Kazakhstan’s Export Credit Agency Receives High Environmental Rating
According to a Kazinform correspondent, international rating agency Sustainable Fitch has assigned Kazakhstan’s Export Credit Agency (ECA) an ESG rating of Level 3. This reflects significant progress in the development and integration of a sustainable development strategy.
The ECA is one of Kazakhstan’s key development institutions, supporting the growth of non-resource sector exports in priority industries through the provision of credit guarantees and insurance. The agency is a subsidiary of the Baiterek Holding.
In 2023, the ECA became an affiliate member of the International Net-Zero Export Credit Agencies Alliance. The agency has committed to supporting Kazakhstani exporters in their transition to a low-carbon economy, reducing emissions, and shifting strategic priorities toward environmentally neutral and climate-resilient projects and investments.
— Our development plan for the coming decade focuses on actively promoting sustainable development, supporting ESG projects and companies striving for decarbonization and climate change mitigation. As a practical measure, the ECA already offers exporters who meet ESG criteria a discount on insurance tariffs. This encourages companies to adopt more sustainable practices and contributes to reducing the environmental impact of Kazakhstan’s exports. The Sustainable Fitch rating inspires us to take even more ambitious steps in global sustainable development, — emphasized ECA Chairman Allen Chaizhunusov.
The agency supports strategic export sectors while implementing exclusion policies related to fossil fuels and coal mining. More than half of the exporters in ECA’s insurance portfolio are small and medium-sized enterprises.
— We positively assessed ECA’s corporate governance profile. In 2023, the agency updated its risk management policy to incorporate ESG risks. It also provides premium discounts to clients who integrate ESG standards into their operations, — noted representatives of Sustainable Fitch.
