EDB investment portfolio


67 projects

$2 916.4 million

38% of the total

Kazakhstan is, along with Russia, the founder and largest member of Eurasian Development Bank, accounting for about a third of its charter capital (US $500 million).



As estimated by the national statistical authority, in January to September 2018 the real growth of the country’s GDP averaged 4.1% YoY, with an increase of 4.2% YoY in the first half followed by some slowdown in the 3Q2018.

The main contributors to the economic slowdown in the 3Q2018 were agriculture and oil production, whose output growth slowed in the 3Q2018 to 2.0% YoY and 5.3% YoY, respectively, in January to September, after 4% and 6.2% YoY growth in the first half. The production slowdown in agriculture was caused by weather conditions that postponed grain harvesting and affected the harvest volume. Oil production growth slowed as the Kashagan deposit reached its plateau stage.

Among major industries, the highest production growth, at 32% YoY in September, was recorded in oil refining, as major enterprises completed their modernization and capacity expansion plans. Metallurgy (mainly, non-ferrous and precious metals production) also made a positive contribution to overall economic growth. High growth rates were observed in the production of transportation and electric equipment. Among the extractive industries, coal mining accelerated its growth.

The volumes of retail trade were more than 10% higher in 3Q2018 than in the same period last year (real sales growth in January to September was 6.7% YoY). Investment growth remained high, above 20% YoY, in September 2018. The strong trends in both consumer and investment demand in Kazakhstan were supported by increasing export revenues, development policy by the State, and increased growth of lending to individuals due to measures taken in 2017 to rehabilitate the banking sector.


Annual inflation grew somewhat over 3Q2018 as it reached 6.1% in September after registering 5.9% in June. Its acceleration was caused by food price growth (from 4.2% YoY in June to 5.7% in September 2018). On the other hand, non-food inflation continued to decrease in the 3Q2018, while core inflation remained virtually the same.

In October 2018, the inflation decrease to 5.3% YoY was recorded against a high comparison base (the acceleration of the motor fuel price growth in October 2017).

External Sector

According to the first estimates, the balance of payments posted a USD 855.9 million current account deficit in January to September 2018 (a USD 4,636 million deficit the year before). The current account deficit decreased on account of the trade balance surplus growth, that reached USD 7,027 million in the 3Q2018, driven by faster growth in exports.

The financial account balance posted a surplus of USD 1,367 million in January to September 2018 (a USD 6,556 million deficit the year before). The positive trend reflects a switch from net capital inflow in 2017 to outflow in 2018. The outflow mostly represented a reduction in foreign liabilities by domestic nonfinancial corporations.

Fiscal Policy

In January to September 2018 the State budget posted a deficit of 125 billion tenge (1.1 trillion tenge the year before). The budget situation improved due to income growth as oil prices rose and the economy grew. The expenditure reduction largely resulted from the absence of need for banking sector support on the scale comparable to 2017.

Public and publicly guaranteed debt grew from 14.0 trillion tenge in late 2017 to 15.1 trillion tenge at the end of September 2018. Debt growth slowed compared to 2017. Public debt as a share of GDP decreased from 26.3% to 26.1%. The issue of government bonds in the domestic market remained the main form of attracting domestic debt. The structure of foreign debt is dominated by Eurobonds and previous loans from international financial institutions, mainly the IBRD and ADB.

The law on the Republic’s budget for 2019–2021 provides for a phased reduction in the annual transfer from the National Fund to the State budget, from 2.6 trillion tenge (4.4% of GDP) in 2018 to 2.0 trillion tenge (2.7% of GDP) in 2021. Also, the law stipulates the reduction in budget expenditure from 16.9% of GDP in 2018 to 15.3% of GDP in 2021. The 2019–2021 budget is planned with a deficit of 1.3–1.5% of GDP.

Monetary Policy

During the 3Q2018 the National Bank kept its base rate at 9%. The National Bank pointed to the increased inflation risks as domestic demand recovered, the tenge weakened versus developed countries’ currencies, mainly the dollar, and inflation accelerated in trade partner countries.

The rate was raised to 9.25% in mid-October 2018 amid increased foreign exchange market volatility. This move, combined with the National Bank’s interventions in support of the tenge, have helped stabilize the exchange rate and inflation since the second half of October.

