Industrial Development Fund

What Industrial Development Fund does

Industrial Development Fund JSC (IDF; Өнеркәсіпті дамыту қоры) is a state-owned development finance institution and leasing company headquartered in Astana, Kazakhstan, operating as the principal government vehicle for financing the country's manufacturing and infrastructure sectors. Established in its current form on August 18, 2020 (rebranded from KDB-Lizing JSC, originally founded September 6, 2005), IDF is wholly owned by the Government of Kazakhstan through Baiterek National Investment Holding JSC and operates as a subsidiary of Development Bank of Kazakhstan JSC. Its mandate is codified in Kazakhstan's Law on Industrial Policy (No. 86-VII, December 27, 2021).

The Fund's core product is long-term financial leasing for industrial investment projects, including manufacturing facilities, machinery, transport fleets (buses, railcars, wagons, helicopters, ambulances), agricultural equipment, municipal vehicles, and waste processing infrastructure. Financing is delivered through a portfolio of preferential state programs, including the Manufacturing Industry Development Concept 2023-2029 (unified 12.6% annual rate), the Green Economy / Zhasyl Damu waste management program (3% annual rate), the domestic automotive producer support program (3–7% annual rates), the SME Manufacturing Modernization program (up to 300M KZT with 10-day review), and agricultural machinery leasing (7% annual, up to 7-year terms). All financing is denominated in Kazakhstani tenge and is implicitly subsidized by government-sourced capital. Distribution is hybrid: direct enterprise sales via 5 regional representative offices and a unified 1408 contact center, plus wholesale channels through KazAgroFinance JSC, Damu Entrepreneurship Development Fund, Zhasyl Damu, and private leasing companies.

IDF monetizes primarily through interest income on its credit and leasing portfolio, with subscription-style recurring returns on multi-year leasing arrangements and transaction-fee returns on large investment projects above 7 billion KZT. As of 2025–2026, the Fund holds 3.1 trillion KZT in portfolio assets, 3.6 trillion KZT in total assets, 392.2 billion KZT in authorized capital, and reported 45.95 billion KZT in net income for 2025 across 528 financed transactions. It carries a Moody's Baa2 rating (upgraded June 2026) and a Sustainable Fitch ESG Score of 2 (63 points, highest level for Kazakhstan), and in 2024 completed its debut social bond issuance on the AIX exchange.

Name

Industrial Development Fund

Legal name

Industrial Development Fund JSC

Website

https://idfrk.kz

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

Industrial Development Fund (IDF) is a Kazakhstan state-owned development finance institution and leasing company, wholly owned through Baiterek Holding, that provides preferential leasing and loan financing to manufacturing enterprises, transport operators, and government ministries under national industrial policy programs.

Ownership category

akta.pro rank

Product category

Industrial Development Finance / Leasing

NAICS

Commercial and Industrial Machinery and Equipment Rental and Leasing (5324), Sales Financing (52222)

SIC

Finance Lessors (6172), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

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

Keywords

• Industrial leasing financing
• Development finance institution
• Manufacturing equipment leasing
• State subsidized lending
• Infrastructure project financing

Headquarters

HQ city

Astana

HQ country

Kazakhstan

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Leasing financing: Primary revenue stream from financial leasing of industrial equipment, vehicles, machinery, and production facilities. Returns generated through interest spreads on leasing arrangements with preferential rates (3-12.6% annual) subsidized through government programs.
2. Credit portfolio income: Interest income from loan portfolios extended to manufacturing enterprises and infrastructure projects. Portfolio grew from 624.1 billion tenge (2021) to 2,816.7 billion tenge (2025).
3. Investment project financing: Financing of manufacturing industry and infrastructure projects starting from 7 billion tenge, generating returns through preferential lending arrangements.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Industrial Development Fund JSC is Kazakhstan's state-owned development finance institution providing leasing financing and subsidized loans to manufacturing enterprises and infrastructure developers. Its core offering centers on long-term industrial leasing at preferential rates (3-12.6% annual) under government programs such as the Manufacturing Industry Development Concept 2023-2029, Green Economy transition, and SME modernization, complemented by financing for automotive, agricultural, bus, emergency, rail, and aviation equipment.

