The Export Credit Agency of Kazakhstan Assigned ESG Rating by Sustainable Fitch
The reputable international rating agency Sustainable Fitch has assigned the Export Credit Agency of Kazakhstan JSC (ECA) an ESG rating of Level 3. This rating reflects ECA’s significant progress in the development and integration of a sustainable development strategy, as well as the implementation of a targeted environmental and social policy.
In 2023, ECA became an affiliated member of the Net Zero Export Credit Agencies Alliance (NZECA). The Alliance supports the goal of achieving net-zero emissions by 2050 and sets interim targets for 2030. By joining NZECA, ECA has committed to supporting Kazakhstani exporters in their transition to a low-carbon economy, contributing to emission reductions and shifting strategic priorities towards environmentally neutral and climate-resilient projects and investments.
ECA is one of Kazakhstan’s key development institutions, promoting the growth of non-resource-based exports in priority sectors through the provision of export credit insurance and guarantees. The agency is a subsidiary of Baiterek National Management Holding JSC.
Chairman of the Management Board of ECA, Allen Chaizhunusov, noted:
“As a socially responsible company, we are committed to building a modern economy based on advanced technologies and environmentally sustainable production. This will help reduce Kazakhstan’s dependence on raw material exports and create new jobs.
Our Development Plan for the next decade focuses on actively promoting sustainability, supporting ESG projects and companies working toward decarbonization and combating climate change. As one of our practical measures, ECA already offers a discount on insurance premiums to exporters that meet ESG criteria. This encourages the adoption of more sustainable practices and helps reduce the environmental footprint of Kazakhstan’s exports. The ESG rating from Sustainable Fitch inspires us to pursue even more ambitious goals in global sustainable development.”
In line with its development mandate, ECA supports strategic export sectors while applying exclusion policies regarding fossil fuels and coal mining. It is important to note that more than half of the exporters in ECA’s insurance portfolio are small and medium-sized enterprises (SMEs), which contributes to economic growth and expands access to financing for the SME sector.
Sustainable Fitch commented:
“We positively assessed ECA’s corporate governance profile. In 2023, the agency updated its risk management policy, incorporating ESG-related risks. ECA also provides discounts on insurance premiums to clients who implement ESG standards in their operations.”
Background information:
Sustainable Fitch ESG Ratings are a global tool for evaluating the environmental, social, and governance performance of organizations and assets. They help ESG market participants make informed decisions by providing Second Party Opinions (SPOs) and traceable ratings based on a modular analytical framework. The ratings reflect the effectiveness of ESG integration into a company’s business strategy and corporate governance.
