The Development Bank of Kazakhstan secured a €400 million loan from Banco Santander for infrastructure and energy projects, diversifying its funding sources from primarily Chinese lenders to European institutions after borrowing $1.96 billion in the past year. This shift is evident as DBK signed various loan agreements with German and Italian banks in recent months.
The Development Bank of Kazakhstan (DBK) has entered into a framework agreement with Banco Santander to secure up to €400 million (around $434 million) aimed at financing infrastructure and energy projects in Kazakhstan, involving international exporters. This agreement was formally signed during the 8th Kazakhstan-Spain Business Council meeting held in Madrid. Previously, over the last year, DBK borrowed approximately $1.96 billion from various international lenders.
While DBK utilized Chinese banks as primary lenders until the fall of 2024, it has shifted focus onto European financial institutions. In May 2023, DBK secured $300 million from the China Development Bank (CDB). Following that, in July 2024, it finalized agreements with two Chinese banks that included a $250 million agreement with CDB and a $500 million loan with the China Construction Bank of Astana.
In September 2024, DBK expanded its funding sources by signing agreements with German banks, securing $200 million from Deutsche Bank, and an additional €200 million (approximately $217 million) from Landesbank Baden-Württemberg and KfW IPEX-Bank. Furthermore, the bank established similar loan agreements with the Italian development bank Cassa Depositi e Prestiti and the European Investment Bank in October 2024 and March 2025, respectively.
The Development Bank of Kazakhstan has successfully diversified its funding sources by securing a significant loan from Banco Santander, aiming to enhance infrastructure and energy projects. This aligns with a trend of increasing reliance on European banks after a primary focus on Chinese financing, demonstrating a strategic shift toward broader international financial collaboration.
Original Source: kz.kursiv.media
