‘Baiterek’ National Managing Holding and ICBC Asia Discuss Prospects for Expanding Financial Cooperation

On June 25, 2025, a working meeting took place in Astana between Acting Chairman of the Management Board of ‘Baiterek’ National Managing Holding, Yersain Khamitov, and a delegation from ICBC Asia led by Chairman of the Board Dr. Liu Yagan. The meeting was held as part of the ongoing development of the strategic dialogue between Kazakhstan and China in the financial and investment sector.

The cooperation between the Holding and the Bank already has a practical foundation. In March of this year, ICBC issued a loan of 430 million Chinese yuan for a term of five years to further finance projects of Agrarian Credit Corporation JSC.

During the meeting, the parties discussed the prospects for attracting additional financing in yuan. In particular, a loan of up to 1 billion yuan for the Industrial Development Fund JSC was considered. It is expected that 500 million yuan may be raised as early as July, with the remaining amount to be provided by ICBC Asia (Hong Kong) in July–August. The possibility of increasing the Holding’s credit limit by the ICBC group of companies was also discussed.

“ICBC Asia is a key strategic partner for us. We highly value the openness and interest of our colleagues in deepening cooperation. Baiterek will continue to build a reliable infrastructure for financing priority projects and supporting sustainable economic growth,” emphasized Yersain Khamitov.

In addition, the meeting addressed the potential issuance of yuan-denominated bonds on international markets. Among the possible instruments discussed were Panda Bonds and Dim Sum Bonds, with a potential total amount of up to 5 billion yuan.

Dr. Liu Yagan positively assessed the Holding’s proactive approach to developing the partnership and expressed readiness to further discuss specific financing conditions and ICBC Asia’s involvement in the implementation of strategic initiatives in Kazakhstan.

The meeting concluded with an agreement to continue dialogue at the expert level and prepare detailed proposals within the framework of the shared financial agenda.