EDB and the Baiterek Holding to finance Kazakh exporters

Astana, 4 October 2016. Eurasian Development Bank (EDB) and the Baiterek Holding signed a cooperation agreement on export facilitation in Astana, at the 13th Forum on Inter-Regional Cooperation between Kazakhstan and Russia attended by the heads of state.

The document was signed by Dmitry Pankin, Chairman of the Management Board at EDB, and Erbolat Dossayev, Chairman of the Management Board at the Baiterek Holding.

The agreement envisions that 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.

Additional Information:

Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 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 the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

The Baiterek National Management Holding was established in accordance with Decree 571 of the President of Kazakhstan, dated 22 May 2013, On Certain Measures to Optimise the Management of Development Institutions, Financial Organisations and the Development of the National Economy, and Resolution 516 of the Government of Kazakhstan, dated 25 May 2013, On Measures to Implement Decree 571 of the President of the Republic of Kazakhstan Dated 22 May 2013.

The holding's main objective is to manage the shares/interests of national development institutions, national companies and other legal entities it owns or holds as a trustee. It was set up to optimise the management of development institutions, financial organisations and the development of the national economy in accordance with Decree 571 of the President of Kazakhstan dated 22 May 2013.

One of Baiterek's key tasks is to ensure the efficient and complementary operation of its member companies.

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