As part of a working visit to Tashkent, the Development Bank of Kazakhstan (a subsidiary of Baiterek Holding, hereinafter – DBK, the Bank) and the Export Credit Agency of Kazakhstan JSC signed co-operation agreements with four Uzbek banks: Tenge Bank, JSCB Uzpromstroybank, OrientFinans Bank and JSCB Kapitalbank.
During the visit, which was aimed at implementing the instructions of the Head of State to strengthen economic integration in the region, the parties agreed to develop trade and economic co-operation and support exports of Kazakhstani products through financing and insurance instruments. These mechanisms include interbank loans, letters of credit, guarantees and insurance cover for export transactions.
The agreements are intended to support joint infrastructure and industrial projects, reduce risks and create more accessible financing conditions for Uzbek partners.
“Uzbekistan remains Kazakhstan’s strategic trading partner in the region. The agreements signed with Uzbekistan’s leading banks create a seamless financial infrastructure. This will enable our businesses — from construction giants to manufacturers of everyday consumer goods — to enter the Uzbek market with ready-made financial solutions,” said Marat Yelibayev, Chairman of the Management Board of DBK.
During the meetings, practical matters related to optimising supplies and expanding market presence were discussed with regional representatives of BI Group and RG Brands. Production facilities and potential projects requiring the involvement of DBK and the Export Credit Agency were also presented. This co-operation will enable Kazakhstani companies to scale up their projects in Uzbekistan with greater confidence, relying on accessible financing. In addition, the Agency’s participation provides insurance protection for transactions, thereby minimising risks for DBK and Uzbek banks.
The parties also discussed the prospects for direct financing from the Bank under the insurance cover of the Export Credit Agency. According to the Agency, this approach forms a comprehensive model of state support in which development institutions operate as a single financial framework, ensuring reduced risks and improved access to financing for participants in foreign economic activity.
The Export Credit Agency described its strategic synergy with DBK as one of the key factors in strengthening the position of domestic producers in foreign markets.
“Acting within the framework of the unified financial system of Baiterek National Managing Holding, development institutions provide comprehensive support to exporters — from insurance and strengthening the collateral base at the investment stage to the implementation of trade and pre-export financing instruments, as well as insurance of export contracts at the operational stage,” the Agency noted.
Trade turnover between our countries continues to demonstrate steady growth. The transition from straightforward trade operations to more sophisticated project financing through DBK and the Export Credit Agency will not only increase the share of Kazakhstan’s non-commodity exports, but also reduce the cost of borrowed funds for end buyers of our products in Uzbekistan. At the same time, it will further strengthen Kazakhstan’s status as a key financial hub in Central Asia.
