ANALYSIS OF GREEN LENDING PROGRAMS OF SECOND-TIER BANKS AND DEVELOPMENT INSTITUTIONS IN THE REPUBLIC OF KAZAKHSTAN

M. Aitkazina, A. Karshalova, V. Biken

2026

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DOI 10.32014/2026.2518-1467.1214
Data confidence 70 medium
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Abstract

The relevance of the study is due to the increasing role of sustainable finance in the context of the global climate agenda and the transition of the economy to a low-carbon development model. In the Republic of Kazakhstan, the development of "green" lending is considered as one of the key tools for implementing environmental policy, achieving carbon neutrality and stimulating investments in projects in the field of renewable energy, energy efficiency and sustainable infrastructure. The purpose of the study is to analyze the dynamics, structure and institutional mechanisms for the development of "green" lending programs for second-tier banks and development institutions of the Republic of Kazakhstan, as well as to identify the main limitations and prospects for further expansion of this segment of the financial market. The methods of system, comparative, dynamic and correlation analysis are used in the work. The information base of the study was made up of data from the National Bank of the Republic of Kazakhstan, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, the AIFC Center for Green Finance, the Development Bank of Kazakhstan, the Damu Entrepreneurship Development Fund, the Eurasian Development Bank and other open sources for 2015-2024. The results of the study showed that the market of "green" financing in Kazakhstan is at the stage of institutional development, and its main drivers are international financial organizations and development institutions. It has been established that the participation of second-tier banks in financing environmental projects is gradually expanding, but there are still limitations associated with the high cost of borrowed resources, insufficient standardization of "green" credit products and poor development of ESG reporting of borrowers. It is concluded that it is advisable to form a mixed model for the development of "green" financing based on the interaction of second-tier banks, development institutions and government support mechanisms, which will contribute to the further expansion of the sustainable financing market in Kazakhstan.