Our People > Stephen M. Bland

Stephen M. Bland

Managing Editor and Head of Investigations

Stephen M. Bland is a journalist, author, editor, commentator, and researcher specializing in Central Asia and the Caucasus. Prior to joining The Times of Central Asia, he worked for NGOs, think tanks, as the Central Asia expert on a forthcoming documentary series, for the BBC, The Diplomat, EurasiaNet, and numerous other publications.

His award-winning book on Central Asia was published in 2016, and he is currently putting the finishing touches to a book about the Caucasus.

Articles

Critical Minerals

Uzbekistan’s $4.2 Billion Critical Minerals Plan Aims to Turn Raw Materials Into Industry

Uzbekistan has placed a $4.2 billion critical minerals program at the center of its industrial policy, as Tashkent seeks to turn Soviet-era mining strengths into higher-value production for modern supply chains. The country has long sold metals and minerals, but the program reviewed by President Shavkat Mirziyoyev on June 15 puts more emphasis on refining, laboratory work, skilled workers, and finished industrial goods. The new 2026-2030 program, which sets out 120 projects, aims to lift critical minerals output to $1 billion by 2028 and $2 billion by 2030. The first tranche, planned for this year, covers 12 projects worth $166 million and production of high-purity selenium, tellurium, and rhenium. It also includes 21 import-substituting products, including powder metallurgy auto parts and sulfuric acid. The plan landed as investors gathered in Tashkent for the Fifth Tashkent International Investment Forum. Mirziyoyev used the forum to make a broader reform pitch. “We are always open to investors interested in cooperating with Uzbekistan and ready for an equal and mutually beneficial partnership,” he said in his opening speech. He also announced plans for a Tashkent International Financial Center with zero rates for profit tax, value-added tax, property tax, and customs duties. Critical minerals give that investment pitch a clearer focus. Global buyers are looking for supplies that do not depend on a handful of processing hubs, while resource-rich countries want more of the value to stay at home. Uzbekistan is trying to move into that field with metals it already produces, especially tungsten and molybdenum, and with smaller but valuable materials used in electronics, aerospace, energy equipment, and advanced manufacturing. The Uzbekistan Technological Metals Complex, known as TMK or UzTMK, is the state vehicle for much of this work. The company says its portfolio includes tungsten, molybdenum, rhenium, graphite, selenium, tellurium, lithium, nickel, and cobalt. Its stated model is “mine-metal-market,” meaning a chain from extraction to metal products and buyers. The June 15 package adds practical details. Uzbekistan wants more than concentrates and semi-finished goods. The presidential briefing listed metal powders, alloys, rods, wire, industrial parts, and finished products. For tungsten and molybdenum, that means deeper processing inside Uzbekistan rather than sending value abroad. Chirchik, east of Tashkent, is set to play a larger role. The government plans to expand the Metals of the Future technopark and build up an R&D center there. The site is designed to support start-ups, commercialize applied research, and produce high-purity metals. A planned nano-analysis laboratory would process up to 1,000 samples a day once fully operational. Officials say it could replace $6.5 million in imported analytical services and generate $4 million through service exports. The lab is one of the more practical parts of the program. Mining projects need more than deposits and investment pledges. They need reliable samples, resource estimates that meet international standards, steady power, and proven processing methods. A credible laboratory in Chirchik would not remove all those risks, but it would make it easier to move from geological data to financed projects. Global demand...

