10/29/2026
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In Tbilisi, Saken Olzhabayev, Managing Director of National Investment Holding Baiterek, spoke at AIFC Connect: Tbilisi 2026, held on the sidelines of the Tbilisi Finance Summit. During the panel session “Connecting Markets: Cross-Border Business, Infrastructure and Investment,” he presented the Holding’s approaches to supporting cross-border infrastructure projects and attracting private capital.
The focus of his speech was on financing conditions for the Trans-Caspian International Transport Route, known as the Middle Corridor. Saken Olzhabayev noted that the investment attractiveness of individual terminals and logistics facilities depends on the coordinated operation of the entire route. For banks and investors, predictable revenues, stable tariffs and sufficient capacity along every section of the route are essential.
“For a freight forwarder, the Middle Corridor is a single route, whereas for an investor, it consists of several separate assets in different countries. Even a well-designed terminal may face difficulties attracting financing if its revenues depend on ferries and railways that its owner does not control. That is why it is important to support logistics companies operating across several countries along the route, attract private capital into terminals, railcars and vessels, and ensure tariff stability and sufficient capacity,” he noted.
The speaker also highlighted how the Holding allocates risks in infrastructure projects. The development institution assumes risks that commercial banks are unable to bear, primarily those associated with long financing periods and the construction phase. At the same time, it does not assume risks that the market has rejected because a project lacks commercial viability.
To achieve this, project financing is divided into several tranches, with each group company taking responsibility for its respective part. The Development Bank of Kazakhstan can provide the longest-term portion of a loan, which is repaid last, and finance a project during the construction phase, when it has not yet begun generating revenue. Once the project achieves stable revenues, the loan is transferred to commercial banks, and the funds released are allocated to new projects. According to the Holding, since the end of 2025, approximately USD 650 million in such loans has been transferred to commercial banks.
Qazaqstan Investment Corporation can acquire an equity stake in a project or provide quasi-debt financing. Equity absorbs potential losses first, making it easier for banks to extend loans to the project. The Export Credit Agency of Kazakhstan insures Kazakh exporters against non-payment by foreign buyers and also provides insurance for loans extended by the Development Bank to exporters. The Industrial Development Fund provides railcars on a leasing basis.
“We assume risks that banks cannot bear, but not those they have chosen to avoid. Cost overruns, operations and demand remain the responsibility of the project sponsor and contractor, as they are the parties managing these risks. If a project can only operate with continuous government support, it should be financed transparently through the state budget rather than through a development institution,” Saken Olzhabayev emphasized.
Support for terminals, warehouses and rolling stock was identified as a promising area for cooperation between Kazakh and Georgian institutions. Such projects make it possible to build cooperation around specific logistics needs and revenues secured by contracts.
Developing these areas is intended to enhance the reliability of Kazakhstan’s transport links, expand opportunities for domestic exporters and attract investment in the country’s logistics infrastructure.
