Press-release. Almaty, 13 February 2026. The Eurasian Development Bank (EDB), as a leading financial institution, and the Eurasian Bank JSC (Eurasian Bank) second-tier bank provided long-term debt financing in the amount of USD 180 mln for the implementation of the Ust-Kamenogorsk TPP (part of the Kazakhstan Municipal Systems LLP Group of Companies) modernization and expansion project. In addition, the EDB provided grant financing for the development of design estimates for the implementation of the project.

As part of the joint financing, the EDB and Eurasian Bank opened long-term credit lines in the amount of USD 90 mln from each bank. At that, the borrower’s payment obligations under the Eurasian Bank loan are covered by a guarantee for the fulfillment of payment obligations issued by the EDB. The credit enhancement mechanism in the form of a guarantee from the EDB made it possible to attract long-term financing from the second-tier bank for a longer period necessary to finance the investment project.

The Ust-Kamenogorsk TPP modernization and expansion project will increase the electric capacity of the plant by 100 MW and the thermal capacity by 130 Gcal/h, which will solve the issue of shortage of electric power, meet the growing demand for electricity, and provide heat to more than 300 residential apartment buildings and social facilities in Ust-Kamenogorsk. The project is part of the National Project of the Republic of Kazakhstan for the modernization of the energy and utility sectors, and is of great social importance to the state and its residents.

The new power unit will be equipped with modern energy and environmental systems that fully comply with the requirements of the Environmental Code of the Republic of Kazakhstan for the new equipment. A high level of dust cleaning and reduced emissions of nitrogen, sulfur and carbon oxides will significantly reduce the impact on the environment.

“Energy is one of the priority sectors for the Bank’s investment activities, and we are pleased that our cooperation will help make a significant contribution to the modernization of the energy infrastructure of the East Kazakhstan Region, as well as serve as a powerful incentive for the development of the entire region.”

This transaction is a successful example of co-financing a large investment project with the commercial bank, where the EDB assumes the main financial risks of the project by providing a guarantee of payment obligations in favor of the co-financing company,” said Ruslan Dalenov, Deputy CEO of the EDB.

“Thanks to the partnership with the development institute, we entered into the major infrastructure project with long-term financing and reliable coverage of credit risks. And the EDB’s experience and expertise in structuring complex transactions allow us, as the domestic bank, to increase our competencies in the energy and capital-intensive industries. It is especially valuable for us to be a part of a story where business and high social responsibility are combined. As a result, residents of Ust-Kamenogorsk will receive stable heat and electricity, and the environmental situation in the region will improve significantly,” said Lyazzat Satiyeva, CEO of Eurasian Bank.

“The Kazakhstan Municipal Systems Group of Companies systematically invests in the modernization of energy infrastructure and capacity development of its subsidiaries, consistently transforming investments into reliable energy supply and long-term sustainability of the regions. We highly appreciate the EDB’s role in financing and increasing the investment attractiveness of the KMS projects,” said Sabyrgali Idrissov, General Director of Kazakhstan Municipal Systems LLP.

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The Eurasian Development Bank (EDB) is a multilateral development bank engaged in investment activities in the Eurasian space. For 20 years, the EDB has been contributing to the strengthening and expansion of economic ties and the comprehensive development of its member countries. By the end of December 2025, the EDB’s accumulated portfolio includes 326 projects with a total investment of USD 19.6 bln. The main share of the EDB’s portfolio is occupied by projects with integration effects in the fields of transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering. In its activities, the Bank is guided by the UN Sustainable Development Goals and ESG principles.

Eurasian Bank JSC is a socially important commercial bank in Kazakhstan, which celebrated its 30th anniversary on 26 December 2024.

It is one of the ten largest banks in the country in terms of assets, occupies a leading position in the retail banking market, and provides a wide range of services to corporate clients and SMEs. It has 19 regional branches and 119 cash settlement offices in the territory of the Republic of Kazakhstan. The Bank belongs to the ecosystem of the ERG group (one of the largest companies in the world in the field of mining and processing of mineral resources).

The Kazakhstan Municipal Systems Group of Companies is a vertically integrated holding company operating in the markets of generation, transportation and sale of electric and thermal energy. The Company was founded in 2008. The main activities of the KKS LLP are electricity generation, heat energy production, electricity transportation, heat and electricity sales. The Company is regionally represented in 4 regions – Karaganda, Turkestan, East Kazakhstan and Mangystau.

Ust-Kamenogorsk TPP LLP is the largest producer of thermal and electric energy in the East Kazakhstan Region. The installed thermal capacity is 859.9 Gcal/h, electric capacity is 372.5 MW. The Company provides thermal energy production for large industrial enterprises and covers more than 80% of the load of the city’s housing and communal services sector. The Company is part of the Kazakhstan Municipal Systems LLP Group (long-term Fitch rating at “BB-”), which in turn is one of the largest private energy companies in Kazakhstan engaged in the generation, transmission and sale of heat and electricity.