A data center project in Kazakhstan has secured financing from a development bank.

The Eurasian Development Bank (EDB) this week announced it has signed an agreement with Akashi Data Center to provide $31.2 million in financing for a data center project in Astana.

Set on 11 hectares, the Tier IV-quality campus will have a total planned capacity of 100MW and more than 4,200 racks across 55,000 sqm (592,015 sq ft). Approximately 10MW is allocated to the first phase, which is scheduled to launch in 2027. The overall project is set to see $354m in investment.

“Akashi Data Center supports Kazakhstan’s strategic focus on developing its digital economy and artificial intelligence,” said Sergey Ignatov, EDB senior managing director. “Building modern data storage and processing infrastructure will expand opportunities for the digital transformation of businesses and help strengthen Kazakhstan’s position as a regional technology hub.”

Founded in 2006, the Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. The EDB’s portfolio totals more than 348 projects with a total investment of $221 billion

Vladislav Minkevich, chairman of the management board of Akashi Data Center, added: “Kazakhstan can become not only a consumer but also an exporter of digital infrastructure. The EDB’s participation in the project represents an investment in a new area of non-resource exports, where Kazakhstan will be able to compete for international customers on the strength of the quality and reliability of its technology infrastructure.”