MIGA has provided guarantees to Standard Chartered, J.P. Morgan and Commerzbank for a $785 million loan to the Development Bank of Kazakhstan (DBK). Proceeds will be on-lent to KazAvtoZhol (KAZh), the national road operator, to finance regular road maintenance and medium repair works on roads connecting Kazakhstan’s major cities, economic hubs, and border crossings under Kazakhstan’s National Road Rehabilitation and Repair investment project (the Program). This includes strategic sections of the North-South Corridor and the Trans-Caspian Transport Corridor, also known as the Middle Corridor, an increasingly important alternative route connecting Asia and Central Asia to Europe.

The $2 billion Program also includes an EUR 200 million loan from the European Investment Bank (EIB). This is the first project MIGA has supported jointly with the EIB, with close collaboration during the due diligence process.

Kazakhstan’s national road network spans roughly 96,000 kilometers, but decades of underinvestment, extreme weather, and heavy freight traffic have left large portions of the roads in need of repair. The maintenance and repair works are expected to increase average travel speeds by 20–50 kilometers an hour on rehabilitated sections and reduce accident rates by up to 20 percent.

Construction will support an estimated 25,000 jobs a year. KAZh has also committed to a Gender Action Plan, which will promote women’s representation in technical and leadership roles across the rehabilitation program.

“We’re proud to partner with Standard Chartered, J.P. Morgan, Commerzbank and DBK to support the creation of thousands of jobs and the improved connectivity that rehabilitating these roads will deliver for people across Kazakhstan,” said MIGA Managing Director Tsutomu Yamamoto. “This is the largest MIGA transaction in Central Asia to date and continues the World Bank Group’s work to strengthen Kazakhstan’s transport sector, which includes our support for the development of the Middle Corridor.”

DBK CEO Marat Yelibayev said: “This milestone transaction, the first for DBK to benefit from MIGA guarantees, reflects international investors’ confidence in Kazakhstan and demonstrates the strength of DBK’s collaboration with Standard Chartered, J.P. Morgan, and Commerzbank. By expanding access to long-term international capital, this partnership will support strategic projects improving transport infrastructure, strengthening the country’s transit potential, and supporting long-term economic growth.”

Desislava Radeva, Executive Director, Development & Agency Finance at Standard Chartered, said: “Reliable transport infrastructure is fundamental to economic development, trade and regional connectivity. We are proud to support Kazakhstan’s ambitious road rehabilitation program through a financing structure that brings together international capital, multilateral support and local development priorities. This transaction highlights the role Standard Chartered can play in helping governments and state-owned entities deliver infrastructure that drives long-term economic value and benefits communities at scale.”

Laura Galvin, Global Head of Export and Agency Finance at J.P. Morgan, said: “We are pleased to be supporting the Development Bank of Kazakhstan in collaboration with MIGA with what is one of the leading landmark infrastructure projects in Kazakhstan. This represents a significant opportunity to deliver long-term value by financing regular road maintenance and medium repair works on roads connecting Kazakhstan’s major cities, economic hubs, and border crossings. We look forward to continuing to collaborate with members of the World Bank Group to drive a development-oriented value banking system.”

Kathrin Eich, Global Head of Export Finance at Commerzbank, said: “This transaction and the project it will finance are crucial for the economic and social development of Kazakhstan. We are very glad to participate with a substantial share and to contribute to the development of Kazakhstan’s infrastructure. It is great to see that the fruitful interaction between various international players helped to get this transaction over the finishing line, to the benefit of all involved parties. Commerzbank is pleased to work alongside our clients to structure tailor-made financial solutions which aim to bolster economic growth, international cooperation and social development in Kazakhstan. We look forward to the further deals of this type.”

The guarantee is part of a coordinated World Bank Group approach to strengthen Kazakhstan’s transport sector. The International Bank for Reconstruction and Development (IBRD) supported the sector through projects to improve road infrastructure along the Western Europe-Western China corridor and is supporting the Transport Resilience and Connectivity Enhancement Project, while the International Finance Corporation supported the structuring of the Almaty Ring Road public-private partnership (PPP), Central Asia’s first-ever PPP.

The World Bank Group is also supporting the ongoing modernization of Kazakhstan Temir Zholy, Kazakhstan’s state-owned railway operator, in line with the country’s ambitions to become the largest transit and logistics hub in Central Asia and improve freight flows along the Middle Corridor.

MIGA is providing two Non-Honoring of Financial Obligations by a State-Owned Enterprise guarantees, enabling DBK to access international funding that would otherwise not be available at comparable terms.

About MIGA and the World Bank Group Guarantee Platform 

Established in 1988, MIGA is a member of the World Bank Group that promotes investment in developing countries through political risk insurance, credit enhancement, and trade finance guarantees. MIGA has issued over $100 billion in guarantees across 123 emerging markets and developing countries, supporting more than 1,000 projects. MIGA is home to the World Bank Group Guarantee Platform, launched in 2024 to consolidate guarantee products and expertise. The Platform offers a simplified, comprehensive menu of guarantee solutions to de-risk investments in developing countries.