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JSC "Export Credit Agency of Kazakhstan" Achieves Record Profit of 8.8 Billion KZT in 2024, Supporting Exporters with Over 335 Billion KZT

The agency is actively expanding its range of services. In an interview with Kursiv.media, Madina Erzhanova, Deputy Chairperson of the Management Board of the Export Credit Agency of Kazakhstan (ECA), shared insights about recent developments and future plans.

— Madina Nurzhanovna, what has changed over the past year since KazakhExport was transformed into the Export Credit Agency of Kazakhstan? What achievements have been made, and what goals remain?

— In 2024, KazakhExport was transformed by presidential decree from an insurance company into a full-fledged Export Credit Agency (ECA), becoming the first classical ECA in Central Asia that meets global standards. The ECA’s work focuses on supporting non-commodity exports through insurance and guarantee instruments, as well as pre-export and export trade financing.

ECA provides exporters, second-tier banks, and the Development Bank of Kazakhstan with insurance protection against non-payment risks in foreign trade operations. We assist exporters in finding new sales markets, facilitate connections with foreign companies, and offer free counterparty checks.

With the agency’s new status, we expanded our product lineup by introducing guarantees and significantly increased our pre-export and trade financing, raising reinsurance volumes by 2.5 times.

By the end of 2024, we achieved a record profit of 8.8 billion KZT. The total support volume provided to exporters exceeded 335 billion KZT. The volume of pre-export and export trade financing grew to 30.2 billion KZT last year. Ninety-six exporters received support, including 15 new clients. A total of 468 contracts were supported. The main export sectors include food products, metal products, and agricultural machinery, as well as demand for engineering products, construction materials, chemicals, glassware, perfumery, cosmetics, and pharmaceuticals. In the current half-year, we expect the volume of exporter support to reach around 300 billion KZT.

The ECA’s portfolio includes more than 20 products tailored to the Kazakh market requirements, covering the entire export contract cycle—from preparation to fulfillment of obligations. The most popular support tools are insurance of export loans, credits, and letters of credit, which help expand sales markets, modernize production, and increase working capital.

I can highlight modernization of the "Shin-Line" ice cream factory, construction of the second phase of the "PrimaKus" poultry complex, and insurance support for the "Lotte Rakhhat" confectionery factory. By analyzing the market, the ECA adapts its product offerings to meet the needs of local manufacturers.

The agency has ambitious goals: expanding the volume of exporter support, developing digital services, and introducing new products. Separately, we are working with second-tier banks to develop a bundled insurance product for small businesses, which will simplify their access to financing and broaden the coverage of SME support measures provided by the ECA.

— As you mentioned, loan insurance remains the most popular instrument. Is there growing interest in other ECA products? What new products are planned for clients in the coming years?

The agency continuously expands its product range based on exporters’ needs. At the end of 2024, we launched five new guarantee products, which enabled Kazakh companies to secure contracts for construction projects in Uzbekistan.

Following the launch of guarantee products such as tender guarantees and performance guarantees for contracts, exporters have shown interest because these services are preferred by potential customers thanks to the ECA’s strong rating and financial stability.

The first guarantee was issued by JSC "Bank CenterCredit" for the obligations of LLP "ZTOWN Development," which participated in a tender in Uzbekistan. The second guarantee was provided to LLP "Caspian Contractors Trust" to secure contract obligations for engineering network construction in Uzbekistan. This is an important step in supporting and diversifying exports. ECA guarantees reduce financial risks and increase the competitiveness of domestic companies, opening doors to international procurement opportunities.

Loan insurance remains one of our key instruments, protecting credit institutions when financing exporters. Of course, to diversify the portfolio and manage risks properly, we maintain a balance across all instruments.

We have also seen significant growth in demand for deferred payment insurance, including insurance of accounts receivable, export credits, and advance payment insurance, which protects the advance payer against potential losses. Additionally, there is increasing demand for trade and pre-export financing, driven by attractive remuneration rates for exporters at 12.6% in tenge.

— Is the majority of government support focused on exports to neighboring countries, or is it distributed evenly across all markets?

— Our priority is to maintain traditional export markets and open new ones. Central Asia remains the main focus, likely due to more accessible logistics and strong demand for food products, agricultural machinery, and metallurgy. We also observe increased trade activity with Afghanistan, and the Chinese market holds great potential. Meanwhile, EU countries continue to be consumers of high-quality, environmentally friendly Kazakh products.

As part of the ambitious goals of the Baiterek Holding to support the manufacturing sector, the ECA plans to increase insurance capacity to 1 trillion KZT this year. This will double the volume of exporter support to 600 billion KZT in 2025, enabling financing of larger projects, including participation of Kazakh companies in international contracts and projects. This will enhance the competitiveness of domestic exporters.

— Does the ECA receive feedback from businesses to improve support measures? For example, are the insurance coverage periods sufficient? Has the launch of the exporter’s personal account simplified interaction? How much has the application and approval process accelerated?

— We regularly receive feedback from exporters and maintain close contact with business representatives. Our employees frequently visit regions to meet with potential and current exporters, providing detailed information about our support measures.

Additionally, we launched the online platform "Exporter’s Personal Account," designed to improve client convenience. This tool offers a fully digital business process—from application submission to contract signing. This comprehensive approach significantly speeds up application processing, enhances interaction efficiency, reduces time costs for exporters, and ensures direct communication.

The move to online applications has increased process transparency—exporters can now track their application status in real time, making interactions clearer and more predictable.

I invite domestic businesses to actively collaborate with us. We are open to dialogue and ready to develop and support domestic export projects.

Source: https://kz.kursiv.media/2025-05-12/kazakhexport/?utm_campaign=endless_feed