The Development Bank of Kazakhstan (DBK) has signed a deal with Banco Santander for up to €400 million to finance infrastructure and energy projects. Over the past year, DBK has borrowed around $1.96 billion from various international lenders, initially focusing on Chinese banks before shifting to European institutions. Notable agreements include loans from Deutsche Bank and German banks, as well as future arrangements with Italian and European development banks.
The Development Bank of Kazakhstan (DBK) has entered into a framework agreement with Banco Santander, Spain’s premier financial services group, to secure financing up to €400 million (around $434 million). This funding is earmarked for infrastructure and energy projects in Kazakhstan, involving the participation of international exporters. The agreement was formalized during the 8th Kazakhstan-Spain Business Council meeting held in Madrid.
In the past year, DBK has raised approximately $1.96 billion from various international financial institutions. Initially, Chinese banks were the primary source of funding until late 2024. In May 2023, DBK procured a loan of $300 million from the China Development Bank (CDB) and subsequently entered additional agreements with two Chinese banks in July 2024, securing support valued at $250 million and 2 billion yuan (approximately $276.5 million) from CDB, as well as a $500 million loan from the China Construction Bank.
By September 2024, DBK expanded its financial partnerships by securing loans from German banks. Deutsche Bank provided a loan of $200 million, while Landesbank Baden-Württemberg and KfW IPEX-Bank collectively offered €200 million (approximately $217 million). Furthermore, DBK formalized similar loan agreements with the Italian development bank Cassa Depositi e Prestiti in October 2024 and with the European Investment Bank in March 2025.
The Development Bank of Kazakhstan (DBK) has successfully diversified its funding sources by securing significant loans from both European and Asian financial institutions. The recent framework agreement with Banco Santander highlights its commitment to enhancing infrastructure and energy projects in Kazakhstan. With substantial funding raised over the last year, DBK is well-positioned to facilitate economic development in the region through international collaboration.
Original Source: kz.kursiv.media
