Press release

EIC “KazakhExport” JSC has signed its first contract with a Russian insurance agency.

For the first time, cooperation has been effected between Kazakhstan and Russia as part of export credit activities. A part of Kazakhstan exporters’ short-term receivables risks has been transferred to EIC “KazakhExport” JSC now.

A reinsurance contract was signed between the National Company KazakhExport and the Russian Agency for Insurance of Export Credits and Investments “Exar” at the XIII International Conference “Eurasian Economic Integration” in Moscow. State support will be provided to Kazakhstan buyers by two insurance companies at once.

Earlier, during the Conference, some issues of trade financing were discussed, in particular, support of mutual trade where Ruslan Iskakov, Chairman of the Management Board of EIC “KazakhExport” JSC, informed on the further plans for the Company development, particularly, on such measures as to be taken under the Development Program approved together with the Government of the Republic of Kazakhstan. As part of the Program, the Company will receive an additional capitalization in the amount of USD 90 mln.

 Heads of ministries and departments, the Eurasian Economic Commission, some national companies, representatives of international financial organizations, academic and business circles of the Bank’s member states, foreign scientists and experts participated in the proceedings of the Conference.

In addition, some issues of strengthening the role of national currencies in payments for exports and imports at the EAEU and the Greater Eurasia level were touched upon at the International Conference, as well as those related to the single EAEU capital market and the ways of promotion.

The mission of the Export Insurance Company “KazakhExport Export” JSC (being a part of the structure of NMH Baiterek JSC) is to support the growth of exports of non-primary goods, works, and services in priority sectors of the economy and to develop the practice of financial insurance and non-financial support to Kazakhstan enterprises.