Baiterek

What Baiterek does

Baiterek National Investment Holding is a state-owned joint stock company established in 2014 by presidential decree to consolidate Kazakhstan's system of development finance institutions. As the sole shareholder is the Government of Kazakhstan (with ownership exercised by the President), Baiterek functions as a policy instrument that channels state financing into priority economic sectors rather than as a commercial enterprise. Its stated mission is to support sustainable economic growth by financing the production of Kazakhstani goods and services, modernizing infrastructure, and strengthening food security.

The holding operates through a vertically integrated network of wholly-owned subsidiaries, each specialized by sector and customer segment: Development Bank of Kazakhstan (DBK) for large industrial project financing, Qazaqstan Investment Corporation (QIC) for equity and mezzanine investments, KazakhExport for export credit insurance, Damu Fund for SME support, Agrarian Credit Corporation and KazAgroFinance for agricultural financing, and Otbasy Bank plus Kazakhstan Housing Company for affordable housing. Baiterek also operates the Exporters' Showcase digital platform connecting verified domestic manufacturers with foreign buyers, and coordinates national programs including the ₸13,588 billion tenge Energy and Utilities Modernization project (2025-2029), the Manufacturing Industry Development concept (2023-2029), and the National Digital Investment Platform (1,319 projects / ₸80 trillion pipeline). Headcount is 11-50 at the holding level; subsidiaries are separately staffed.

Baiterek's revenue model is structurally different from commercial financial institutions: the holding does not generate revenue from product sales but instead deploys state budget resources, sovereign and quasi-sovereign borrowings, and co-financing from international partners through its subsidiaries. Financing terms are preferential — DBK offers manufacturing loans at up to 9%, export financing at up to 6%, and the Industrial Development Fund offers light industry loans at up to 3%, with interest rate subsidies above 10% absorbed by the government. In 2025 Baiterek invested approximately ₸1.1 trillion tenge in agriculture alone; in 2026 it announced plans to borrow $3 billion internationally as part of a strategic transition from a traditional subsidy-provider toward an investment bank-style operating model.

Name

Baiterek

Legal name

Joint Stock Company "National Investment Holding Baiterek" (АО «Национальный инвестиционный холдинг «Байтерек» / «Бәйтерек» Ұлттық инвестициялық холдингі)

Website

https://baiterek.gov.kz

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Baiterek is Kazakhstan's state-owned national investment holding that channels government financing into priority economic sectors — agriculture, manufacturing, housing, SMEs, and exports — through seven specialized development finance subsidiaries plus national digital platforms.

Ownership category

akta.pro rank

Product category

Development Finance

NAICS

Management of Companies and Enterprises (55111), Other Financial Investment Activities (5239), Portfolio Management and Investment Advice (523940)

SIC

Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Public Asset & Investment Management (BPAIAEAG)

akta.pro secondary industries

Trade, Industry & Economic Development Administration (BPAIAAAL), Central Government Policy, Strategy & Performance (incl. OMB-style functions) (BPAIAAAB), Infrastructure & Project Finance Advisory (BPAHADAO)

Keywords

• Development finance
• National investment holding
• State development bank
• Export credit insurance
• Affordable housing finance

Headquarters

HQ city

Astana

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. State subsidy and development financing: Baiterek operates as a national investment holding that provides financing support through subsidiaries including Development Bank of Kazakhstan, KazakhExport, Qazaqstan Investment Corporation, Damu Fund, Agrarian Credit Corporation, Otbasy Bank, and Kazakhstan Housing Company. The holding does not generate commercial revenue from products or services but rather deploys state budget resources through its subsidiaries to support priority sectors of the Kazakh economy including agriculture, manufacturing, exports, SME development, and affordable housing.

Pricing tiers

Distribution channels7 records

Marketing channels7 records

Core offering

Baiterek National Investment Holding JSC is Kazakhstan's state-owned national managing holding that coordinates financing and investment instruments across priority sectors of the economy. Through its subsidiaries, it provides long-term project financing for manufacturing and processing industries, export credit insurance and support for non-resource exporters, equity and mezzanine financing, SME credit guarantees and interest rate subsidies, agricultural sector financing, and housing construction savings and mortgage lending. The holding also operates the Exporters' Showcase digital platform and implements national development programs including the National Project for Modernization of the Energy and Utilities Sectors.

Product overview

Baiterek National Investment Holding is Kazakhstan's national investment holding company operating through multiple subsidiaries organized by sector. Development financing subsidiaries (Kazakhstan Development Bank, Qazaqstan Investment Corporation, Kazakhexport) provide debt and equity financing, export credit insurance, and leasing for non-resource exporters. SME support is delivered through Damu Fund with interest rate subsidization, loan guarantees, and conditional deposits. Housing solutions are offered via Otbasy Bank and Kazakhstan Housing Company for residential leasing and mortgages. Agricultural development is supported by Agrarian Credit Corporation and KazAgroFinance. Baiterek also operates the Exporters' Showcase digital platform connecting verified domestic manufacturers with international buyers, and implements national programs including the National Digital Investment Platform, Energy and Utilities Modernization project, and Manufacturing Industry Development concept.

Differentiator

Problem solved

Functional benefit

Brands

• Exporters' Showcase: Digital platform launched by Baiterek and the Export Credit Agency to promote Kazakhstani products internationally, connecting verified domestic manufacturers with foreign buyers across key sectors including manufacturing, agribusiness, and metallurgy.

