Development Bank of Kazakhstan secures multi-million loan from Banco Santander

The Development Bank of Kazakhstan (DBK) and Banco Santander, Spain’s largest financial services group, have signed a framework agreement to attract up to €400 million (approximately $434 million) in financing for infrastructure and energy projects in Kazakhstan, involving international exporters. Notably, over the past year, DBK has already borrowed approximately $1.96 billion. The signing ceremony was held during the 8th Kazakhstan-Spain Business Council meeting in Madrid.

DBK has borrowed money from various international institutions over the past year. However, until the fall of 2024, Chinese banks were its primary lenders before it shifted to European institutions. In May 2023, DBK borrowed $300 million from the China Development Bank (CDB). In July 2024, the bank entered into agreements with two Chinese banks. One deal valued at $250 million and 2 billion yuan (around $276.5 million) was arranged with the CDB once again. Another agreement, worth $500 million, was signed with the China Construction Bank represented by its branch office in Astana.     

In September 2024, DBK signed several agreements with German banks. Deutsche Bank lent the Kazakhstani bank $200 million, while Landesbank Baden-Württemberg and KfW IPEX-Bank provided a total of €200 million (approximately $217 million). Additionally, in October 2024 and March 2025, DBK signed similar loan agreements with the Italian development bank Cassa Depositi e Prestiti and the European Investment Bank.