President signs Law on Export Credit Agency and Export Promotion
President Kassym-Jomart Tokayev has ratified the Law of the Republic of Kazakhstan titled "Amendments to certain legislative acts of the Republic of Kazakhstan on export credit agency and promotion of the export of non-commodity goods and services."
This law, developed in compliance with the President's directives, entails the establishment of the Export Credit Agency of Kazakhstan (ECA) based on the existing subsidiary of Baiterek Holding – KazakhExport Export Insurance Company. The law also aims to consolidate key measures for financial support and advancement of non-resource exports.
The ECA will operate as a national institution dedicated to fostering the development and promotion of non-resource exports, thereby stimulating business export potential, and enhancing the competitiveness of Kazakhstani products and services in global markets.
Granting KazakhExport ECA status will broaden the scope of support measures for non-commodity exports, encompassing existing services such as insurance, reinsurance, pre-export, export trade finance, and introducing new initiatives like export operation guarantees and interest rate subsidies on trade finance.
Currently, KazakhExport serves as the sole entity responsible for promoting non-resource exports and operates under the regulatory purview of the Agency for Regulation and Development of the Financial Market.
