In a new step reflecting the evolution of financial cooperation between Kazakhstan and the UAE, a Kazakh bank has issued bonds worth $54 million in the UAE capital markets. This event underscores the strategy of the Eurasian Development Bank, headquartered in Almaty, to enhance regional infrastructure and support development projects in Central Asia.
The Eurasian Development Bank, an international financial institution based in Almaty, Kazakhstan, has issued a private placement bond denominated in dirhams, valued at 200 million dirhams (approximately $54 million) in the local capital markets of the UAE. This issuance was arranged by First Abu Dhabi Bank, the largest bank in the UAE, in partnership with the Abu Dhabi Fund for Development, the leading national institution in development financing.
This issuance supports the strategic objective of the Eurasian Development Bank to enhance regional infrastructure, trade, and industrial projects, while encouraging the use of local currency in cross-border transactions. The proceeds will be directed towards high-impact development initiatives in the member countries of the bank, bolstering economic resilience and integration in Central Asia. This deal marks a significant milestone in financial cooperation between Central Asia and the UAE. In April 2025, the Development Bank successfully launched its first dirham-denominated bonds on the Astana International Exchange, becoming the first issuer of dirham bonds in Kazakhstan.
Daniyar Imanaliyev, Vice Chairman of the Board of the UAE Development Bank, commented: “Raising funds in dirhams in the UAE capital market is a steady step by the UAE Development Bank to finance sustainable development in our member countries. We are not only diversifying our funding sources but also deepening economic cooperation between Central Asia and the Middle East. This deal aligns perfectly with our mission to invest in the prosperity of the Eurasian region.” His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, stated: “The strategic cooperation aims to support high-impact investments across Central Asia, in line with our mission to drive economic progress and enhance resilience and integration through innovative development financing.” Linus Likas, Head of Investment Banking and Markets, remarked: “This deal enhances our partnership with the Eurasian Development Bank and reaffirms our commitment to developing innovative financing solutions across the region. As the first dirham issuance by an international entity in the UAE, it sets a new standard for regional capital markets and supports high-impact development throughout Central Asia.”