Kazakhstan, China’s Largest Bank Discuss New Investment Plans

On June 7, Prime Minister Olzhas Bektenov met with Liu Jun, Chair of the Industrial and Commercial Bank of China (ICBC), to discuss expanding financial cooperation, including long-term financing worth over one billion yuan (approx. 70 billion tenge), Orda.kz reports, citing the Cabinet of Ministers.

ICBC already operates in Kazakhstan through its Almaty-based subsidiary and participates in major national projects, including through the Baiterek holding. In spring 2025, the bank provided 430 million yuan (over 30 billion tenge) to finance the Agrarian Credit Corporation.

Negotiations focused on potential new areas of cooperation, including:

• A loan to Kazakhstan’s Industrial Development Fund
  
• Entry into the Chinese debt market through a bond issue of up to five billion yuan
  
• Joint projects in green and sustainable development
  
• Support for infrastructure, exports, and innovation

China remains one of Kazakhstan’s top five investors, with total accumulated investments reaching $26 billion. Bilateral trade hit a record $44 billion in 2024 and has grown 3.4% in early 2025.

Bektenov said the two countries aim to deepen strategic cooperation. ICBC expressed interest in expanding its role in Kazakhstan’s financial sector.

Original Author: Alina Pak