EDB: Non-Sovereign Financing by IFIs in Eurasia Increased by 50% to $6.8 Billion in January–September 2026
Almaty, 5 November 2026. – Non-sovereign financing by international financial institutions (IFIs) in the Eurasian region increased by 50% year on year to $6.8 billion in the first nine months of 2026, according to a new brief by the Eurasian Development Bank (EDB) research, New Players and Major Projects: IFI Investment in Eurasia in Q3 2026.
In the third quarter of 2026, non-sovereign financing totaled $1.1 billion, down 36% year on year. This quarterly decline did not reverse the positive trend for the first nine months of the year. Its main cause was a fall in the number of large transactions.
Key findings of the brief:
-
Kazakhstan has become a focal point for new IFIs and partnership mechanisms. Financing in the country increased by more than $200 million year on year in Q3. The OPEC Fund approved its first non-sovereign operation in Kazakhstan, while the Turkic Investment Fund began financing activities by supporting projects in Kazakhstan.
-
The leading financiers in the region were the Eurasian Development Bank (EDB), the European Bank for Reconstruction and Development (EBRD) and the World Bank Group. The EDB actively financed infrastructure, while EBRD projects were concentrated mainly in the financial sector. The World Bank Group’s financing was largely provided through guarantees issued by the Multilateral Investment Guarantee Agency (MIGA). The Turkic Investment Fund also approved its first operations.
-
Guarantees are becoming an important tool for mobilising capital. MIGA, the EDB, and the EBRD were the main providers of guarantees in the region. Guarantees accounted for 22% of non-sovereign IFI financing in Eurasia in the first nine months of 2026, up from 4% in the same period of 2025.
-
Financing for modern warehousing facilities is expanding. Major projects were supported by the EDB and the International Finance Corporation, a member of the World Bank Group. In particular, the EDB provided loans for the construction of the Griffin Logopark Almaty logistics complex.
-
MDBs are increasingly financing investment platforms. The launch of the GIRAF fund in Mongolia will bring together resources from MDBs, the government and banks to finance the agricultural sector. In Kazakhstan, the World Bank approved financing for the ALEM project, which includes a venture fund-of-funds mechanism to support technology startups.
The full brief is available here.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For 20 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By the end of June 2026, the EDB’s cumulative portfolio comprised 348 projects with a total investment of US $22.1 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
The EDB is implementing three mega-projects as part of its 2022–2026 Strategy: the Eurasian Transport Network, the Eurasian Commodity Distribution Network and the Central Asian Water and Energy Complex.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 4774, 2160