Success Story

By the Decree of the Government of the Republic of Kazakhstan dated February 15, 2023 No. 126, KazakhExport is defined as a Single operator for the promotion of non-primary exports.

A record value was reached in terms of the volume of obligations assumed in the amount of 259.1 billion tenge.

By the Decree of the Government of the Republic of Kazakhstan No. 739 dated September 24, 2022, it was decided to provide the KazakhExport with a state guarantee to support exports in the amount of 210 billion tenge with a validity period of 10 years.

Dividends were paid to the sole shareholder of Baiterek NMH JSC in the amount of 1.4 billion tenge.

Obligatory reinsurance contracts with one of the largest reinsurance companies in the world, Swiss Reinsurance Company, and the Islamic Corporation for Insurance of Investment and Export Credit (hereinafter referred to as the ICIEC), the Saudi Arabian Export Credit Insurance Agency, have been extended.

Under facultative reinsurance contracts, liabilities were transferred to the ICIEC, MS Amlin Syndicate 2001 and Talbot Syndicate 1183 at Lloyd's for a total amount of 6.1 billion tenge.

The Interdepartmental Commission on Legislative Activities approved the Concept of the Draft Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Export Credit Agency and Promotion of Exports of Non-Primary Goods (Works, Services)" (dated 18.11.2022, Minutes No. 603).

A draft Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Export Credit Agency and Promotion of Export of Non-Primary Goods (Works, Services)" has been developed, which has been agreed with interested governmental bodies and is now under consideration by the Majilis of the Parliament of the Republic of Kazakhstan.

Order No. 389-NK of the Deputy Prime Minister - Minister of Trade and Integration of the Republic of Kazakhstan dated September 30, 2022 "On Approval of the Rules for Subsidizing the Trade Finance Rate" was adopted.

A state guarantee of the Republic of Kazakhstan to support exports in the amount of 100.2 billion tenge with a validity period of 10 years was received.

The KazakhExport was capitalized  in the amount of 5 billion tenge.

At the initiative of the Ministry of Trade and Integration of the Republic of Kazakhstan and the KazakhExport, the Law of the Republic of Kazakhstan "On Industrial Policy" provides for a "Mechanism for subsidizing the rate of trade finance".

The Interdepartmental Commission on Legislative Activities approved the concepts of the draft Laws of the Republic of Kazakhstan "On the Export Credit Agency of the Republic of Kazakhstan" and "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on ensuring the promotion of Exports of Domestic Processed Goods (Works, Services) to Foreign Markets". 

Obligatory reinsurance contracts have been concluded:

- transferred risks worth 6.2 billion tenge for reinsurance of СКДЗ и ЭК to the Swiss Reinsurance Company, one of the largest reinsurance companies in the world (S&P AA - rating), 

- the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) (Moody's Aa3 rating) received 1.4 billion tenge of risks for the reinsurance of documentary letters of credit. 

Facultative reinsurance transactions have been concluded:

- a deal was made with the Export Credit and Investment Insurance Agency of EXIAR JSC to support the Exporter of the Republic of Kazakhstan through reinsurance of international factoring in the Roseximbank of Russia JSC in the amount of 2.7 billion tenge;

- a deal was made with the "Asia Insurance" (Republic of Uzbekistan) Insurance Fronter-Company for the purchase of "Hyundai" cars manufactured in the Republic of Kazakhstan in the amount of 237 million tenge;

- concluded an outgoing proportional optional reinsurance contract in the amount of 20 billion tenge as part of the project for the construction of a ferroalloy plant in Ekibastuz with the Halyk Insurance Company, a subsidiary of the Halyk Bank of the Republic of Kazakhstan.

Increase in the authorized capital of the KazakhExport by 29 billion tenge. 

The international the Moody's Investors Service Rating Agency has affirmed the financial strength rating  of the KazakhExport Insurer at the level of "Baa3" on the international scale with a positive outlook.

The KazakhExport's insurance coverage  was equated to highly liquid collateral for loans from second-tier banks.

Office openings in countries of high export and priority export interest in Tashkent (Republic of Uzbekistan), Dushanbe (Republic of Tajikistan), Yekaterinburg, Novosibirsk (Russian Federation), Bishkek (Kyrgyz Republic).

Increase in the authorized capital by 34 billion tenge.

The KazakhExport received  a Government Guarantee of the Republic of Kazakhstan to support exports for 100.2 billion tenge with a validity period of 10 years.

Relocation in March 2018 of the KazakhExport to the capital of the Republic of Kazakhstan at the address: Astana, Mangilik El Avenue, 55A BC "Baiterek".

Re-issuance of license No. 2.1.55 dated May 21, 2018 for the right to carry out insurance (reinsurance) activities in the General Insurance Industry.

Office Opening in Kazan (Russian Federation) and appointment of a foreign representative in the People's Republic of China.

Transformation of the KazExportGarant into the KazakhExport Export Insurance Company Joint Stock Company (hereinafter referred to as  the KazakhExport) and inclusion in the list of National Companies.

Updating the KazakhExport development strategy  for 2014–2023 in accordance with the national export strategy of the Republic of Kazakhstan.

Increase in the authorized capital by 13.9 billion tenge.

Licenses of the National Bank of the Republic of Kazakhstan for additional classes of insurance "Loan Insurance", "Civil Liability Insurance" were obtained, rules were developed, and new export support tools were introduced (voluntary loan insurance, advance payment insurance, pre-export financing, leasing insurance).

Expansion of the range of insurance support tools: voluntary loan insurance, advance payment insurance, trade finance in national currency and Russian rubles, as well as financial leasing insurance.

Increase in the authorized capital by 14 billion tenge.

Joint credit transactions were implemented with the Development Bank of Kazakhstan JSC, within the framework of which insurance protection was provided to the KazExportGarant through a loan insurance product.

The Observer status for the Berne Union, established in 1934 and an informal association of insurance companies engaged in the insurance of export credits and investments. 

For the first time in the history of the Republic of Kazakhstan, with the participation of the KazExportGarant, an international level export transaction was concluded under the leasing financing scheme for the supply of 10 domestic locomotives to the Republic of Azerbaijan with reinsurance in The Islamic Corporation for the Insurance of Investment and Export Credit (hereinafter referred to as ICIEC).

Joining the Aman Union Association of the Largest Export Credit Agencies of the Islamic States and the Arab World.

Joining the Baiterek NMH JSC (sole shareholder).

For the first time in the history of the Republic of Kazakhstan, with the financial and insurance support of the KazExportGarant, domestic locomotives were exported to the Republic of Tajikistan.

Expansion of functions caused rebranding, and the GIC was renamed into the KazExportGarant Export Credit Insurance Corporation JSC (hereinafter referred to as KazExportGarant).

Increase of the authorized capital in order to support export trade finance operations.

Operating in the insurance market as a Reinsurance Company on both a proportional and non-proportional basis.

Obtaining an international degree of financial reliability from the Moody's Investors Service Rating Agency.

Joining the Prague Club of the Berne Union - an Association of the largest international export credit agencies (82 companies from around the world are members of the Berne Union today, two of them have observer status).

The Government Insurance Corporation for Insurance of Export Credits and Investments (hereinafter referred to as the GIC) was established by the Decree of the Government of the Republic of Kazakhstan No. 442.