ASTANA (TCA) — The Asian Development Bank (ADB) and Kazakhstan’s Tsesnabank on March 31 signed an agreement under which the Trade Finance Program (TFP) will provide guarantees in support of Tsesnabank’s trade finance operations, the ADB Country Office in Kazakhstan said.
“Under this agreement, ADB and Tsesnabank are partnering to support exporting and importing companies in Kazakhstan, including small and medium-sized enterprises (SMEs),” said Steven Beck, ADB’s head of trade finance. “This agreement will help develop the trade sector and create jobs.”
“We place a high value in the relationship between ADB and Tsesnabank,” said Rustam Yakupbayev, Tsesnabank’s Chief Executive Officer. “Tsesnabank’s involvement in the TFP will be beneficial to our customers engaged in trade, especially in commodities.”
Tsesnabank was established in 1992 in Astana (formerly Tselinograd) and is the country’s third largest bank by asset size, loans, and deposits. The bank’s business model is well established and diversified, with significant concentration in the SME, corporate, and retail sectors. Tsesnabank’s branch and outlet network operates in all regions of the country and provides a wide range of services to SME and corporate clients. The bank is active in trade finance, assisting customers to boost export-import operations and manage risk.
“ADB’s TFP will support economic recovery in Kazakhstan, Central Asia’s largest economy,” said Nana Khurodze, ADB’s TFP relationship manager for Central Asia and the Caucasus. “Our engagement will extend beyond trade finance products themselves to include workshops and seminars to raise the level of knowledge among Kazakh bankers and trading companies about trade risk mitigation and cash flow management.”