Following an upgrade by the international rating agency Sustainable Fitch, Development Bank of Kazakhstan JSC (a subsidiary of Baiterek Holding, hereinafter – DBK or the Bank) has strengthened its position as a national leader in sustainable development in Kazakhstan.
The agency raised DBK’s ESG rating from 64 to 68 points, corresponding to Level ‘2’. This assessment reflects the Bank’s consistent and effective efforts to integrate ESG principles into its operations and to expand sustainable finance.
According to its long-term Strategy for 2024–2033, the Bank places strong emphasis on increasing its contribution to the national economy, ensuring efficient asset management and promoting sustainable development. The annual improvement in the ESG rating underlines DBK’s commitment to sustainability principles, transparency in governance and social responsibility.
Sustainable Fitch notes that the Bank’s activities, with a significant share of green and social projects in its lending and leasing portfolio, have a positive impact on Kazakhstan’s socio-economic development.
“A key factor in the ESG rating upgrade was the Bank’s accreditation with the Green Climate Fund as a Direct Access Entity, enabling it to design and implement programmes in priority areas for the country, including renewable energy and infrastructure, aimed at climate change mitigation and adaptation,”
said Marat Yelibayev, Chairman of the Management Board of Development Bank of Kazakhstan JSC.
Sustainable Fitch also positively assessed the Bank’s progress in the disclosure and verification of non-financial sustainability information, including the preparation of its Annual Report in line with international standards.
The Bank’s corporate governance received a high appraisal, with the agency highlighting the transparency and effectiveness of its processes, the presence of independent directors on the Board of Directors, and the robust work of the Audit Committee and the Internal Audit Service.
In addition, Sustainable Fitch emphasised the Bank’s strong social performance, its commitment to human rights and high labour standards, a high level of gender inclusiveness, and a minimal gender pay gap.
