05/02/2024
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KazakhExport, the Export Insurance Company, and RSK Bank of Kyrgyzstan have formalized their partnership through a cooperation agreement. This agreement paves the way for joint initiatives in the domains of insurance and trade finance, specifically designed to assist the clients of RSK Bank involved in transactions related to exporting products and services from Kazakhstan to Kyrgyzstan.
The accord establishes a framework for fostering a strategic partnership, organizing joint events such as seminars, roundtable discussions, and presentations to disseminate information about their programs and services. Additionally, it outlines their commitment to supporting and participating in financing, insurance, and other forms of assistance for companies actively engaged in foreign trade activities.
Deputy Chairman of the Board of KazakhExport, Kuanysh Mukazhanov, remarked, "This agreement grants purchasers of Kazakhstani products in Kyrgyzstan access to advantageous trade financing. Currently, we are in discussions about our inaugural project involving furniture exports. We are optimistic that other Kyrgyzstani banks will also express interest in the KazakhExport program."
First Deputy Chairman of the Board of RSK Bank, Akylbek Turdaliev, added, "RSK Bank is proud to be the first bank in Kyrgyzstan collaborating with KazakhExport. We are delighted to announce that this collaboration presents extensive opportunities for entrepreneurs, both exporters and importers, who intend to engage in trade of Kazakhstani products to Kyrgyzstan using trade finance."
The signing ceremony took place during the Kazakh-Kyrgyz Intergovernmental Council meeting and the inaugural Forum of Interregional Cooperation between Kazakhstan and Kyrgyzstan.
It's worth noting that KazakhExport primarily supports trade finance and provides insurance for letters of credit. This initiative is aimed at stimulating demand for Kazakhstani products among foreign buyers by offering them favorable terms for trade finance. The financing is extended through second-tier banks in Kazakhstan using the letter of credit payment method, adhering to specified payment terms.
KazakhExport has maintained an office in Kyrgyzstan since 2019, with Stalbek Sazbakov serving as the Regional Director. In his capacity, Sazbakov facilitates direct connections between entrepreneurs, fosters closer trade ties between Kazakhstani businesses and potential Kyrgyzstani buyers, and works to mitigate risks associated with bilateral transactions.
Reference:
KazakhExport EIC JSC, a subsidiary of Baiterek Holding, plays a pivotal role in supporting domestic non-resource exporters through various financial instruments.Since 2016, KazakhExport has supported over 200 exporters with a total value exceeding 870 billion tenge.
The supported enterprises operate across vital sectors of the economy, including food and chemical industries, mechanical engineering, agriculture, metallurgy, and more. Export destinations encompass countries such as Uzbekistan, Russia, Afghanistan, Kyrgyzstan, Tajikistan, China, Turkmenistan, Azerbaijan, Lithuania, Ukraine, Belarus, Italy, Turkey, and many others.
For more information on the program, please visit this link: https://kazakhexport.kz/en/page/eksportnoe-torgovoe-finansirovanie
