Valuation for DBK: How to Prepare a Report that Meets the Requirements of the Development Bank of Kazakhstan

A valuation for DBK is a essential step for companies seeking financing, refinancing, or a bank guarantee from the Development Bank of Kazakhstan. Unlike standard valuation reports required by the most banks in Kazakhstan, DBK-specific reports undergo more detailed review, resulting in higher requirements for structure, calculations, and supporting documentation. A properly prepared valuation report is one of the key documents DBK relies on when assessing a project and making a lending decision.

About the Development Bank of Kazakhstan (DBK)

The Development Bank of Kazakhstan (DBK) is a national development institution established to finance and support large-scale investment projects in Kazakhstan. Its mission is to promote sustainable economic growth through the development of production capacities, export potential, and infrastructure. DBK plays a key role in implementing strategic initiatives aimed at modernizing the economy and enhancing its competitiveness.

When and Why Valuation Is Required for DBK

Valuation is an integral part of the project review procedure for applications submitted to DBK. During the bank expertise stage, DBK engages external specialists to verify the value of assets and business, assess collateral structure, evaluate marketing feasibility, determine guarantor solvency, and validate the initial data used in the project’s financial model.

Valuation may be required when:

• the project includes collateral, and the assets provided (land, buildings, equipment, vehicles, etc.) must be confirmed by an independent valuation;
• a guarantor or surety is involved, and their financial stability and guarantee capacity must be assessed;
• the financial model relies on the value of assets, newly created capacities, or projected cash flows, and the Bank needs an independent assessment of these parameters;
• the marketing feasibility of the project must be validated, including market analysis, demand assessment, competitive landscape, and the realism of forecast assumptions.

The valuation report becomes part of the credit application package and serves as an important component of the Bank’s internal expert review.

Oleg Chesnokov — an appraiser with more than 20 years of experience, holder of international qualifications (CFA, RICS) and an ACCA Advanced Diploma in Accounting and Business, and Head of PKF Valuation of Property, notes:

“Valuation projects for DBK are always large-scale, complex, and professionally rewarding tasks that require a high level of expertise, analytical thinking, and the use of best global practices. We welcome such challenges because they demonstrate the abilities of our specialists and allow us to contribute to the development of Kazakhstan’s economy. Client trust is extremely valuable to us, and we strive to honor it by delivering work with maximum precision and professionalism”.

Specific Features of Valuation for the Development Bank of Kazakhstan

Valuation for DBK differs from standard valuation reports. Key requirements include:

• applying the cost, comparative, and income approaches, or providing justification for not using any of them;
• mandatory performance of an economic impairment test and marketing analysis if applicable;
• providing intermediate calculations, Excel files, and references to information sources;
• using current market data and reference materials no older than one month;
• detailed breakdown of assets: by names, workshops, production lines, inventory numbers, and commissioning years;
• conducting technical and legal analysis for each asset;
• providing inspection acts signed by both parties and photographs no older than one month.

Compliance with these requirements increases the likelihood that the report will be accepted by the Bank without significant comments.

Yekaterina Azovskaya, director of PKF Valuation of Property in Astana:

“We pay particular attention to the accuracy of calculations and the justification of all assumptions. We use analytical data from reputable international sources. Each report undergoes a thorough internal review — for compliance with valuation standards, calculation accuracy, and DBK requirements. This approach ensures the high quality of our valuation reports”.

How to Choose a Valuation Provider or Appraiser for DBK Projects

DBK recommends engaging valuation specialists who:

• hold international qualifications (ASA, TEGOVA/REV, RICS);
• have at least 5 years of experience in valuation;
• have no tax arrears or financial losses for the previous year;
• have references from banks;
• have no disciplinary sanctions.

Selecting an experienced appraiser reduces the risk of comments from the Bank and facilitates smoother expert review.

Sunkar Baubek, Director of Business Development, PKF Valuation of Property in Astana:

“Over the past two years, we have successfully supported dozens of projects submitted for financing to the Development Bank of Kazakhstan. A deep understanding of the Bank’s requirements and constant communication with its experts enable us to work quickly and accurately. When additional questions arise from the Bank, we promptly provide all necessary clarifications, helping streamline the review process and reduce the number of revisions”.

More detailed and up-to-date information on DBK’s recommendations regarding valuation report structure, content, appraiser selection is available on the Bank’s official website: https://www.kdb.kz.

Why Clients Choose PKF Valuation of Property

PKF Valuation of Property is a company with more than 20 years of experience, operating offices in Almaty, Astana, Aktobe, Aktau, and Uralsk, as well as representative offices in Atyrau, Kulsary, Zhanaozen, and Aksai. As part of the international PKF Global network, we adhere to high professional standards of service quality. The company is included in DBK’s register of external expert service providers, as confirmed on the Bank’s website: https://www.kdb.kz/services/external-expert-services.

This means our specialists meet DBK’s requirements and are qualified to perform valuations within its projects.

Our valuation reports:

• are accepted by the Bank;
• fully comply with DBK’s structural, content, and quality requirements;
• include a complete set of calculations and supporting documents;
• are prepared by professionals with national and international qualifications;
• provide objective and well-grounded information for management and investment decisions.

Rauan Katshybekov, director PKF Valuation of Property in Almaty:

“We always strive to make the valuation process as clear and comfortable as possible for our clients. This approach enables us not only to successfully complete DBK-related projects but also to earn and maintain the trust of our customers. Many clients recommend us to their partners and colleagues — and for us, that is the highest recognition of our work”.

Need a Valuation for DBK?

If you need a valuation for DBK (business valuation, asset valuation, guarantor solvency assessment, contract valuation, or marketing feasibility analysis), leave your contact information in the form on our website. We will contact you shortly and provide a consultation.