May 2025 – Kinstellar is delighted to announce the successful financial close of a landmark public-private partnership (PPP) healthcare initiative in Kokshetau, Kazakhstan. This transformative project, which marks a first for the region in healthcare PPPs, has secured a EUR 365 million financing package, spearheaded by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), alongside key contributors Proparco, ICD, DEG, and the Development Bank of Kazakhstan (DBK).
After months of legal structuring, negotiations, and due diligence, the project has officially reached financial close. This milestone unlocks the next phase - the commencement of construction on the 630-bed medical facility. The hospital, set to serve over 730,000 residents in the Akmola region, including Kokshetau city, will become a crucial hub for healthcare services in the country. Designed to deliver advanced healthcare solutions, the facility will integrate the latest medical technologies and cutting-edge digital infrastructure, setting a new benchmark for the region. This modern hospital will address pressing healthcare demands, offering improved access to vital services and innovative treatments, all while being committed to sustainability through environmentally responsible design and operation.
As the first healthcare PPP in Kazakhstan, the project sets a strong precedent for future healthcare developments across Central Asia. With financing now secured, construction of the hospital is set to begin shortly, and it is expected to open in the coming years—significantly elevating healthcare standards across the region.
Kinstellar’s legal team, led by Managing partner Joel Benjamin, Of Counsel Maksim Grekov, and Senior associate Aigerim Raikhanova, played a key role in the successful closure of this complex financing transaction. Their deep expertise guided a consortium of lenders through legal, financial, and structural aspects of the deal, ensuring a smooth process and the effective completion of the financing arrangements.