The Export Credit Agency of Kazakhstan strengthens cooperation in Central Asia
The delegation from Kazakhstan's Export Credit Agency (ECA) JSC undertook a working visit to Kyrgyzstan, Uzbekistan, and Tajikistan in Central Asia. The business group was led by ECA Deputy Chairman of the Management Board, Sergey Kuklin.
During the trip, a series of meetings were held with key banks of the neighboring countries and potential importers to discuss further development of cooperation on existing and new projects.
Bishkek, Kyrgyzstan
The business visit began in Kyrgyzstan. Meetings were held with the management of O!Bank, KICB, Eldik Bank, and the State Insurance Organization. The parties reviewed the year's results for joint projects and identified key areas for cooperation aimed at supporting the manufacturing industry, stimulating demand, and expanding sales markets.
ECA, in turn, presented its support instruments tailored to various entrepreneurial needs. Special attention was given to a new financial product—export operation guarantees. These guarantee instruments will enable Kazakhstan’s export-oriented manufacturers to participate in international tenders and expand their presence in high-export-interest markets. Additionally, the product will facilitate attracting importer funds by providing ECA guarantees as collateral for advance payments in export transactions.
During meetings, representatives of the State Insurance Organization of Kyrgyzstan addressed reinsurance issues. The availability of reinsurance at affordable rates significantly improves access to bank loans and helps businesses overcome working capital shortages.
Sergey Kuklin, Deputy Chairman of the ECA Management Board, emphasized that as the number and volume of support increases, the amount of risk increases, so expanding cooperation with insurance organizations and international reinsurance companies makes it possible to reduce risks.
It is worth noting that in 2024, the amount of insurance obligations assumed to insure export shipments to Kyrgyzstan amounted to 1.5 billion tenge.
Tashkent, Uzbekistan
The ECA delegation continued its working visit to Uzbekistan. Bilateral negotiations were held with the country’s leading financial institutions, including Kapitalbank, Orient Finance Bank, Asia Alliance Bank, Uzpromstroybank, and InfinBank, as well as with the retail chain Korzinka, which operates over 150 stores across 12 regions of Uzbekistan.
During the negotiations, ECA expressed its intention to expand its client base, enhance and diversify its products to boost Kazakhstani exports to the Uzbek market. Additionally, the significant potential for developing trade finance between the two countries under ECA’s insurance coverage was highlighted.
As part of the meetings, a memorandum of cooperation was signed with InfinBank. According to Sergey Kuklin, this document will facilitate the development of trade projects and stimulate demand for the growth of exports of goods and services from Kazakhstan.
«We see a growing demand for domestic goods in the Uzbek market, which consequently drives export growth. The figures confirm this trend, with Uzbekistan ranking as the leading country in ECA’s export contract portfolio for the second consecutive year. For instance, last year, thanks to our financial instruments, the volume of supported exports to Uzbekistan increased by 25%. We intend to expand our cooperation with international banks, particularly in trade finance. Today’s memorandum with InfinBank will enable us to develop practical mechanisms for joint action», he said.
In 2024, the volume of obligations assumed by the ECA of Kazakhstan to insure export operations to Uzbekistan amounted to 98.4 billion tenge. Support was provided for the export of confectionery products, cattle meat, glass bottles, building materials, flour, steel billets, corn starch, etc.
Dushanbe, Tajikistan
The final destination of the trip was Tajikistan, where the delegation held scheduled meetings with representatives of Amonatbank, Oriyonbank, Sanoatsodirotbank, Dushanbe City Bank, Freedom Bank Tajikistan, Tavhidbank, and ICB. Additionally, separate meetings were organized with potential importers, including Talco (Tajik Aluminium Company) and Capital A Group.
Tajikistan’s financial institutions are placing a strong emphasis on digitalization, particularly in streamlining the application review process. In this regard, the ECA delegation shared its experience with newly implemented projects designed to enhance convenience for exporters. One such initiative is the online platform ‘Exporter’s Personal Account’—a fully digitalized business process covering everything from application submission to contract signing. This comprehensive approach significantly accelerates application processing, improves interaction efficiency, and minimizes time costs for exporters.
As part of the meetings with Freedom Bank Tajikistan and ICB, two additional memorandums were signed, aimed at strategic partnership in the areas of insurance and trade financing for the export of products and services from Kazakhstan to Tajikistan.
«The agreements signed today will enable Kazakhstani exporters to increase their sales without additional risks», said S. Kuklin.
It was also noted that ECA takes an individualized approach to each partner, considering the region's specific needs for various products and services.
Following the meetings, the parties agreed to share best practices in the light of global changes, as well as work together to create favorable conditions for the development of trade and investment in the region.
It should be noted that 60.4% of the geography of export contracts of exporters who received ECA support in 2024 are contracts with Central Asian countries such as Kyrgyzstan, Tajikistan and Uzbekistan.
Source: eunosnews.com
