Standard Chartered supports Development Bank of Kazakhstan with USD785 million MIGA-backed financing
on July 13, 2026London, 13 July – Standard Chartered today announced the successful signing of a USD785 million financing facility for the Development Bank of Kazakhstan (DBK) to support regular road maintenance and medium repair works across Kazakhstan under the Government’s National Road Rehabilitation and Repair investment project (the Programme).
The financing will enable DBK to on-lend proceeds to Joint Stock Company National Company KazAvtoZhol (KAZh), Kazakhstan’s national road operator, for the rehabilitation and repair of approximately 7,700 kilometres of public republican roads across the country. Standard Chartered acted as Mandated Lead Arranger, Original Lender, Bookrunner, Facility Agent and Account Bank, alongside J.P. Morgan as Lender, Mandated Lead Arranger and Bookrunner, and Commerzbank AG as Mandated Lead Arranger and Lender.
The facility benefits from support from the Multilateral Investment Guarantee Agency (MIGA), home of the World Bank Group Guarantee Platform, which is providing two Non-Honouring of Financial Obligations by a State-Owned Enterprise guarantees. MIGA provides cover for eligible lenders, helping mobilise long-term international capital for a strategically important infrastructure programme.
The financing will be used to refinance amounts already drawn by KAZh under existing arrangements and fund future drawdowns to support ongoing maintenance and medium repair works. Eligible works include pavement rehabilitation, remediation of surface deformations, frost heave repairs and the replacement of road signage to enhance road quality and safety.
Kazakhstan continues to face transportation challenges due to ageing and deteriorating road infrastructure. In response, the Government of Kazakhstan launched the National Road Rehabilitation and Repair investment project (the Programme) in 2024, targeting completion by 2028. The programme aims to improve road conditions, strengthen road safety, reduce travel times and enhance domestic and international connectivity. Once completed, the rehabilitation works are expected to deliver significant benefits for road users, businesses and local communities, including improved road safety and driving conditions, reduced journey times and enhanced connectivity, lower vehicle operating and transport costs, greater access to economic opportunities across Kazakhstan, and strengthened regional and international trade corridors.
The rehabilitated roads connect key economic centres, industrial hubs and tourist destinations, while several sections form part of major international transport routes linking Kazakhstan with neighbouring countries. The Programme is also expected to support employment during implementation and contribute to broader economic activity along rehabilitated road corridors.
Desislava Radeva, Executive Director, Development & Agency Finance at Standard Chartered said: “Reliable transport infrastructure is fundamental to economic development, trade and regional connectivity. We are proud to support Kazakhstan’s ambitious road rehabilitation programme through a financing structure that brings together international capital, multilateral support and local development priorities. This transaction highlights the role Standard Chartered can play in helping governments and state-owned entities deliver infrastructure that drives long-term economic value and benefits communities at scale.”
DBK CEO Marat Yelibayev stated: “This milestone transaction, the first for DBK to benefit from MIGA guarantees, reflects international investors’ confidence in Kazakhstan and demonstrates the strength of DBK’s collaboration with Standard Chartered, J.P. Morgan, and Commerzbank. By expanding access to long-term international capital, this partnership will support strategic projects improving transport infrastructure, strengthening the country’s transit potential, and supporting long-term economic growth.”
MIGA Managing Director Tsutomu Yamamoto noted: “We’re proud to support the creation of thousands of jobs and the improved connectivity that rehabilitating these roads will deliver for people across Kazakhstan. This is the largest MIGA transaction in Central Asia to date, and continues the World Bank Group’s work to strengthen Kazakhstan’s transport sector, which includes our support for the development of the Middle Corridor.”
The transaction represents another milestone in Standard Chartered’s growing presence in Kazakhstan and the wider CIS region, supporting the Bank’s Network, Products and Coverage strategy. It also builds on the Bank’s track record of delivering complex financings alongside multilateral development institutions and export credit agencies across Central Asia.
Standard Chartered has successfully closed a number of MIGA-supported transactions, most recently for the rehabilitation and modernization of Kazakhstan’s rail network, building on the Bank’s strong momentum in the market.
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For further information please contact:
Denada Muka
Communications, Europe
Standard Chartered Bank
Tel: +44 7884476951
Email: mailto:Denada.Muka@sc.com
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