On January 18, Development Bank of Kazakhstan JSC (a subsidiary of the National Managing Holding «Baiterek») and the Italian Export Credit Agency SACE (hereinafter referred to as SACE) signed a Memorandum of Understanding. The Chairman of the Board of Directors of DBK, Nurlan Baybazarov, and the CEO of SACE, Alessandra Ricchi, signed the document, during the official visit of the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, to the Italian Republic.
The memorandum outlines the framework for future collaboration between the two parties. According to the document, DBK and SACE will develop business relations in the field of insuring transactions between financial institutions in Kazakhstan and Italy, with a focus on industries such as transport and logistics, energy, engineering, metallurgy, chemical and food industries, and other sectors of the economy.
«Signed memorandum opens up new opportunities for attracting Italian businesses to work in Kazakhstan. Thus, SACE, on its part, can provide insurance or guarantees for export-import transactions up to 100 million euros. This will give a new impetus to the development of Kazakhstani-Italian economic relations», commented Marat Yelibayev, Chairman of the Management Board of DBK.
As part of the agreement, the Bank and SACE will exchange information on current and potential projects and business opportunities, support initiatives for cooperation between Kazakh and Italian companies, foster contacts between them, provide insurance instruments for exporting goods from Italy to Kazakhstan, and exchange experiences.
