ASTANA (TCA) — Eurasian Development Bank (EDB) and Kazakhstan’s Baiterek Holding signed a cooperation agreement on export facilitation for Kazakh exporters in Astana on October 4, at the 13th Forum of Inter-Regional Cooperation between Kazakhstan and Russia, EDB’s press office said.
The document was signed by Dmitry Pankin, Chairman of the Management Board at EDB, and Erbolat Dossaev, Chairman of the Management Board at the Baiterek Holding.
According to the agreement the Baiterek Holding’s subsidiary, KazExportGarant, an export credit insurance corporation, and EDB will jointly support Kazakh exporters in arranging their insurance against export risks associated with trade in the Eurasian Economic Union and beyond. EDB is expected to provide around US $100 million to finance export transactions of Kazakh producers.
“The potential for cooperation is huge. Today, we have got new opportunities related to export support, market promotion, launch of joint ventures. It is time to apply the new approach, special products, mutual credit lines. Baiterek Holding is ready to provide any support,” Baiterek Holding’s press service quoted Dossaev as saying.
In addition, Dossaev and General Director of the Russian Export Center Pyotr Fradkov signed a Memorandum of Understanding and Cooperation, according to which the parties identified priority industrial sectors they are going to jointly develop: production of food, agricultural chemistry, manufacture of motor vehicles and spare parts, agricultural machinery and equipment for the mining, oil and petrochemical industry, production of construction materials, ferrous and non-ferrous metallurgy.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital totals US $7 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
The Baiterek National Management Holding’s main objective is to manage the shares/interests of Kazakhstan’s national development institutions, national companies and other legal entities it owns or holds as a trustee.
