Sovereign Financing in the Eurasian Region Surpasses USD 300 Billion
Astana, July 8 — The Eurasian Fund for Stabilization and Development (EFSD, the Fund) has updated its database on sovereign financing in the Eurasian region (SFD). As of July 1, 2026, the cumulative volume of sovereign financing approved by international financial institutions (IFIs), development agencies, and climate funds since 2008 has surpassed USD 300 billion.
Over the first six months of 2026, the largest financing volumes among the 13 recipient countries covered by the study were approved for:
- Kazakhstan – USD 3.22 billion
- Pakistan – USD 1.38 billion
- Armenia – USD 0.88 billion
- Azerbaijan – USD 0.81 billion
- Uzbekistan – USD 0.69 billion
Approved sovereign financing in the region totaled USD 7.8 billion during the first six months of 2026. EFSD member states accounted for more than half of that volume, USD 4.37 billion, or 55.4%. Among EFSD member states, the largest recipients of financing besides Kazakhstan and Armenia were Tajikistan (USD 160 million) and Kyrgyzstan (USD 98 million).
"We created SFD as a tool to bring together scattered information on sovereign financing across the Eurasian region into a single analytical system. Today, the database covers operations totaling more than USD 300 billion and enables analysis of long-term trends, shifts in sector priorities, the distribution of financing across countries, and the activity of international financial institutions. Our goal is to provide governments, researchers, and international organizations with open and convenient access to objective data," said Gennady Vasiliev, Director of the EFSD Partnership Department.
EFSD has run its research project monitoring sovereign financing in the countries of the Eurasian region since 2022. The project has produced SFD, a comprehensive database that provides a full picture of sovereign financing across the Eurasian region. SFD is a quarterly research product from EFSD and serves as a source of up-to-date information on sovereign operations by IFIs in the region.
SFD aggregates publicly available data on IFI sovereign operations, including recipient countries, IFIs, financing sectors, project descriptions, project implementation stages, financing volumes in both the currency of each operation and dollar equivalents, financing rates and terms, co-financing information, and other details on sovereign operations. The database is designed to support monitoring and analysis of operations by IFIs, development agencies, and climate funds¹ in the countries of the Eurasian region.
An interactive dashboard based on SFD is available on the EFSD website