Product overview

The Industrial Development Fund (IDF) JSC operates as Kazakhstan's state-owned development finance institution and leasing market leader, offering a comprehensive suite of financing products and programs. The core offering consists of leasing financing for industrial investment projects, supplemented by sector-specific programs including: the Manufacturing Industry Financing Program (12.6% unified rate, acting as operator of the 2023-2029 Concept), the Green Economy/Zhasyl Damu Program (3% for waste management enterprises), and the SME Manufacturing Modernization Program (up to 300M tenge with 10-day review). Thematic verticals include: Machinery Manufacturing Financing, Agricultural Machinery Leasing, Bus Fleet Modernization, Emergency Services Transport, Railway and Aviation Transport Leasing, Municipal Equipment, and Recycling/Waste Processing. Cross-cutting programs support domestic automotive producers, private leasing companies, and small industrial zone construction. Additionally, the Fund issued Social Bonds on AIX and provides financing for manufacturing and infrastructure projects starting from 7 billion tenge. The Fund does not finance arms, alcohol, narcotics, or tobacco production.

Differentiator

Problem solved

Functional benefit

Products and services

• Leasing Financing for Investment Projects Long-term leasing financing for industrial investment projects in manufacturing and infrastructure, designed to deliver economic and social multiplier effects. Targets enterprises undertaking capital-intensive investment projects starting from 7 billion tenge.
• Manufacturing Industry Financing Program (12.6%) Unified financing program under the Concept for Development of the Manufacturing Industry 2023-2029, providing creation and comprehensive modernization of production facilities at 12.6% annual rate for energy infrastructure, transport-logistics infrastructure including warehouses and logistics complexes.
• Green Economy / Zhasyl Damu Program Preferential financing at 3% per annum for enterprises involved in sorting, processing, and disposal of solid municipal waste. Joint program operated with the Ministry of Ecology and Zhasyl Damu organization under Kazakhstan's Green Economy Concept.
• SME Manufacturing Modernization Program Leasing financing program for modernization of production facilities at existing small and medium-sized businesses in the manufacturing industry, providing up to 300 million tenge per application with expedited 10-day review period.
• Domestic Automotive Producer Support Program Operator program supporting domestic automotive producers since 2015, providing leasing financing for special-purpose vehicles and automotive equipment at 3% annual nominal rate, 3-5 year terms, 30% advance payment, and up to 6 months grace period.
• Agricultural Machinery Leasing Leasing financing for domestic agricultural machinery producers (combines, tractors) at 7% annual nominal rate with terms up to 7 years and minimum 15% advance payment of equipment cost.
• Bus Fleet Modernization Program Revolver-based leasing financing for domestic bus producers including Hyundai Trans Auto, Saryarka AvtoProm, Daewoo Bus Kazakhstan, SemAZ, QazTehna, and Oral agroindustrial to support bus fleet modernization.
• Emergency Services Transport Financing Leasing financing for police vehicles, fire department vehicles, ambulances, and emergency response transport for national and regional government bodies, at 7% annual rate with up to 5-year terms.
• Railway and Aviation Transport Leasing Leasing financing for aircraft, railcars, wagons, and railway rolling stock for transport and logistics enterprises, supporting fleet renewal and capacity expansion.
• Municipal and Road Construction Equipment Leasing Leasing financing for vehicles, municipal, and road construction equipment supporting urban infrastructure development.
• Financing of Private Leasing Companies Credit lines and financing provided to private leasing companies to expand leasing market access for end borrowers in manufacturing and SME segments.
• Recycling and Waste Processing Financing Financing for waste recycling projects including solid municipal waste sorting, processing, and disposal facilities, supporting Kazakhstan's green economy transition.
• Social Bonds (AIX Issuance) Social bond issuance on the AIX (Astana International Exchange) to raise capital for financing social and environmental projects, debut placement conducted.
• Small Industrial Zones Financing Construction financing of small industrial zones across Kazakhstan to support placement of SME manufacturing businesses; 34 zones financed with 29 operational.
• Machinery Manufacturing Financing Specialized financing for machinery manufacturing sector projects, supporting production of machine-building equipment and components under the manufacturing industry support framework.