3 hours ago

Iran

U.S.-Iran Framework Could Reopen Central Asia’s Southern Route

The United States and Iran said on June 15 that they had reached a framework to end their war, halt the U.S. naval blockade of Iranian ports, and reopen the Strait of Hormuz. The sides said a memorandum of understanding could be signed on June 19 in Switzerland. The exact terms were not immediately known, with Iran’s nuclear program and sanctions relief left for later talks. Pakistani Prime Minister Shehbaz Sharif said the pact called for “the immediate and permanent termination of military operations on all fronts, including in Lebanon.” Trump posted, on Truth Social, “Ships of the World, start your engines. Let the oil flow!” Brent crude fell by more than 4% in early trading, and Asian stock markets advanced. Reuters later said shippers remained cautious after one LNG tanker passed through Hormuz on June 15. A reopened strait would not restore normal traffic immediately, with freight flows depending on mine clearance, insurance rules, port inspections, and shipping guidance for vessels entering the area. Kazakhstan was the first Central Asian state to publicly welcome the latest announcement. President Kassym-Jomart Tokayev praised the political will of the parties, saying they had helped “restore trust and mutually acceptable solutions.” Azerbaijan also issued a supporting statement praising Pakistan’s mediation and saying further talks could support “lasting peace and stability.” Central Asian governments had previously welcomed the U.S.-Iran ceasefire in April, with Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan calling for de-escalation and diplomacy. For Central Asia, oil prices are only part of the story. The larger question is whether de-escalation can reopen practical access to southern trade routes, ports, and markets beyond the Caspian. Since Russia’s full-scale invasion of Ukraine in 2022, the region has paid closer attention to alternatives to routes through Russia. Iran offers one of its shortest paths to the Gulf, the Indian Ocean, Türkiye, and India. But sanctions, banking risk, war insurance, and U.S. policy shifts have kept that path fragile. Chabahar is the clearest example. In May 2024, India signed a 10-year contract with Iran to develop and operate the port on the Gulf of Oman. India’s shipping minister, Sarbananda Sonowal, called Chabahar “a vital trade artery connecting India with Afghanistan and Central Asian Countries.” The port allows Indian cargo to reach Afghanistan and Central Asia without crossing Pakistan, and gives Central Asian exporters another route toward India and the Indian Ocean. The sanctions picture remains uncertain. On October 30, 2025, Washington granted India a six-month waiver that allowed operations at Chabahar to continue. No public replacement had been announced by June 15. The new framework could make another waiver easier to justify, but banks and insurers will wait for signed text, U.S. guidance, and proof that Hormuz and Iranian ports are safe. Reuters cited a senior Iranian official who said the draft framework included no new U.S. sanctions before a final deal, a temporary oil sanctions waiver, and the release of $25 billion in frozen Iranian assets. The same source said Iran would refrain from further enrichment and...

2 days ago

Podcast

Pannier and Hillard’s Spotlight on Central Asia: New Episode Coming Soon

As Managing Editor of The Times of Central Asia, I’m delighted that, in partnership with the Oxus Society for Central Asian Affairs, from October 19, we are the home of the Spotlight on Central Asia podcast. Chaired by seasoned broadcasters Bruce Pannier of RFE/RL’s long-running Majlis podcast and Michael Hillard of The Red Line, each fortnightly instalment will take you on a deep dive into the latest news, developments, security issues, and social trends across an increasingly pivotal region. This week, the team will be discussing the latest report on Foreign Information Manipulation and Interference with special guest Samuel Doveri-Vesterbye, Director of the European Neighborhood Council.

