Shareholders' equity of JSC «KazakhExport» Export insurance company» joint-stock company increased on 14 billion tenge
Within the framework of the Law of the Republic of Kazakhstan dated November 30, 2015 № 426-V on republican budget for 2016-2018 years and in accordance with the approved changes and amendments as of October 7, 2016 decided to increase the shareholers' equity of JSC “National Holding “Baiterek” followed by an increase in the shareholders' equity of JSC “Export insurance company “KazakhExport” (hereinafter - «KazakhExport» Export insurance company» joint-stock company) on 14 billion tenge to support domestic exporters.
The main objective of the capitalization of «KazakhExport» Export insurance company» joint-stock companyis to increase a financial support to exporters for promotion of Kazakhstani goods and services to foreign markets through the instruments of trade and pre-export financing.
The instrument of trade financing provides to the importer a means on favorable conditions for purchase of Kazakhstani goods and services. Exporter receives payment immediately after the fact of shipment with zero risks to themselves.
Pre-export financing enables exporters to obtain affordable financing for working capital, through the provision of deferred payment under the contract. The exporter receives an opportunity to release goods without the distraction of working capital of the enterprise, to lead a more aggressive marketing strategy, thereby increasing the volume of exports.
Increase in ashareholerds' euity of «KazakhExport» Export insurance company» joint-stock companywill increase the annual support of non-commodity exports to the tune of 55 billion tenge, which is 2.5 times more than in previous years. Credit-insurance support will cover about 230 export transactions.
As a major operator on the financial support of export within GPIID program for 2015-2019, the «KazakhExport» Export insurance company» joint-stock companyin 2016 supported domestic exports amounting to 9.5 billion tenge, of which 4.2 billion tenge for product export credit insurance, 2.8 billion tenge for insurance letters of credit and 2.5 billion US dollars for a new loan insurance product.
With the support of «KazakhExport» Export insurance company» joint-stock companyin 2016 production of Kazakhstani producers were exported to Azerbaijan, Belarus, Germany, Georgia, Mongolia, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Participants of «KazakhExport» Export insurance company» joint-stock company’s programs are small and medium businesses in Kazakhstan, as well as such manufacturing giants as JSC “Rakhat” , JSC “Kentau transformation factory”, LLP “Ural Transformer Factory”, JSC “EURASIAN FOOD Company”, LLP “Raimbek Bottlers”, Kostanay confectionery factory JSC “Bayan Sulu”, GC “Alina”, GC “Agroproduct”, etc.
