Export Credit Agency of Kazakhstan signs agreement with JSCB Microcreditbank
Export Credit Agency of Kazakhstan participated in the IV Uzbekistan-Kazakhstan Forum held in Samarkand. On the forum's sidelines, government agencies and business leaders discussed interregional cooperation, joint ventures, and mutual trade. The forum brought together manufacturers from high-export potential industries such as petrochemicals, metallurgy, mechanical engineering, and pharmaceuticals.
During the forum, officials signed 76 agreements, totaling over $352 million. Among these was a cooperation agreement between Export Credit Agency of Kazakhstan and JSCB Microcreditbank, focused on supporting Kazakhstani manufacturers and expanding export markets.
"JSCB Microcreditbank is one of Uzbekistan’s largest, financially stable banks with a broad client base. The agreements signed today will help Kazakhstani exporters increase sales without additional risk. Through this partnership, foreign buyers can obtain Kazakhstani products on credit under favorable terms, while exporters receive payment immediately after shipment," said Alisher Khakimov, Regional Director of Export Credit Agency of Kazakhstan in Uzbekistan.
Under this agreement, JSCB Microcreditbank and Export Credit Agency of Kazakhstan will insure letters of credit and provide export trade financing to importers and exporters of Kazakhstani products.
In the first nine months of 2024, Export Credit Agency of Kazakhstan insured export operations to Uzbekistan worth 66 billion tenge. These exports included confectionery products, beef, glass bottles, construction materials, flour, steel blanks, and corn starch.
Background information:
- Trade between Uzbekistan and Kazakhstan has seen remarkable growth, increasing nearly 2.5 times over the last seven years to reach $4.4 billion. Presently, Uzbekistan is home to more than 1,000 businesses that benefit from Kazakhstani investment.