5 days ago

Middle Corridor

Kyrgyzstan and Georgia Seek Black Sea Link for CKU Railway

Kyrgyzstan and Georgia placed Black Sea access at the center of their transport agenda during Georgian Prime Minister Irakli Kobakhidze's official visit to Bishkek on June 11-13. In talks with President Sadyr Japarov at Yntymak Ordo, the new presidential palace complex, on June 12, the two sides linked their cooperation to the China-Kyrgyzstan-Uzbekistan railway, known as CKU, and to Georgia's role in the Trans-Caspian route between Central Asia and Europe. The visit was the first official trip to Kyrgyzstan by a Georgian head of government since the two states established diplomatic relations 34 years ago. "Special attention was paid to linking the China-Kyrgyzstan-Uzbekistan railway with Georgia's port infrastructure," Japarov said after the talks. He called cooperation in this sector "one of the priority areas" in relations between the countries. That focus gave the visit a wider regional dimension, as landlocked Kyrgyzstan still lacks a direct rail link with China. Georgia offers access to Black Sea ports and sits on the South Caucasus section of the Middle Corridor. If the CKU line becomes operational, Bishkek wants cargo moving from China through Kyrgyzstan and Uzbekistan to connect with routes across the Caspian Sea, Azerbaijan, and Georgia. Kobakhidze linked the same issue to Tbilisi's transit goals. "We emphasized the importance of developing the Middle Corridor," he said, adding that the route needs more cargo flows. He said Georgia was closely following the CKU and was pleased that the project was "progressing rapidly," because it would strengthen links between Central Asia and the South Caucasus. The two sides signed a joint statement and a package of bilateral documents after the talks. The agreements covered aviation authorities, state property management, veterinary cooperation, education, justice, sport, radiation safety, foreign ministry cooperation for 2027-2028, and customs cooperation. The customs document provides for advance exchanges of information about goods and vehicles moving between the two countries. That aspect may prove the most practical for freight, since cargo routes depend on data exchange, border processing, and predictable clearance times. The CKU railway has moved from a decades-long plan to active construction. The financing agreement signed in Bishkek set the project cost at $4.7 billion. About half will be financed through a 35-year Chinese loan to the joint project company. China holds a 51% stake in the company, while Kyrgyzstan and Uzbekistan each hold 24.5%. The planned line runs from Kashgar in China through Kyrgyzstan to Andijan in Uzbekistan. The Kyrgyz section represents the most difficult part of the route. It is about 305 kilometers long, with 50 bridges and 29 tunnels planned. More than 5,000 people and about 5,600 pieces of specialized equipment were involved by late March, with tunnel excavation, earthworks, and bridge construction already under way. Transport Minister Talantbek Soltobaev said on June 10 that work was in progress on sections totaling up to ten kilometers. Japarov has outlined 2030 as a target for the launch. The project would give Bishkek a rail role it has never had. Kyrgyzstan has no through rail route linking China with...

5 days ago

Counter-Terrorism

Kyrgyzstan Says 31 Suspected KTJ and Islamic State Members Detained in Southern Operation

Kyrgyzstan’s State Committee for National Security, or GKNB, said it detained 31 suspected members of Katibat al-Tawhid wal-Jihad and Islamic State during an overnight counterterrorism operation in the southern Osh and Batken regions. The operation took place on the night of June 8-9. Authorities imposed a legal counterterrorist-operation regime in Osh, Kyzyl-Kiya, Kara-Suu district, and Uch-Korgon village in Kadamjay district. The GKNB said the suspects had planned attacks against law enforcement officers and religious figures. Security officers detained 11 people in Osh region and 20 in Batken region. During searches, officers seized religious extremist literature, electronic storage devices with extremist materials, four unregistered firearms, symbols of terrorist groups, and money that the GKNB said was intended to finance terrorist structures abroad. The GKNB said its chairman, Jumgalbek Shabdanbekov, directed the operation in real time from a situation center. Operational headquarters included staff from the Interior Ministry, Border Service, Defense Ministry, Emergency Situations Ministry, Health Ministry, presidential envoys in the regions, and Osh city officials. “The special operation was carried out in strict accordance with the law,” the GKNB said in a statement carried by local media. The committee said its Main Investigation Department was checking the detainees’ links, possible accomplices, and financing channels. The suspects were not named, and the GKNB statement did not give their ages, citizenship, or the legal articles under which the case is proceeding. The detainees were placed in the GKNB’s temporary detention facility. Katibat al-Tawhid wal-Jihad appears on the UN Security Council’s ISIL and Al-Qaida sanctions list as Khatiba al-Tawhid wal-Jihad, or KTJ. The UN added the group to the list on March 7, 2022, for its association with Al-Qaida-linked groups. The UN entry says KTJ was formerly known as Jannat Oshiklari and operated under Al-Nusrah Front in Syria. It also says the group had about 500 fighters. The UN entry says KTJ organized the 2016 attack on the Chinese Embassy in Bishkek. In that attack, a suspected suicide car bomber rammed the embassy gates, killing himself and wounding at least three other people, Reuters reported. Reuters later quoted the GKNB as saying, “The investigation established that the terrorist act was ordered by Uighur terrorist groups active in Syria.” U.S. sanctions records list Katibat al Tawhid wal Jihad as a Specially Designated Global Terrorist entity. Kyrgyzstan’s official list of banned organizations includes Islamic State, Jannat Oshiklari, and Jamaat at-Tawhid wal-Jihad. Islamic State was declared a terrorist and extremist organization by Bishkek’s Oktyabr District Court on February 13, 2015, and the ruling entered into force on March 16, 2015, 24.kg reported. No convictions have been announced in the June 9 case. The case remains under investigation.

