Baiterek Holding continues to forge cooperation with German business

The Kazakh-German working group on financing the projects gathered for the first time in Berlin on Wednesday, September 27.

Attending the session were Speaker for Central Asia at the German Committee on Eastern Economic Relations and member of the Supervisory Board of GP Günter Papenburg AG Prof. Manfred Grundke, Deputy Chairman of the Management Board of “Baiterek” National Managing Holding JSC Adil Mukhamejanov, as well as representatives of Kazakhstani and German companies.

Germany’s Helaba Landesbank Hessen-Thüringen Bank and JSC Development Bank of Kazakhstan signed the financial cooperation agreement worth up to €100 million on the margins of the session boosting further activity of the working group.

Deputy Chairman of the Management Board of “Baiterek” National Managing Holding JSC Adil Mukhamejanov emphasized the working group will serve as a key mechanism of improving business competitiveness both in Kazakhstan and Germany.

“Today we have a unique opportunity to cement cooperation and set the stage for the long-term and mutually profitable business relations. The working group will serve as a solid foundation for the development of close trade relations and commercial ties and help facilitate mutual trade and investment,” Adil Mukhamejanov said.

Currently, the working group is reviewing over 30 projects of joint investment from Kazakhstan, including projects of KAZAKH INVEST, Development Bank of Kazakhstan, Agrarian Credit Corporation JSC and the Astana International Financial Centre (AIFC).

Recall that on June 20, 2023, as part of the state visit of German President Frank-Walter Steinmeier to Kazakhstan, the Holding and the German Committee on Eastern Economic Relations signed a memorandum to establish a working group to finance joint projects in Astana.