Industrial Development of Kazakhstan (FRP) for industrial modernization and equipment financing.

Quantifiable outcome

• 34,315 jobs created across 141 production facilities financed by the bank
• +5 more outcomes

Named customers16 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered minor, core and major.

• CASI (Capacity-building Alliance of Sustainable Investment)minorStrategic or Co-development Partner · 29 April 2026DBK is a founding member of CASI alongside the Eurasian Development Bank and Nazarbayev University Graduate School of Business. CASI launched 28 online Level 1 learning modules in Russian focused on sustainable finance capacity building across Central Asia.
• Fund of Entrepreneurship Development 'Damu' (FRP Damu)coreStrategic or Co-development Partner · 5 September 2025DBK signed its first joint deal with Damu Fund, in which Damu acts as guarantor for a credit provided by DBK. This partnership opens new mechanisms for supporting large investment projects through partial guarantee instruments. Under the Guarantee Fund 2 mechanism, Damu provides guarantees of up to 30% of project cost for loans exceeding 7 billion tenge, with a 2% annual commission.
• Baiterek National HoldingcoreOthersBaiterek National Holding is DBK's parent company. DBK is a subsidiary (daughter organization) of the National Managing Holding 'Baiterek.' Baiterek coordinates DBK's activities within the broader state development finance ecosystem. Baiterek's total economic support reached 9 trillion tenge in 2025, supporting approximately 25,000 projects.
• Kazakhstan Stock Exchange (KASE)majorStrategic or Co-development PartnerDBK regularly issues bonds on the Kazakhstan Stock Exchange, including its debut green bond issuance. The bank's securities are listed on both KASE and the AIFC exchange.
• AIFC (Astana International Financial Centre)majorStrategic or Co-development PartnerDBK issues bonds through the AIFC financial centre and its AIX exchange. The sustainable bond issuance in April 2024 achieved dual listing on Vienna and Kazakhstan exchanges. AIFC has registered over 4,500 companies.

Scale indicators34 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Korea Development Bank (KDB): Korea's flagship state-owned policy bank financing industrial development, infrastructure, and strategic sectors. Like DBK, it operates as a DFI under government ownership, raises funds in international capital markets, and finances large-scale industrial transformation projects.
• China Development Bank (CDB): One of the world's largest policy banks financing national development priorities and large industrial projects. Already a major co-financing partner with DBK, CDB shares the same DFI mandate, yuan-denominated funding capability, and Belt and Road infrastructure focus.
• VEB.RF (State Development Corporation): Russia's national development institution and DFI, wholly owned by the state. Comparable in role (state-owned, large-ticket industrial and infrastructure financing, sovereign-aligned mandate) though currently operating under heavy sanctions constraints.
• BNDES (Brazilian Development Bank): Brazil's primary federal development bank financing industrial projects, infrastructure, and export operations in a single emerging market. Directly comparable DFI model with sovereign backing, large-scale industrial lending, and capital market funding programs.

Broad incumbents

• JBIC (Japan Bank for International Cooperation): Japan's policy-based export credit and investment bank. Already a counterparty of DBK (DBK presented its $1B critical materials program to JBIC in December 2025). Operates at a larger scale globally but shares DFI mandate and co-finances industrial projects in emerging markets.
• KfW (Kreditanstalt für Wiederaufbau): Germany's state-owned development bank and one of the world's largest DFIs. Shares the DFI model of state-mandated development financing, large-scale infrastructure lending, and international capital market access.
• Asian Development Bank (ADB): Multilateral development bank financing infrastructure and industrial projects across Asia. Already a co-financing partner with DBK on Almaty thermal power modernization, ADB operates at much larger scale but in overlapping sectors.
• Asian Infrastructure Investment Bank (AIIB): China-led multilateral development bank with growing Central Asia focus. Already co-financing wind farm projects with DBK including the planned Borey wind farm. Comparable in mandate (infrastructure, renewable energy) but operates at significantly larger scale.

Regional players

• Eurasian Development Bank (EDB): Regional multilateral development bank serving the EAEU member states including Kazakhstan. Already a CASI partner with DBK, EDB operates in overlapping territory with comparable project finance and sustainable development mandates.
• National Bank for Foreign Economic Activity of Uzbekistan (NBU): Uzbekistan's state-owned development finance institution, comparable to DBK in Central Asia. Shares state-ownership, DFI mandate, focus on industrial development and infrastructure in a single emerging market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/KDBkz
• TikToktiktok.com/@kdb_kz

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Development Bank of Kazakhstan