1 week ago

Armenia

Pashinyan Victory Points to New Transport Options for Central Asia

Kazakh President Kassym-Jomart Tokayev congratulated Armenian Prime Minister Nikol Pashinyan on June 8 after Pashinyan’s Civil Contract party won Armenia’s parliamentary election. The message came through Akorda. Tokayev said the vote, in the preliminary view of most international observers, was open, followed Armenian election law, and allowed citizens to express their will. Armenia’s Central Electoral Commission has released preliminary results from all 2,005 polling stations, giving Civil Contract 727,160 votes, or 49.81%. Samvel Karapetyan’s Strong Armenia bloc took 23.29%, while former President Robert Kocharyan’s Armenia Alliance took 9.94%. Turnout stood at 59%. Pashinyan is on course to form another government, but doesn’t have the two-thirds strength needed to change the constitution without a referendum. That limits his room for maneuver on a final peace agreement with Azerbaijan, since Baku still wants Yerevan to alter constitutional language it sees as a claim to Nagorno-Karabakh. [caption id="attachment_50178" align="aligncenter" width="1535"] A stall in Tsaghkadzor, Armenia, selling Nikol Pashinyan paraphernalia. Image: TCA, Stephen M. Bland[/caption] Kazakhstan has built a close political track with Armenia over the past two years. In November 2025, Tokayev and Pashinyan elevated ties to a strategic partnership during Pashinyan’s official visit to Kazakhstan. The two sides discussed trade, transport, agriculture, digitalization, education, and culture. Armenian government readouts from the visit also linked Kazakh wheat shipments to regional route openings through the South Caucasus. This is the practical Central Asian stake in Pashinyan’s victory: a durable Armenia-Azerbaijan peace settlement would add another layer to westward routes from the Caspian. In October 2025, Azerbaijan removed all restrictions on cargo transit to Armenia. President of Azerbaijan Ilham Aliyev told Tokayev in Astana that a shipment of Kazakh grain through Azerbaijan to Armenia was the first such consignment since transit stopped in the late Soviet period. Kazakhstan already uses the Caspian and South Caucasus to reach Turkey and Europe, but that network depends on a limited number of crossings, ports, and rail links. If Armenia and Azerbaijan reopen transport ties, Astana gains another way to reduce chokepoints and strengthen its position. Pashinyan’s victory also sends a political signal. The vote tested whether Russian pressure could set the limits of Armenia’s domestic politics. International observers said the June 7 election offered voters a genuine choice in a well-run process. They also cited pressure from abroad through trade restrictions and security threats aimed at pushing voters toward the opposition. The same assessment warned of uneven campaign opportunities and perceptions of selective justice inside Armenia. However, Pashinyan still won in a “landslide” despite years of public anger over the loss of Nagorno-Karabakh, a split with old security partners, and strong pressure from opposition groups with better ties to Moscow. The two main pro-Russian opposition forces won a combined 31%. The election came against a backdrop of Armenia’s break with Russian security organizations. When Azerbaijan took full control of Nagorno-Karabakh in 2023 as Russian peacekeepers stayed on the sidelines in the breakaway territory’s dormant airport, Armenia concluded that Moscow would not protect it. In February 2024, Pashinyan said...

