EBRD Invests $125 Million in Kazakhstan Railway Operator Eurobond
The European Bank for Reconstruction and Development is investing up to $125 million in a Eurobond issue by Kazakhstan’s national railway operator, Kazakhstan Temir Zholy (KTZ). The bond, with a total value of up to $1 billion, was listed on the London Stock Exchange, Kazakhstan Stock Exchange, and Astana International Exchange. The EBRD’s investment will help modernize passenger stations across Kazakhstan, supporting improvements in safety and operational performance. The upgraded stations are expected to offer higher throughput capacity, modern lighting, and significant enhancements for passengers with disabilities. According to the Kazakh Ministry of Transport, a large-scale reconstruction and modernization program covering 124 railway stations nationwide began in 2025. The initiative aims to improve convenience and accessibility for all passengers, including those with disabilities, and to bring Kazakhstan’s railway infrastructure in line with international quality and safety standards. Additional infrastructure upgrades financed by the bond will take place along the Trans-Caspian Corridor and are expected to support more sustainable rail transportation between Europe and Asia. The EBRD will also mobilize technical cooperation funds to help KTZ adopt international standards in passenger rail services, including measures to strengthen cybersecurity. KTZ owns and operates a 16,400-kilometer railway network and manages more than 1,700 locomotives, 46,800 freight cars, and 2,300 passenger cars. In the first quarter of 2026, KTZ transported approximately 3.2 million passengers. KTZ also transported 64.5 million tons of cargo in the first quarter of 2026, an increase of 360,000 tons compared to the same period last year. Domestic shipments accounted for 40.8 million tons, while exports totaled 23.7 million tons, up 2.2%.
