EBRD Backs Kazakhstan’s Restaurants as Tourism Investment Jumps 32.6%

The European Bank for Reconstruction and Development (EBRD) is sharing 50% of the lending risk on a KZT 3.7 billion ($8.2 million) loan from Bank CenterCredit to Kazakhstan’s AB Restaurants (ABR).

The financing will fund renovations and changes to five existing restaurants and the opening of up to five additional outlets in Almaty and Astana. ABR operates 48 restaurants serving approximately seven million guests annually.

Kazakhstan’s tourism investment increased 32.6% to KZT 1.26 trillion in 2025, according to government figures. The total includes spending across the tourism industry rather than restaurants and hotels alone.

The country’s hospitality market is also attracting investment in new accommodation facilities and restaurant developments, with operators expanding in major commercial and tourism centres.

Kazakhstan’s Restaurant Expansion Intensifies Competition in Major Cities

Kazakhstan recorded 19,588 food-service establishments in 2025, up 17.5% from the previous year, according to the Bureau of National Statistics. Almaty accounted for 3,522 outlets and Astana for 2,761.

The number of restaurants nationwide increased by 666 to 3,024, including 654 in Astana and 602 in Almaty. Food and beverage service revenue reached KZT 2.1 trillion during the year.

Revery Food and Beverages acquired Burger King’s Kazakhstan franchise through Holten Group in March 2025, securing exclusive operating rights for 20 years. The company plans to expand the chain nationally, although the acquisition value and opening schedule have not been disclosed.

Dodo Brands operated more than 100 Dodo Pizza outlets and 14 Drinkit cafés in Kazakhstan by June 2025. The company subsequently moved its corporate domicile to the Astana International Financial Centre, retaining a franchise model in which local partners operate most locations.

South Korea’s Mom’s Touch signed a master franchise agreement with Shin-Line Group in October 2026 to establish at least 50 restaurants in Kazakhstan over the next decade.

The first outlet is scheduled for the first half of 2027. The country’s growing restaurant count and KZT 2.1 trillion in food-service revenue establish the scale of the market, although comparable revenue growth and operating-margin figures are needed to assess the performance of individual outlets.

International Hotel Operators Target Kazakhstan’s Tourism Market

Kazakhstan has 328 tourism projects valued at approximately KZT 1.3 trillion, including plans for 25 international-class hotel complexes.

The government has identified Hilton and Mandarin Oriental among the international operators involved, with some developments scheduled for completion through 2027. The investment pipeline also includes tourism facilities outside the hotel industry.

A planned Hilton hotel in Shymkent carries an estimated investment of KZT 17.5 billion, while a Marriott development in Konaev is valued at KZT 28 billion.

Other announced projects include a Novotel in Pavlodar, a Courtyard by Marriott in Kostanay and a Rixos hotel in Kyzylorda. The government’s disclosures do not provide confirmed room counts or opening dates for every property.

Kazakhstan’s accommodation establishments served 4.77 million visitors in the first half of 2026. The Bureau of National Statistics recorded 4,687 facilities with capacity for approximately 243,800 guests. Accommodation services generated KZT 173.8 billion, with Almaty and Astana accounting for 53.6% of the total.

National bed occupancy averaged 30.9% during the period, compared with 40.5% in Almaty and 35.6% in Astana. The figures measure occupied beds rather than hotel rooms, with utilisation rates varying between the country’s principal commercial centres and the wider accommodation market.

Kazakhstan’s High Borrowing Costs Complicate Hospitality Investment

Kazakhstan’s National Bank reduced its benchmark interest rate to 15.75% in October 2026, from 18% earlier in the year. Annual inflation slowed to 9.3% in September, while the central bank indicated that further rate cuts were unlikely before year-end. The policy rate remains high relative to the financing requirements of new hotel and restaurant developments.

The Development Bank of Kazakhstan signed a financing agreement with Upstate LLP in August 2025 for the Radisson Turkistan Hotel in Almaty. The KZT 11.93 billion development includes KZT 7 billion in bank financing, representing approximately 59% of the project’s estimated cost.

Construction was underway when the agreement was announced, with the 156-room hotel planned for the Medeu district. The bank did not disclose the interest rate or repayment terms.

Average monthly wages in Kazakhstan’s accommodation and catering industry reached KZT 373,433 in the second quarter of 2026, up 7.8% from a year earlier, according to the Bureau of National Statistics.

Construction-sector wages averaged KZT 573,110, an increase of 16.9%. These figures cover national industry averages rather than the costs of individual developments.

Kazakhstan’s Regional Resorts Attract New Tourism Investment

Kazakhstan’s government approved 73 measures for the Almaty mountain cluster in April 2026, including the modernisation of Shymbulak and development of the Butakovka and Kimasar gorges.

The second phase, scheduled to begin in 2027, covers the Pioneer and Oi-Qaragai resorts, with plans to connect the sites through cableways. French manufacturer POMA has been selected to supply 11 cableways for the Almaty SuperSki project.

On the Caspian coast, Mangystau’s tourism development programme targets KZT 198.9 billion in private investment between 2025 and 2029.

The programme includes resort infrastructure, transport improvements and airport developments serving destinations such as Kenderli. The investment figure is a government target, with individual project financing and construction schedules subject to separate agreements.

Kazakhstan’s Baiterek holding company announced financing terms for tourism developments in June 2026. Eligible projects can receive Development Bank of Kazakhstan loans with repayment periods of up to 20 years, a minimum financing amount of KZT 7 billion and an annual interest rate of 12.6%. The programme covers investments in regional destinations including Turkestan, Burabay, Mangystau and Alakol.