1 week ago

EU Sanctions

EU Sanctions Seminar in Bishkek Puts Kyrgyzstan’s Russia Trade Under Scrutiny

The European Union held a full-day sanctions seminar in Bishkek on June 9, aimed at Kyrgyz companies, banks, logistics operators and virtual-asset businesses. The session comes less than seven weeks after Brussels used its anti-circumvention tool against Kyrgyzstan for the first time. The EU Delegation to the Kyrgyz Republic said the seminar was designed to raise awareness of EU sanctions, explain their application, and improve cooperation to prevent circumvention. The published agenda set out a program covering the EU sanctions system, financial restrictions, dual-use trade controls, penalties, trade-flow risks, and practical compliance. It also included question-and-answer sessions on financial sanctions and dual-use goods. The Kyrgyz Chamber of Commerce and Industry said the event would cover sanctions policy. Trainers were expected to come from the European Commission, EU member states, international law firms, banks, logistics companies, technology firms, and the virtual-asset sector. The timing gives an otherwise technical seminar a political edge. On April 23, the Council of the EU adopted its 20th sanctions package against Russia. Brussels banned the export of computer numerical control machines and radios to Kyrgyzstan, where there is a high risk that the products could be re-exported to Russia. The Council said trade data showed a significant rise in the re-export of common high-priority items. Those narrow categories carry large compliance risk. They include machine tools, electronics, radio equipment and other components that can support military production, drones, communications systems, and advanced industrial supply chains. The EU is not attempting to stop Kyrgyz trade with Russia; it is trying to close routes for goods that European regulators say should not reach Russia through third countries. Kyrgyzstan has drawn closer EU scrutiny since Russia’s full-scale invasion of Ukraine in 2022. A member of the Eurasian Economic Union, goods can enter Kyrgyzstan, clear customs, and then move through regional trade channels. That role has supported growth in Kyrgyzstan, but has placed freight forwarders, importers and banks under closer foreign review. The concern had been building before the April decision. During a February visit to Bishkek, EU sanctions envoy David O’Sullivan discussed Kyrgyz banks, cryptocurrency and sensitive imports with Kyrgyz officials. Local coverage said the EU was watching about 80 dual-use product categories shipped from Europe to Kyrgyzstan. Around 50 had been found directly in Russian weapons, while 30 more were described as economically critical industrial items used in their production. The April package also increased pressure on Kyrgyz financial channels. The EU placed a transaction ban on 20 Russian banks and targeted four financial institutions in third countries. Keremet Bank and Capital Bank were among the affected Kyrgyz lenders. The EU also designated a Kyrgyz entity operating a platform where large volumes of the government-backed A7A5 stablecoin are traded. Virtual assets remain one of the most sensitive areas. On June 3, Kyrgyzstan’s financial-market regulator revoked the license of CJSC TengriCoin as a virtual-asset trading operator. The regulator cited systematic legal violations, failure to comply with official requirements, and failure to submit required reports. It also reminded market participants...

