ASTANA (TCA) — The Asian Development Bank (ADB) and Tengri Bank on April 6 signed a trade finance agreement enabling ADB’s Trade Finance Program (TFP) to provide guarantees to support import and export transactions in Kazakhstan.
The agreement was signed by Steven Beck, ADB’s Head of Trade Finance, and Mukhtar Bekkali, Tengri Bank’s CFO, on the sidelines of the International Chamber of Commerce Banking Commission Annual Meeting in Jakarta, Indonesia.
“We are excited to have Tengri Bank in our program as the TFP expands its regional presence and activities in Central Asia and the Caucasus,” said Mr. Beck. “This partnership with Tengri Bank will support trade and help create new jobs in Kazakhstan.”
Since the early 2000s, Kazakhstan has pursued economic diversification to transform from a landlocked to a “landlinked” economy. In line with this objective, ADB cooperation with Kazakhstan in recent years has focused on transport and trade sectors, ADB said.
“It’s a great honor for us to join TFP and start our cooperation with ADB. Tengri Bank enters a new stage of development that will enhance our capacity to provide trade finance, support international partnerships, and boost our customers’ trade activities throughout ADB’s countries of operation,” said Mr. Bekkali.
Tengri Bank was established in 1992 under the name Dana Bank. In 2010, the bank entered into a strategic partnership with Punjab National Bank (PNB) — one of India’s largest state-owned banks — where PNB became its major shareholder. PNB’s current ownership of Tengri Bank stands at 49%.Headquartered in Almaty, Tengri Bank is present in other major cities in Kazakhstan including Almaty, Astana, Aktau, Karaganda, Pavlodar, Shymkent, and Temirtau. The bank’s name was changed to Tengri Bank in 2016.
TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. Since 2009, TFP has supported more than 9,200 small and medium-sized businesses across developing Asia —through over 13,000 transactions valued at over $25.6 billion — in sectors ranging from commodities and capital goods to medical supplies and consumer goods.