Products and services

• Development Bank of Kazakhstan Long-Term Project Financing
• Qazaqstan Investment Corporation Equity and Mezzanine Financing
• Industrial Development Fund Financing
• Damu Fund SME Support Instruments
• Agrarian Credit Corporation Agricultural Financing
• KazAgroFinance Agricultural Leasing
• Otbasy Bank Housing Construction Savings and Mortgage Lending
• Kazakhstan Housing Company Housing Programs
• KazakhExport Export Credit Insurance and Financing
• Exporters' Showcase Digital Platform
• National Project Modernization of Energy and Utilities Sectors
• Concept of Development of the Manufacturing Industry 2023-2029

Quantifiable outcome

• 17,231 jobs created through program implementation in 2024
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

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

• Czech RepublicmajorStrategic or Co-development Partner · 28 April 2026Bilateral business forum co-hosted by Kazakh Prime Minister Olzhas Bektenov and Czech Prime Minister Andrej Babiš in Astana. Six memorandums of cooperation signed establishing joint ventures in energy, transport, mechanical engineering, and insurance sectors. Czech investment examples include Škoda Auto's $8.2 million car assembly project and a uranium supply partnership between ČEZ and Kazatomprom.
• Škoda Auto (Czech Republic)minorStrategic or Co-development Partner$8.2 million car assembly project investment in Kazakhstan as part of the Kazakhstan-Czech Republic bilateral industrial cooperation.
• ČEZ Group (Czech Republic)minorStrategic or Co-development PartnerUranium supply partnership between Czech energy company ČEZ and Kazakh national atomic company Kazatomprom as part of bilateral cooperation agreements.
• KazAgroFinancecoreOthersBaiterek subsidiary providing agricultural sector financing alongside Agrarian Credit Corporation, investing approximately ₸1.1 trillion tenge in agriculture in 2025 to support food processing facilities, dairy farms, greenhouses, and irrigation infrastructure.
• Agrarian Credit CorporationcoreOthersBaiterek subsidiary financing agricultural sector through large, medium and small agricultural enterprise support, contributing to sustainable development and technical equipment of Kazakhstan's agro-industrial complex. Invested approximately ₸1.1 trillion tenge in 2025 alongside KazAgroFinance.
• Export-Credit Agency of Kazakhstan (KazakhExport)coreOthersBaiterek subsidiary that launched the 'Exporters' Showcase' digital platform to connect verified domestic manufacturers with foreign buyers across light industry, food and chemical industries, agriculture, metallurgy, and machine-building sectors. Implements Baiterek's strategy to support non-resource exports and digitize foreign economic activity.
• Development Bank of Kazakhstan (DBK)coreOthersBaiterek subsidiary providing long-term financing for large investment projects. Development Bank of Kazakhstan launched a $1 billion program to support rare and critical materials sector from 2025 to 2030, and received loan application from Turan Wind Energy for a 1,000 MW wind power plant in Kostanay province.
• AIFC (Astana International Financial Centre)coreOthersAIFC has registered over 4,500 companies and created 10,000 jobs as Kazakhstan accelerates economic diversification beyond energy resources, operating as a key financial ecosystem partner supporting Baiterek's investment activities.
• KazakhExport Exporters' Showcase Platform partnersminorOthersVerified domestic manufacturers listed on the Exporters' Showcase platform across light industry, food and chemical industries, agriculture, metallurgy, and machine-building sectors, all carrying 'Verified by ECA' status for international credibility.
• Kazakhstan National Digital Investment Platform ecosystemcoreOthersPlatform contains 1,319 potential projects worth 80 trillion tenge ($165 billion) with government targeting $400 billion in cumulative investments by 2029. Baiterek participates in the investment ecosystem supporting project pipeline through this platform.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• KfW Group: Germany's state-owned development bank providing promotional financing for SMEs, housing, infrastructure, and development cooperation. Directly comparable as a national development finance institution with multi-sector subsidiary structure supporting domestic economic priorities.
• BNDES: Brazil's national development bank providing long-term financing for infrastructure, industry, and exports. Highly comparable as a state-owned development finance institution supporting economic diversification and capital deployment across priority sectors.
• Korea Development Bank: South Korea's state-owned policy bank providing industrial financing, infrastructure investment, and SME support. Directly comparable as a national development finance institution supporting industrial transformation and economic growth.
• EXIM Bank of India: India's export-import bank providing export credit, project finance, and development assistance. Comparable as a state-owned export credit and development finance institution supporting non-resource exports.
• Türkiye Wealth Fund: Turkey's sovereign wealth fund managing state-owned strategic assets across multiple sectors. Comparable as a state-owned national investment holding with diversified subsidiary portfolio supporting economic development priorities.
• JBIC (Japan Bank for International Cooperation): Japan's policy-based financing institution supporting overseas investment, resource development, and infrastructure. Comparable as a government-backed development finance institution focused on international capital deployment and economic cooperation.
• Samruk-Kazyna: Kazakhstan's national sovereign wealth fund and the actual shareholder/parent entity of Baiterek. Highly comparable as Kazakhstan's primary state-owned holding company, though focused on strategic asset ownership while Baiterek focuses on development finance.

Broad incumbents

• China Development Bank: China's largest policy bank financing infrastructure, international development, and strategic industries. Comparable as a sovereign-backed development finance institution with massive capital deployment capacity, though much larger in scale.

Regional players

• EBRD (European Bank for Reconstruction and Development): Multilateral development bank investing in transition economies across Eastern Europe, Central Asia, and the Mediterranean. Comparable as a development finance institution active in Kazakhstan supporting private sector development and infrastructure.
• National Bank of Kazakhstan: Kazakhstan's central bank providing monetary policy and financial sector regulation. Related as the broader state financial system within which Baiterek operates, though with different mandates (monetary policy vs. development finance).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/BaiterekGov
• Facebookfacebook.com/baiterek

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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 Baiterek