Quantifiable outcome

• Investment of 2,793.5 billion tenge in Kazakhstan economy since 2021, including 938.5 billion tenge in 2025 alone
• +7 more outcomes

Named customers19 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• Zhasyl Damu JSCcoreStrategic or Co-development PartnerJoint implementation of green economy program for waste management enterprises. IDF, together with Ministry of Ecology and Natural Resources and Zhasyl Damu, provides preferential 3% financing for sorting, processing, and disposal of solid municipal waste projects.
• Damu Entrepreneurship Development FundminorStrategic or Co-development PartnerSME financing partnership. In April 2025, IDF launched new SME manufacturing modernization program with Damu support, providing financing up to 300 million tenge with 10-day application review.
• KazAgroFinance JSCminorChannel Partner/ Reseller/ Distributor30 billion tenge loan agreement (August 2022) for financing agro-industrial complex entities to purchase domestic agricultural machinery under leasing. Additional 20 billion tenge facility in November 2023.
• Kazakhstan Ministry of Ecology and Natural ResourcescoreStrategic or Co-development PartnerJoint implementation of green economy transition program. Partnership for financing waste management enterprises under Kazakhstan's Concept for Transition to Green Economy.
• Kazakhstan Ministry of Industry and ConstructioncoreStrategic or Co-development PartnerKey government counterpart for industrial development policy. IDF operates as operator for manufacturing industry development programs under the ministry's supervision.
• Ministry of Emergency Situations of KazakhstanminorChannel Partner/ Reseller/ DistributorCustomer for aircraft procurement. IDF financing for L-410 (NG) turboprop aircraft procurement for emergency response capabilities.
• Ministry of Internal Affairs of KazakhstanminorChannel Partner/ Reseller/ DistributorCustomer for police vehicle fleet modernization. IDF financing for procurement of 432 special vehicles across multiple regional police departments.
• AllurAuto JSCminorChannel Partner/ Reseller/ DistributorJoint venture partner in tire manufacturing project (Tengri Tyres). IDF financing supported tire production plant in Saran city.
• Tatneft JSCminorChannel Partner/ Reseller/ DistributorPartner in tire manufacturing joint venture (Tengri Tyres) in Saran city. IDF financing for the joint tire production facility.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Regional players

• JSC KazakhExport (Export Insurance Company KazakhExport): Kazakhstan's state-owned export credit agency, another Bailterek group institution supporting Kazakhstani manufacturers with trade finance and export support. Adjacent to IDF as a peer in the state development-finance ecosystem serving the same industrial customer base.

Broad incumbents

• BNDES: Brazil's national development bank, the largest DFI in Latin America, providing long-term financing for industrial modernization, infrastructure, and manufacturing. A structural international peer to IDF given its similar state-mandated industrial-finance role at significant scale.
• KfW (Kreditanstalt für Wiederaufbau): Germany's state-owned development bank providing long-term financing for SME, infrastructure, and industrial modernization. Comparable to IDF as a long-tenor, low-rate state financing institution with a development mandate.
• CDC Group / British International Investment (BII): UK's development finance institution, comparable to IDF in mandate and structure as a state-backed DFI providing long-term capital to industrial and infrastructure projects in emerging markets, including Central Asia.
• VEB.RF (Vnesheconombank): Russia's national development finance institution supporting industrial projects, infrastructure, and export financing. Comparable to IDF as a state-owned DFI in the CIS/EAEU region with similar mandate for large industrial and infrastructure project financing.
• Islamic Development Bank (IsDB): Multilateral development bank that just signed a $1.3B framework agreement with IDF. IsDB is a counterparty and structural model for IDF as a state DFI channeling Islamic/blended finance into industrial and SEZ development.

Direct peers

• Development Bank of Kazakhstan (DBK): IDF's parent organization. DBK is Kazakhstan's principal development finance institution for large industrial and infrastructure projects; IDF was originally KDB-Leasing, the leasing arm of DBK, and continues to operate as a subsidiary within the same Bailterek group.
• Damu Entrepreneurship Development Fund: Sister institution under Baiterek Holding focused on SME and entrepreneurship financing. Damu co-funds IDF's SME manufacturing modernization program (launched April 2025) and shares the same state-owned development-finance mandate and target ecosystem.
• Baiterek National Investment Holding JSC: Parent holding company of IDF, DBK, Damu, and other Kazakhstani development finance institutions. Operates as the integrated national development finance group with comparable mandate to consolidate and coordinate state industrial/agricultural/SME financing.
• KazAgroFinance JSC: Specialized agricultural leasing/finance DFI under the former KazAgro group in Kazakhstan. IDF provides wholesale financing to KazAgroFinance (KZT 30B loan in 2022, KZT 20B in 2023) for agro-machinery leasing, making it a channel partner and direct peer in state development leasing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/idfrk.kz
• LinkedInlinkedin.com/company/idfrkkz
• Instagraminstagram.com/idfrkkz
• TikToktiktok.com/@idfrkkz

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Industrial Development Fund