Аңдатпа
The growing financing gap for infrastructure, climate, and private-sector development projects has increased the importance of financial mechanisms capable of combining development resources with commercial capital. This study examines the application of blended finance and credit guarantee instruments by international financial institutions in Kazakhstan during 2015–2025. The research is based on official materials of the European Bank for Reconstruction and Development, the Asian Development Bank, the International Finance Corporation, the Multilateral Investment Guarantee Agency, the Development Bank of Kazakhstan, as well as analytical materials of the OECD and Convergence. The methodology combines comparative institutional analysis, sectoral analysis, structured case-study analysis, and classification of instruments according to their risk-allocation and private-capital mobilisation functions. The results show that the most developed forms of blended finance in Kazakhstan have been concentrated in renewable energy, sustainable infrastructure, small and medium-sized enterprise finance, and green investment. International financial institutions have used concessional co-financing, risk-sharing facilities, investment grants, technical assistance, and guarantee mechanisms to improve the risk-return profile of projects. The analysis demonstrates that credit guarantees and risk-sharing arrangements are particularly important where commercial lenders face long maturities, project risks, insufficient collateral, or regulatory constraints. At the same time, the study identifies limitations related to local-currency financing, fragmentation of green-finance mechanisms, and insufficient standardisation of blended-finance practices. The findings may be applied in developing national mechanisms for mobilising private capital and improving the design of public-private and development-finance instruments.