National Bank of Tajikistan issued letters of credit for the first time to attract investments from Kazakhstan | Press releases | Export insurance company «KazakhExport»

Press releases

National Bank of Tajikistan issued letters of credit for the first time to attract investments from Kazakhstan

The Strategic National Savings Bank of the Republic of Tajikistan “Amonatbonk” issued first letters of credit to finance investment projects in terms of which contracts for the purchase of rolled metal products and vehicles from Kazakhstan were concluded. Financing was provided by Kazakhstan financial institutions in the framework of cooperation with the KazakhExport state company, the total limit is set in the amount of 5,100,000 US dollars.

The funding will be used to invest in the expansion of Dushanbe's taxi depot and housing project by Holding Asia Group Tajikistan CJSC.

Ramesh Khudoiev, a foreign representative of KazakhExport in Tajikistan, noted: “To date, contracts have been signed with SaryarkaAvtoProm LLP for a total of 2.5 million US dollars for the supply of JAC vehicles in the amount of 175 units, as well as with Evraz Caspian Steel LLP in the amount of 10 million US dollars for the supply of building reinforcement. The conclusion of such transactions is, first of all, an investment in the country's economy.”

It is to be recalled that in 2021, at a meeting of the Intergovernmental Kazakhstan-Tajikistan Commission on Economic Cooperation, Deputy Prime Minister of Kazakhstan Roman Sklyar announced the need to increase the supply of domestic goods. In this area, KazakhExport is working to build effective interaction with buyers from Tajikistan.

The KazakhExport office in the Republic of Tajikistan was opened in 2019. During this period, a number of projects have been implemented to support Kazakhstan manufacturers of various industries that export products and services from Kazakhstan to Tajikistan.

In particular, investment projects in Tajikistan were supported, including financing for the supply of the H125 Airbus Helicopters helicopter to Eurocopter Kazakhstan Engineering LLP for Somon Air LLC in the amount of more than 2 million euros.

Financing was provided for the supply of vegetable oil produced by Shymkentmay JSC and confectionery products produced by Almaty Product JSC, Rakhat JSC, Bayan Sulu JSC, as well as the supply of rolled metal products for the construction of large projects in Tajikistan produced by ArcelorMittal Temirtau JSC, buses for regional transportation in Tajikistan - Hyundai Trans Auto LLP, SaryarkaAvtoProm LLP; products for the metallurgical industry of Tajikistan - Kazogneupor LLP; fertilizers for agricultural needs - Kazphosphate LLP.

According to the Ministry of Trade and Integration of the Republic of Kazakhstan, for the first half of 2021, the trade turnover between Kazakhstan and Tajikistan amounted to 604.0 million US dollars, which is 38.4% higher than in the same period of the previous year (436.4 million US dollars). At the same time, mutual trade in processed goods for this period amounted to 284.4 million US dollars, which is 15.7% higher than in the same period of the previous year (245.8 million US dollars). Export from Kazakhstan to Tajikistan in January-July 2021 amounted to 280.8 million US dollars.

Reference:
Export Insurance Company KazakhExport JSC (part of NMH Baiterek JSC) is a subordinate organization of the Ministry of Trade and Integration of the Republic of Kazakhstan to promote the export of non-commodity goods and services. The mission of Export Insurance Company KazakhExport JSC is to support the growth of exports of non-commodity goods, works, services in priority sectors of the economy and the formation of a practice of financial, insurance and non-financial support for Kazakhstan enterprises.

Contact information of EIC KazakhExport JSC:

Department of Information and Communications
Zarina Pakhirdinova
+7 707 261 11 62
z.pakhirdinova@kazakhexport.com

Foreign Representative
in the Republic of Tajikistan
Ramesh Khudoiev
+99 293 505 07 77
r.khudoiev@kazakhexport.kz

Department of Insurance
Almagul Mazhenova
+7 747 444 17 41
a.mazhenova@kazakhexport.kz