1 week ago

C5+1

From Culture to Critical Minerals: C5+1 Opens Busy U.S. Week in Central Asia

The United States and Central Asia moved another part of the C5+1 agenda into a working-level form on June 5, when culture officials from the five Central Asian states and Washington met in Tashkent. The meeting came just days before a separate C5+1 critical minerals session in Astana, giving the week a wider agenda: cultural heritage, public diplomacy, mining, investment, and supply chains are now moving forward in the same regional format. The Tashkent meeting brought together Uzbekistan's Minister of Culture Ozodbek Nazarbekov, Kazakhstan's Minister of Culture and Information Aida Balayeva, Kyrgyzstan's Minister of Culture, Information and Youth Policy Mirbek Mambetaliev, Tajikistan's Minister of Culture Matluba Sattoriyon, Turkmenistan's Deputy Minister of Culture Gurbanmurad Miradaliev, and Sarah Rogers, the U.S. Under Secretary of State for Public Diplomacy and Public Affairs. The agenda covered cultural and humanitarian cooperation, joint cultural projects, creative exchanges, and the protection and promotion of cultural heritage. Participants discussed a permanent C5+1 Working Group on Culture, a C5+1 Culture and Innovation Forum, closer cooperation in the creative industries, and more places for Central Asian cultural professionals in U.S. education and exchange programs. Uzbekistan also proposed joint English for Culture centers with U.S. partners at cultural education institutions. In practical terms, that could mean joint training for museum staff, touring exhibitions, film and music exchanges, English-language programs for curators and cultural managers, and U.S.-backed workshops for people working in heritage, tourism, and the creative industries. For Uzbekistan, the proposed centers would give the agenda a physical base inside cultural education institutions rather than leaving it at the level of declarations. The meeting ended with a protocol, which reaffirmed the parties' commitment to the cultural heritage agenda adopted after the Washington summit in November 2025. The International Institute for Central Asia said it covered cooperation through joint events and festivals in art, literature, theater, cinema, and music. Kazakhstan's side also tied the discussion to museum partnerships, digitization of heritage, professional exchanges, tourism routes, and digital projects. The Tashkent talks grew out of the C5+1 leaders’ meeting in Washington, where culture joined a wider list of priorities. That summit marked ten years of U.S. engagement with the region through the format, which began in 2015 and has since expanded from foreign-minister meetings to expert groups and presidential-level summits. The Times of Central Asia previously reported that the November 2025 summit shifted the format from broad diplomacy toward deliverable agreements, with critical minerals, aviation, supply chains, and business ties among the main areas of focus. Culture fits into that agenda, as Central Asian governments see heritage, tourism, film, music, museums, and the creative industries as economic sectors as well as identity markers. For the United States, public diplomacy gives Washington a way to stay active in the region outside security and energy talks. It also gives the C5+1 a soft-power layer, using language programs, museum links, heritage projects, and creative exchanges to build influence without framing the relationship only around security or resources. Heritage protection has a security side as well. Trafficking...

1 week ago

Nuclear Energy

Uzbekistan Begins Construction of First Nuclear Power Plant

Uzbekistan has started building its first nuclear power plant, turning a project discussed for nearly a decade into one of the largest energy commitments in the country's post-Soviet history. President Shavkat Mirziyoyev and Russian President Vladimir Putin launched construction on June 4 by video link from Saint Petersburg. The plant site in the Forish district of the Jizzakh region was connected to the ceremony. Rafael Mariano Grossi, director general of the International Atomic Energy Agency, also took part. The first concrete pour began overnight from June 4 to June 5 for the foundation slab of the plant's first small modular unit. The first stage used 133 cubic meters of concrete. The full pour is expected to exceed 10,000 cubic meters. Uzatom gave the site the official status of a nuclear power plant under construction under IAEA standards. The plan is no longer the modest small-reactor scheme agreed in 2024. The current design combines two large VVER-1000 reactors with two smaller RITM-200N units. Together, they would give the Jizzakh plant more than 2.1 GW of installed capacity. The small and large units will share one site and supporting infrastructure. That shift raised both the scale and the financial and regulatory stakes. This design is the latest version of a plan that has changed several times. Uzbekistan and Russia signed an intergovernmental agreement on peaceful nuclear cooperation in 2017. In 2018, Rosatom was expected to build two VVER-1200 reactors. The focus later shifted to Jizzakh. In May 2024, Uzbekistan and Rosatom signed a contract for a 330 MW small nuclear plant with six RITM-200N reactors. The plan changed again in 2025, when Tashkent and Moscow settled on the larger mixed-reactor format now under construction. The timetable shows how long the project will take before Uzbekistan gets power from it. The first RITM-200N unit is listed for criticality in late 2029, with the two larger VVER-1000 reactors expected in 2033 and 2035. The push reflects Uzbekistan's fast-rising demand for power. The International Energy Agency says the country's 2020-2030 electricity concept aims to lift generation from 63.6 billion kWh to 120.8 billion kWh by 2030, while cutting gas use in power generation. Uzbekistan produced 86.7 billion kWh in 2025. Renewable power is growing, but officials want a steady baseload supply for industry and cities. Uzbek and Russian estimates put full annual output at about 17 billion kWh. Putin put the future share at up to 15% of Uzbekistan's electricity use, with Reuters also placing the expected contribution at around 15% of demand. Those figures depend on the timing of each unit and on future consumption, which is still rising. Financing is now one of the central questions. Uzatom director Azim Akhmedkhadjaev put the project's base price at $9.5 billion and described that figure as the maximum contract amount. The estimate does not include planned localization, which Uzbekistan wants to raise to 30%. Tashkent wants loans to cover 85-90% of the project and may discuss funding with the New Development Bank and other partners. Russia...