The restructuring of the banking sector is helping to stabilize Kazakh banks’ deposit base and credit portfolio. The volume of newly issued loans grew by 23% YoY in the 3Q2018, a little less than in the 2Q2018. Most new lending was in the national currency. As a result, the share of tenge loans in the total portfolio grew to 77% in September, from 75.4% in June, despite tenge weakening that continued into the 3Q2018. The share of nonperforming loans decreased to 8.5% in September 2018, from 9.3% at the end of 2017.

Публикации по стране

Belt and Road Transport Corridors: Barriers and Investments
Learn more
14 February 2019
The Eurasian Development Bank (EDB) and Hevel Kazakhstan signed a EUR 56.2 million long-term multi-currency loan facility agreement to finance the construction of solar power plants with an installed capacity of up to 90 MW in Kazakhstan. The plants are expected to generate over 160 million kWh per year and are expected to help to reduce carbon dioxide emissions by 85,000 tonnes a year. The generated electricity will be supplied to Kazakhstan’s power system. The plants are scheduled to be commissioned in 2020
07 February 2019
The Eurasian Development Bank (EDB) and Batys Transit signed a KZT 14.6 loan agreement to finance Batys Transit’s public-private partnership projects
18 January 2019
The Eurasian Development Bank (EDB) purchased Batys Transit’s bonds for a total of KZT 11.57 billion, offered at Kazakhstan Stock Exchange (KASE) as part of Batys Transit’s first issue of infrastructural bonds (ISIN KZ000A0T88N8, trading code BTTRb1)
27 December 2018
The Eurasian Development Bank (EDB) negotiated cooperation and the development of projects of mutual interest with Heihe Rural Commercial Bank, Heihe, China (HRCB). The meeting took place in Heihe, China. The EDB and HRCB discussed possible cooperation in arranging payments between HRCB’s clients and the EDB countries in national currencies, treasury transactions, and trade finance
07 November 2018
The Eurasian Development Bank (EDB) made another offering of its tenge-denominated bonds at Kazakhstan Stock Exchange (KASE) for a total of KZT 20 billion.
12 October 2018
Amangeldy Issenov, Deputy Chairman of the Management Board at the Eurasian Development Bank (EDB), and Meirzhan Myrzaliyev, Deputy Akim (mayor) of Kostanay Region, signed a memorandum of understanding and cooperation at the Kostanay Invest 2018 Regional Investment Forum. The document envisions cooperation in the area of energy, mechanical engineering, infrastructure, agricultural processing, mining, and the manufacture of construction materials and food products
27 September 2018
Amangeldy Issenov, Deputy Chairman of the Management Board at the Eurasian Development Bank (EDB), took part in the official opening of the Nurly Zhol (Kazakhstan) – Khorgos (China) checkpoint. The event took place in the neutral territory between the borders of Kazakhstan and China
30 August 2018
The Eurasian Development Bank (EDB) and ASIA AVTO Kazakhstan signed a loan agreement at the Moscow International Automobile Salon on 30 August 2018. The parties agreed on financing a full-cycle car assembly plant being built in Ust-Kamenogorsk in partnership with Russia’s AvtoVAZ
06 August 2018
The net profits of the Eurasian Development Bank (EDB) amounted to US $37.542 million in the first half of 2018, while the target fixed in the bank's strategy until 2022 for the whole year is at US $32 million
25 July 2018
The EDB announces the completion of the technical issue of 001P-01 bond of the nominal value of RUB 10 billion at the Moscow Stock Exchange under the programme (identification number 4-00002-L-001P-02E of 14 June 2018). The coupon rate is 7.60% per annum, the yield is 7.74%. The bond maturity is 1.5 years

Almaty Headquarters

220 Dostyk ave., Almaty, 050051, Republic of Kazakhstan

Nur-Sultan Representative Office

Astanalyk Business Centre, 11th floor, 33 Kunayev St., Nur-Sultan, 010000, Republic of Kazakhstan

We use cookies to take account of your preferences and improve your experience on our website. We assume that by continuing to use our website you agree with our use of cookies. You can always configure your Internet browser to refuse to have cookies saved by our website.

Yes More