Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Kazakhstan

Geographic location where the impacts of the investment may be experienced.

Specific Location

Darbaza, Maktaaral, Altynkol, Zhetygen

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Mar 25, 2026

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

JSC National Company Kazakhstan Temir Zholy (KTZ)

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Infrastructure
Transport

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 200.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Loan Amount (USD)

$ 200.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Project Cost (USD)

$ 1,075.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 2, 2026

Disclosed by Bank May 21, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EBRD, the project consists of the investment of US$ 125 million (EUR 106 million equivalent) in benchmark bonds issued by JSC National Company Kazakhstan Temir Zholy (KTZ), the national railway company of Kazakhstan. The Bank acquired 12.5 per cent of the total bond issuance of USD 1 billion.

The Bank's proceeds will be used to finance the modernisation of 124 passenger railway stations across Kazakhstan to improve safety, operational and energy efficiency, accessibility and passenger comfort, while strengthening connectivity between the regions.

By supporting the modernisation of 124 passenger railway stations across Kazakhstan, the project will strengthen connectivity between the regions and improve the quality, safety and accessibility of railway passenger infrastructure. The project will also enhance the operational efficiency and attractiveness of rail transport for diverse user groups.

The project will support improvements in KTZ's operational resilience through the introduction of ISO 55000 standards to improve asset management efficiency at KTZ's passenger transport subsidiary. The project will also support enhancements in KTZ's cybersecurity practices through the adoption of advanced international standards.

Another portion of the bond proceeds will be used to co-finance KTZ's projects for the construction of new and modernisation of existing railway lines: Darbaza-Maktaaral (new railway) and Altynkol-Zhetygen railway (modernisation). These projects will be financed through bilateral loans from other international financial institutions (IFIs), such as International Finance Corporation (IFC), World Bank, Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB). Both railway projects are Category A, and the Environmental and Social Impact Assessments (ESIAs) in line with the IFIs' environmental and social (E&S) requirements and international standards are currently ongoing, to be followed by disclosure and public consultation in line with good international practice. Environmental and Social Action Plan (ESAP) for the EBRD investment also includes provisions that any Category A level elements within the bond will require a robust Good International Practice (GIP)-aligned process. All the gaps in E&S requirements against the EBRD Environmental and Social Requirements (ESRs) have been addressed through the ESAP that has been agreed with KTZ and included in the bilateral Framework Agreement conditions for the bond.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Although the E&S risk category assigned to the project is B, some of its components include projects assigned risk category A. The categorization assigned by the EWS team aims to highlight these higher risk activities.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, KTZ is the national railway company of Kazakhstan managing railway infrastructure and operating freight and passenger transportation services across the country. The company operates a railway network of approximately 16,000 km and is wholly owned by the state through JSC Sovereign Wealth Fund Samruk-Kazyna.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	JSC National Company Kazakhstan Temir Zholy	Client	Transport

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - JSC National Company Kazakhstan Temir Zholy (KTZ):

Daulet Ismailov
Email: ismailov_d@railways.kz
Phone: +7 702 700 07 12

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html