First-time BBB long-term and A2 short-term foreign currency credit ratings have been assigned to Eurasian Development Bank (EDB) with a stable outlook by Capital Intelligence Rating Agency (CI Ratings), the lender said on June 11.

The investment-grade rating from CI Ratings, a firm regulated by the European Securities and Markets Authority (ESMA), reflects the EDB’s standalone rating, including its strong capital position, robust asset quality, comfortable liquidity profile and low refinancing risk, added the bank.

EDB’s long-term credit rating of BBB is set at the same level as the Bank Standalone Rating with no rating uplift, as it is higher than the estimated average credit strength of the bank’s member states, CI Ratings said in a press release. At the same time, the rating agency noted that the shareholders exhibit a willingness to provide extraordinary support to EDB if needed by committing to a high level of callable capital.

In CI Ratings’ view, Almaty, Kazakhstan-headquartered EDB’s rating is supported by its solid capital position and balance sheet leverage ratio, low non-performing loans (NPLs) ratio (Stage 3) and more than full loan-loss reserve coverage, reflecting effective risk management. Additional credit strengths cited by CI Ratings include the EDB’s comfortable liquidity position, low refinancing risk and sound earnings strength.

The agency also highlights how the EDB’s business model has demonstrated resilience since its establishment 20 years ago. It is focused on the long-term financing of projects with significant and measurable social and economic impact, including infrastructure and green energy initiatives. The bank was the leader among multilateral development banks (MDBs) in non-sovereign financing in its countries of operations in 2022-2025.
 

The Stable Outlook assigned to EDB’s ratings reflects CI Ratings’ expectation that EDB will maintain a strong capital buffer, satisfactory earnings and liquidity, as well as good loan asset quality over the next 12 months.

CI Ratings is registered as a credit rating agency in the European Union and supervised by ESMA. It is also formally recognised as an External Credit Assessment Institution (ECAI) by the European Banking Authority (EBA) and by supervisory authorities in a number of countries in the Gulf Cooperation Council (GCC) and the broader Middle East and North Africa (MENA) region.

Established in 1982, it is billed as having deep expertise in emerging markets, particularly in the Middle East and North Africa.

The assigned rating will facilitate primarily the development of EDB’s operations in the Middle East capital markets. In December 2025, the bank opened an office in the Abu Dhabi Global Market (ADGM) international financial centre. It aims to attract investment for projects in Central Asia.

By the end of December 2025, the EDB’s cumulative portfolio comprised 326 projects with a total investment of $19.6bn.

The bank says its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering.

The EDB adheres to the UN Sustainable Development Goals and ESG principles in its operations.

The EDB is implementing three mega-projects as part of its 2022–2026 strategy: the Eurasian Transport Network, the Eurasian Agricultural Goods Distribution System and the Central Asian Water and Energy Complex.