Prime Minister Olzhas Bektenov of Kazakhstan met on June 4th with Liu Jiade, Chairman of China’s Industrial and Commercial Bank of China (ICBC), to discuss deepening investment cooperation and securing long-term financing. The talks highlighted record bilateral trade, which reached $44 billion in 2024 and grew by 3.4% in the first four months of 2025. China remains a top-five investor in Kazakhstan, with accumulated investments totaling $26 billion. Bektenov emphasized that new joint initiatives would strengthen economic ties and unlock further development opportunities.
ICBC, operating in Kazakhstan through its subsidiary Industrial and Commercial Bank of China in Almaty, has been instrumental in supporting key sectors, including partnerships with Kazakhstan’s Baiterek Holding. In March 2025, Baiterek secured 430 million yuan ($59 million) to finance the Agrarian Credit Corporation, boosting Kazakhstan’s agricultural sector. Discussions are now underway for an additional 1 billion yuan ($138 million) loan for the Industry Development Fund, along with potential bond issuances of up to 5 billion yuan ($690 million) in China’s debt market.
The Kazakh government also expressed openness to sustainable and \"green\" financing projects, aiming to enhance industrial growth, infrastructure, and export potential. This collaboration underscores the growing economic synergy between Kazakhstan and China, with ICBC playing a pivotal role in facilitating large-scale investments and financial mechanisms.