AFD 2026: How «Baiterek» Holding Helps Large Projects Attract Investors

The main event of the financial industry across Central Asia – the Astana Finance Day 2026 forum – has started in Astana, Zakon.kz correspondent reports.

This year, the forum once again brought together on one platform the heads of government bodies, regulators, sovereign funds, banks and major investment companies.

AFD has become a platform where global changes in capital markets are discussed alongside practical issues. Where can long-term funding for major projects be obtained? What risks are the state and development institutions prepared to take? At what stage should a private investor become involved? And why do promising initiatives not always make it to the deal-signing stage?

One of the key discussions on the first day was the Sovereign and Institutional Capital as Catalysts for Growth and Strategic Transformation panel session. It was held at the AIX Trading Hall and brought together experts who view the investment process from different perspectives.

Eriks Tsiguzis, Managing Director at Alvarez & Marsal, presented an international consulting perspective on the development and transformation of major companies. Romain Moulay, Co-Head of Corporate Clients, Infrastructure and ESG for the EMEA region at Fitch Ratings, spoke from the perspective of the global ratings market.

Joshua Chang, Senior Director of the Investment Division at Hong Kong Investment Corporation, represented one of Hong Kong’s largest investment institutions. Abdullah Zayed, Executive Director for Business and Project Development at Masdar and CEO of MW Energy, brought practical experience in implementing large-scale energy projects to the discussion.

The composition of the participants immediately set the tone of the conversation. The discussion was not limited to how much capital is currently available on global markets. Much more important was understanding under what conditions this money could come to specific projects in Kazakhstan.

Kazakhstan’s perspective on the work of development institutions was presented by Usen Galym, Deputy Chairman of the Management Board of Baiterek Holding.

The role of the state and development institutions was at the center of Usen Galym’s remarks. According to him, public capital should create conditions for the participation of private banks and investors, particularly in projects with long implementation periods and complex risk allocation.

“Baiterek’s role is to expand the participation of banks and investors in commercially viable projects that need additional resources, longer lending periods or risk sharing. For private capital to participate, an investor must understand which risks it is taking and who is responsible for the others. Our task is to determine exactly which risk is preventing financing and select an instrument that will make it acceptable to the parties to the transaction.” - Usen Galym

In this model, the Holding acts as a link between government priorities, business, banks and international investors. Through the Development Bank of Kazakhstan, the Holding’s group of companies participates in financing major industrial and infrastructure projects. Damu Fund expands bank lending opportunities for small and medium-sized businesses, while Qazaqstan Investment Corporation develops the direct investment segment.

During the session, speakers were asked to identify the main obstacle to the inflow of long-term capital. The options included risk allocation, the possibility of an investor’s future exit and the quality of project preparation. Usen Galym identified preparation itself as the key issue.

A promising idea in itself is not yet an investment project. Before negotiations with lenders, demand must be confirmed, the budget and permitting documentation must be reviewed, the future sales market must be identified, costs must be calculated, and responsibility for construction timelines must be established. Only then can an investor assess the project’s economics and make a decision.

“I would choose project preparation. It is precisely at this stage that verifiable economics, a reliable project initiator, technical solutions and a contractual basis for future revenues must emerge. High-quality preparation makes it possible to substantively agree on risks, financing and the investor’s future exit. Baiterek has a pipeline of more than a thousand projects, but every year we select 15–17 initiatives that are priorities for the country. For us, the depth of preparation is more important than the breadth of coverage. Over the next 18 months, the first group of these projects should reach financial close – not presentations, but signed transactions.” - Usen Galym

The discussion also touched upon government support for investors. In Usen Galym’s view, the “one-stop shop” principle should ensure continuous support for an investor at all stages, from the initial inquiry to project financing and the protection of the investor’s rights. This requires a clear procedure, a single responsible coordinator, specific decision-making timelines and continuous feedback.

The issues raised during the session go beyond a single industry. The same logic applies to industry, infrastructure, critical minerals and energy. Private capital goes where there is a well-prepared project, clear sources of revenue and clearly allocated responsibility.

The participation of Baiterek Holding’s group of companies in AFD 2026 is not limited to this discussion. Lazzat Ibragimova, Chairwoman of the Management Board of Otbasy Bank, is speaking at a session on Islamic banking windows. Marat Yelibayev, Chairman of the Management Board of the Development Bank of Kazakhstan, is moderating a discussion on the future of financial infrastructure. Didar Karimssakov, Chairman of the Management Board of QIC, is participating in a panel on the direct investment market, while Dina Zhanadil, Managing Director of the Development Bank of Kazakhstan, is presenting a perspective on the development of aviation finance in Kazakhstan and Central Asia.