Agreements reached on developing tourism projects in Almaty
Almaty, 26 June 2026 – The Eurasian Development Bank (EDB), the Almaty City Akimat, and the VASTA Group of Companies signed a memorandum of understanding on their willingness to cooperate in developing tourism infrastructure projects in Almaty.
The memorandum was signed by Galiya Tokseitova, Head of the Almaty City Tourism Department; Sergey Ignatov, Senior Managing Director and Head of the Project Unit at the EDB; and Sergey Bachin, CEO of the VASTA Group of Companies
The promising partnership between the Almaty City Akimat, the EDB as a financial institution, and the VASTA Group of Companies will allow for the optimal structuring of projects already at the development stage.
“Kazakhstan's southern capital has reached a record level of tourist traffic, with new hotels and glamping sites appearing, mountain resorts expanding, and the impressive development of the mountain cluster underway. The metropolis welcomed 2.5 million tourists last year, and private investment in the hospitality industry grew to 198.8 billion tenge. We hope that, thanks to cooperation with the EDB and the companies with practical experience in implementing tourism projects, this growth will only increase,” noted Galiya Tokseitova, head of the Almaty City Tourism Department.
All projects will be implemented in accordance with the unified architectural, planning, and visual solutions adopted for the city of Almaty, as well as in strict compliance with environmental standards. The memorandum also provides for joint efforts by the parties to attract investment in the construction and operation of the facilities.
For the EDB, this is a project with an obvious integration effect. The city of Almaty attracts tourists not only from Kazakhstan but also from neighbouring countries.
“It is important that we begin work at an early stage, when the optimal project structure can be determined based on the strengths and capabilities of all participants,” said Sergey Ignatov, Senior Managing Director and Head of the EDB Projects Unit.
“We will build on our experience implementing previous infrastructure projects and similar solutions. "Our main goal is to create high-quality tourism infrastructure that ensures comfortable and safe vacations,” added Sergey Bachin, CEO of the VASTA Group of Companies.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 20 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By the end of December 2025, the EDB’s cumulative portfolio comprised 326 projects with a total investment of US $19.6 billion. The Bank's portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
As part of its 2022–2026 Strategy, the EDB is implementing 3 mega-projects: The Water and Energy Complex of Central Asia, The Eurasian Transport Network, and The Eurasian Commodity Distribution Network.
VASTA is a Russian diversified group of companies operating in a number of business areas: integrated development of territories; management of tourist attractions, hotels, and commercial real estate; design, production, and maintenance of cable cars; agriculture.
The EDB Media Centre:
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