The management of Development Bank of Kazakhstan JSC (a subsidiary of Baiterek Holding, hereinafter – DBK, the Bank) and China Export & Credit Insurance Corporation (Sinosure) held a working meeting.
During the meeting, representatives of DBK and Sinosure noted the successful development of their long-standing partnership and expressed their intention to expand the use of Sinosure’s insurance instruments to finance new investment projects in Kazakhstan.
In his speech, Marat Yelibayev, Chairman of the Management Board of DBK, emphasised that the partnership between DBK and Sinosure, which began in 2015 with the signing of a Framework Agreement for USD 400 million, laid a solid foundation for the implementation of major projects..
A key element of this cooperation is Sinosure’s provision of insurance coverage against political and financial risks for projects financed by DBK, which enables the Bank to attract long-term funding.
A vivid example of successful collaboration is the financing of the reconstruction and modernization of the Shymkent Oil Refinery project for USD 225 million, attracted in 2017 under Sinosure’s insurance coverage.
Another significant achievement was the implementation in 2025 of the Sarkylmas Kuat LLP wind power plant project in the Karakiya district of Mangystau region, amounting to CNY 122.8 million. Within this project, an innovative mechanism was introduced in Kazakhstan for the first time: a Sinosure insurance policy was issued to cover the borrower’s obligations under a loan provided by a Kazakhstani financial institution.
“This is an important precedent that opens new opportunities for local financing using international insurance instruments,” emphasised Marat Yelibayev.
The Memorandum of Understanding signed in May 2023 reaffirmed the parties’ commitment to deepening integration and developing new joint projects. Currently, the parties are discussing the provision of Sinosure insurance coverage for a coke oven battery construction project, while DBK’s project pipeline includes several other promising initiatives with the potential participation of the corporation.
Mr. Zhang Hui, Chief Executive of Sinosure’s Business Review Committee, noted that DBK and Sinosure, as financial institutions, play an important role in promoting the economic development of their respective countries and enhancing investment and financial cooperation between Kazakhstan and China..
Mr. Zhang proposed to deepen pragmatic cooperation between DBK and Sinosure, emphasizing that successfully implemented projects in the areas of refinancing, tripartite cooperation, direct lending, and yuan-denominated financing have set a benchmark for partnership between the bank and the insurance company. He also highlighted the importance of continuous innovation.
“Looking back at the results of our cooperation, each of them has been an innovation. We hope that in the future our sides will continue this proud tradition, allowing innovative models to further bear fruit in Central Asia. Let innovation drive cooperation, and let results, in turn, fuel innovation, bringing our partnership to a new level,” said Zhang Hui..
Following the meeting, the parties agreed to exchange information on projects and to implement innovative approaches in insurance and financing. It was also emphasised that the cooperation between the two institutions continues to serve as an example of effective and mutually beneficial partnership, contributing to the realisation of the strategic interests of Kazakhstan and China, and to the development of industry, infrastructure, and green technologies.
