Press release

JSC «Export insurance company «KazakhExport» Board of Directors meeting was held

A regular meeting in presentia of the Board of Directors of Export Insurance Company KazakhExport JSC was held in Nur-Sultan, chaired by Bakhyt Sultanov, the Minister of Trade and Integration of the Republic of Kazakhstan.

The meeting considered a number of items related to the Company's activities.

Thus, the Board of Directors approved three transactions:

conclusion of an Addenda to the Voluntary Loan Insurance Agreement between EIC KazakhExport JSC, Development Bank of Kazakhstan JSC and Bayan Sulu JSC in the amount of KZT 1.59 bln;  

conclusion of a Voluntary Loan Insurance Agreement between EIC KazakhExport JSC, Development Bank of Kazakhstan JSC and Foundry Production LLP in the amount of KZT 1 bln;

conclusion of a Voluntary Loan Insurance Agreement between EIC KazakhExport JSC, Development Bank of Kazakhstan JSC and Hyundai Trans Kazakhstan LLP (a subsidiary of Astana motors) in the amount of almost KZT 6.9 bln. 

 

For reference:

Export Insurance Company KazakhExport JSC (part of Baiterek NMH JSC) is a subordinate organization of the Ministry of Trade and Integration of the Republic of Kazakhstan for non-primary goods and services export promotion. The mission of Export Insurance Company KazakhExport JSC is to  support the rise in exports of non-primary goods, works, and services in priority sectors of the economy and to develop the practice of financial-insurance and non-financial support of Kazakhstan enterprises.

Bayan Sulu Confectionery Factory was founded in 1974 and currently exports about 30% of its total production capacity. The Company exports products to Russia, China, Germany, Uzbekistan, Tajikistan, Kyrgyzstan, Mongolia and Azerbaijan. Every year, the world consumes almost 20 thousand tons of chocolate, cookies, caramel and other sweets produced by Bayan Sulu JSC.

Foundry Production LLP is a domestic certified manufacturer of small and medium car casting on the territory of the Republic of Kazakhstan. In 2009-2018, the Company mastered the production of more than 500 products, including for rolling stock and railway locomotive traction. At the end of 2018, the first Export Agreemen for the supply of the Company's products to Europe was implemented and a long-term Agreement for the supply of castings to Europe in 2020-2025 is currently being executed.

Hyundai Trans Kazakhstan LLP (a subsidiary of Astana Motors) is a new Kazakhstan enterprise for the production of passenger cars located in Almaty Industrial Zone. In April this year, the Company began production of cars using the large-component assembly. In October, the Plant plans to put into operation workshops for the production of cars using small-component assembly. The capacity of the enterprise at the first stage is 30 thous. units per year, at the second stage – up to 45 thous. units per year. These capacities are designed to provide new cars not only to the Kazakhstan market, but also focused on export to CIS countries.