Eurasian region attracted USD 10.3 billion in international financing in 2025 – new EFSD report

The Eurasian Fund for Stabilization and Development (EFSD) has published its annual report, “Sovereign Financing in Eurasia: Regional Projects and Initiatives of International Financial Institutions,” providing an analysis of sovereign financing in the Eurasian region.

In 2025, the total volume of approved financing by IFIs, development agencies, and climate funds in Eurasia was USD 10.3 billion, the second-highest level since 2021. This confirms sustained interest from international partners.

The report highlights the following key trends in sovereign financing in 2025:

Concentration in EFSD member states: EFSD member states accounted for 38.9% of the total approved financing, equivalent to USD 3.9 billion, indicating a high concentration of financing within the Fund’s countries of operation. Financing was primarily directed toward investment financing in the transport sector and policy-based financing.

Top recipient countries by approved financing:

• Uzbekistan: USD 4.9 billion (47.9% of total approved financing)
• Kazakhstan: USD 1.5 billion
• Armenia: USD 1.1 billion
• Kyrgyzstan: USD 981.3 million (the highest level since 2013)
• Tajikistan: USD 369.6 million

The largest share of approved sovereign financing is accounted for by investment financing, which totaled USD 7.5 billion, while stabilization financing amounted to USD 2.5 billion. This structure reflects IFIs’ focus on long-term infrastructure and economic development in the region, while maintaining macroeconomic support instruments. At the same time, technical assistance (TA), despite its relatively small volume of USD 0.3 billion, accounted for the largest number of operations, 217 projects, and plays a critical role in knowledge transfer and institutional capacity building.

Climate finance remains a priority for international financial institutions, including operations focused on climate change adaptation and resilience, decarbonization, and the expansion of green finance instruments.

Support for digital transformation is expanding across the region, with IFIs shifting from standalone projects to large-scale programs aimed at the systemic development of digital infrastructure, public administration, and the financial sector.

Sovereign financing refers to financing provided to governments by international financial institutions for crisis response and development purposes.

The full version of the report “Sovereign Financing in Eurasia: Regional Projects and Initiatives of International Financial Institutions” is attached. The Sovereign Financing Database (SFD) is also available online.

• EFSD_SFD26_EN_2026-04-24_WEB.pdf

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