2 weeks ago

China

Kazakhstan Turns to China and Hong Kong for Deals, Yuan Debt, and Market Access

Kazakhstan has opened a new phase in its economic ties with China, with a large package of Hong Kong and mainland Chinese agreements arriving alongside Kazakhstan’s first sovereign borrowing in China’s domestic bond market. The two steps show Astana is moving beyond trade growth into finance, listings, yuan debt, and China-linked capital for infrastructure and industry. On June 2, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin met a delegation of about 70 business representatives from Hong Kong and mainland China. Kazakhstan’s government said the group included 40 Hong Kong companies and 30 mainland Chinese companies working in finance, logistics, technology, energy, industry, and professional services. The visit produced four intergovernmental memoranda and 42 commercial agreements. Together, they covered aviation, finance, trade, innovation, technology, the digital economy, and green development. Hong Kong’s government gave a separate count, saying its business delegation had so far concluded 43 memoranda and agreements in Kazakhstan. The same statement said Hong Kong and Kazakhstan would move ahead with exploratory talks on a comprehensive double-taxation agreement and an investment promotion and protection agreement. A Hong Kong airline plans to launch direct flights to Almaty in the first quarter of 2027, which would add a practical link to the new finance and trade agenda. Officials discussed bond issuance, yuan funding, listings by Kazakh companies in Hong Kong, joint investment funds, and large investment projects. Baiterek National Managing Holding signed cooperation documents with Bank of China (Hong Kong), Invest Hong Kong, and Standard Chartered Hong Kong. Hong Kong Exchanges and Clearing Limited, which operates the Hong Kong Stock Exchange, also signed two memoranda in Kazakhstan, including one with the Astana International Exchange. The two exchanges plan to work on cross-border listings of shares and debt securities. The agreements came days after Kazakhstan completed its debut sovereign panda bond, a renminbi-denominated instrument sold in mainland China by a foreign issuer. The Finance Ministry raised 3.4 billion yuan (about $500 million) through three-year sovereign bonds. The bonds carried a 1.9% yield, and demand exceeded supply by two times. The issue was listed on the Beijing Financial Assets Exchange and the Astana International Exchange. The sovereign issue followed earlier yuan deals by state-linked Kazakh issuers. Development Bank of Kazakhstan placed 2 billion yuan in three-year yuan-denominated Eurobonds in September 2025, the first such issue in Central Asia. KazMunayGas raised 1.25 billion yuan in October through a five-year offshore yuan-denominated bond. Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, closed the order book for 3 billion yuan in debut panda bonds in April 2026. Together with the sovereign bond, those issues total 9.65 billion yuan. The figures cover more than central-government borrowing. The National Bank of Kazakhstan defines external debt as liabilities of residents to non-residents. It includes debt obligations of both the public and private sectors. A country breakdown drawn from National Bank data shows Kazakhstan’s external debt to Chinese creditors rose to $12.87 billion at the start of 2026, up from $9.29 billion at the end of 2024. The new panda...

2 weeks ago

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