The Development Bank of Kazakhstan has signed a framework agreement with Banco Santander for financing up to €400 million for projects. Over the past year, DBK has borrowed nearly $1.96 billion from various international banks, with a notable shift from Chinese to European lenders. Significant loans have been secured from institutions in Germany and Italy, enhancing DBK’s international financing capabilities.
The Development Bank of Kazakhstan (DBK) has forged a significant partnership with Banco Santander, agreeing to a framework for financing up to €400 million (approximately $434 million) for infrastructure and energy initiatives in Kazakhstan. This accord was formalized during the 8th Kazakhstan-Spain Business Council meeting held in Madrid, which exemplifies DBK’s strategic approach to securing funds from international sources, including exporters.
In the past year, DBK has successfully raised around $1.96 billion by accessing funds from a variety of international banking institutions. Notably, Chinese banks accounted for the majority of their financing until a shift occurred towards European lenders, which commenced in the latter half of 2024. For instance, in May 2023, DBK secured $300 million from the China Development Bank (CDB), followed by additional agreements with Chinese banks in July 2024, including a $250 million deal with the CDB and a $500 million agreement with the China Construction Bank.
Further expanding its international financing portfolio, DBK entered into agreements with German banks in September 2024. Notably, Deutsche Bank provided a loan of $200 million, while Landesbank Baden-Württemberg and KfW IPEX-Bank collectively offered €200 million (about $217 million). Additionally, DBK continued its financing initiatives by signing loan agreements in October 2024 and March 2025 with the Italian development bank Cassa Depositi e Prestiti and the European Investment Bank.
The Development Bank of Kazakhstan is positioning itself as a formidable player in international finance by successfully securing significant loans from multiple banks worldwide. With the recent agreement with Banco Santander, DBK continues to diversify its funding sources, moving from reliance on Chinese banks to collaborating with reputable European institutions. This strategic shift underlines Kazakhstan’s commitment to advancing critical infrastructure and energy projects through substantial foreign investments.
Original Source: kz.kursiv.media
