The Development Bank of Kazakhstan (DBK) has lined up another source of yuan funding. On 25 September, on the sidelines of the Kazakhstan-China Investment Forum in Almaty, DBK and China Construction Bank Corporation Astana Branch (CCB Astana) signed an agreement on preliminary terms for a credit line of up to 2 billion yuan. At the rate Trend used ($1 = 6.71 yuan), that is about $298 million.
The key point is that this is not yet a disbursed loan. DBK's statement on its website says the document covers agreeing the preliminary conditions of a credit line. DBK told the Kazakh business outlet Kursiv that the final amount, interest rate and tenor have not been set and are still being negotiated. The money will not go out in one block either: it will be allocated as specific projects are approved.
Where the money is meant to go
DBK points to large projects in energy, industry and infrastructure; Kursiv adds transport and explicitly mentions joint Kazakhstan-China projects. The agreement was signed by DBK Management Board Chairman Marat Yelibayev and CCB Astana General Manager Wang Xianming. The bank says long-term yuan borrowing will expand its capacity to back capital-intensive projects and help diversify its funding.
Second yuan deal in a month
The agreement makes more sense next to DBK's recent moves. In early September the bank placed two tranches of offshore yuan (dim sum) bonds totalling 3.7 billion yuan on the international market: a five-year 2 billion yuan tranche with a 2.25% coupon and a ten-year 1.7 billion yuan tranche at 2.75%. According to DBK's notice on the Kazakhstan Stock Exchange (KASE), the order book topped 25 billion yuan and final pricing came in 50-55 basis points tighter than initial guidance. Astana International Exchange (AIX) announced the listing on 9 September, and a separate DBK disclosure says the Hong Kong Stock Exchange listed both issues from 10 September, maturing in 2031 and 2036. DBK describes the deal as the largest yuan bond ever issued by a CIS issuer.
DBK and CCB Astana have worked together before. In July 2024, DBK signed a strategic cooperation agreement with CCB's Astana branch providing for $500 million in concessional financing. The same package included a framework agreement with China Development Bank for concessional loans of $250 million and 2 billion yuan. Those figures appear in DBK's press release disclosed on KASE and were also reported by Forbes.kz.
What CCB Astana is
Rules related to this news
The branch operates under a licence from the Astana International Financial Centre (AIFC). The Astana Financial Services Authority (AFSA) licensed China Construction Bank in April 2019, and the AIFC described it at the time as the first fully authorised foreign bank branch in the centre. AFSA's public register shows the branch registered as a recognised company in May 2020, with licensed activities that include accepting deposits and providing and arranging credit; Wang Xianming has been listed as senior executive officer since December 2024.
How big DBK is
DBK is a development institution within the Baiterek holding. By the bank's own figures, over 25 years it has financed 218 investment projects and 151 export transactions worth a combined 19 trillion tenge, helped launch 151 enterprises and create more than 38,000 jobs; in 2025 alone it put 2.3 trillion tenge into 77 projects. Against that, a 2 billion yuan line is modest, but together with the dim sum bonds it noticeably adds to the long-term yuan funding the bank has on hand.
What it means for Chinese companies
Chinese companies and joint ventures in Kazakhstan's energy, manufacturing and transport infrastructure now have more ways to get yuan financing through DBK. For projects where equipment and contracting are paid in yuan, borrowing in the same currency narrows the currency mismatch.
The actual terms have not been published. The rate, tenor and collateral requirements will only be clear once DBK and CCB finish negotiating, and access to funds depends on DBK approving each project. Companies weighing this kind of financing should go by DBK's later announcements and direct talks with the bank.
Sources:
Development Bank of Kazakhstan (28 September 2026), https://kdb.kz/pc/news/news/15623/
Trend (28 September 2026), https://www.trend.az/casia/kazakhstan/4228646.html
Kursiv (30 September 2026), https://kz.kursiv.media/2026-09-30/svan-bank-razvitiya-kazahstana-zajmet-u-kitajskogo-banka-do-2-mlrd-yuanej-na-sovmestnye-proekty/
KASE, DBK notice on dim sum bond placement (10 September 2026), https://kase.kz/en/information/news/show/1575384
KASE, DBK disclosure on Hong Kong Stock Exchange listing (11 September 2026), https://kase.kz/files/emitters/BRKZ/brkz_foreign_listing_100926_4622.pdf
Astana International Exchange (9 September 2026), https://www.aixkz.com/ru/pages/news/view/development-bank-of-kazakhstan-lists-dim-sum-bonds-on-aix
DKNews (10 September 2026), https://dknews.kz/ru/finansy/404404-brk-privlek-rekordnye-3-7-mlrd-yuaney-pod-proekty
KASE, DBK press release (2 July 2024), https://kase.kz/files/emitters/BRKZ/brkz_relizs_020724_1.pdf
Forbes.kz (2 July 2024), https://forbes.kz/articles/brk-zaymet-u-kitaya-250-mln-dollarov-i-2-mlrd-yuaney-fda982
AFSA public register, https://publicreg.myafsa.com/details/190341900095/
AIFC (26 April 2019), https://aifc.kz/news/china-construction-bank-corporation-receives-licence-at-the-aifc/
Key facts
- The Development Bank of Kazakhstan and China Construction Bank Astana Branch signed the conditions precedent for a long-term credit line of up to RMB 2 billion.
- The Development Bank of Kazakhstan said the final amount, interest rate and tenor remained under negotiation.
- The Development Bank of Kazakhstan intended to allocate the funds to projects in energy, industry, transport infrastructure and Kazakhstan-China cooperation.
- The Development Bank of Kazakhstan said the funds would be disbursed in tranches based on the approval results for individual projects.
- The Development Bank of Kazakhstan issued two tranches of offshore RMB bonds in early September, totaling RMB 3.7 billion.
FAQ
Have the funds from the RMB 2 billion loan already been received?
The funds have not yet been received. The agreement only stipulates preliminary terms for a long-term credit line; the final amount, interest rate and tenor remain under negotiation.
Which areas are the funds intended for?
The areas identified by the Development Bank of Kazakhstan include major energy, industrial and infrastructure projects. Related reports also list transport and joint Kazakhstan-China investment projects.
When will companies be able to use the funds?
The funds will not be disbursed in a single lump sum. They will be released project by project after the specific project is approved, and access to financing will depend on project-specific approval by the Development Bank of Kazakhstan.
How will this financing affect Chinese companies?
Energy, manufacturing and transport infrastructure projects may wish to monitor this RMB financing. Where equipment procurement and engineering contracts are settled in RMB, matching the currencies used for borrowing and repayment can help reduce currency mismatch.
Are the interest rate, tenor and security requirements clear?
The relevant terms have not been made public. The interest rate and tenor remain under negotiation, and the security requirements will only become clear after both parties conclude their discussions. Specifics will be subject to the Development Bank of Kazakhstan's subsequent disclosures and communication with the bank.