15.05.2023

7.8 billion KZT was the volume of risks transferred by KazakhExport to ICIEC

"KazakhExport" Export Insurance Company is strengthening cooperation with the Islamic Corporation for Investment and Export Credit Insurance (ICIEC), a member of the Islamic Development Bank Group.This was announced by KazakhExport Chairman of the Management Board Aslan Kaligazin during the signing ceremony of the optional reinsurance agreement between KazakhExport and ICIEC in Jeddah, Saudi Arabia.

Within the framework of the signed document, ICIEC reinsured the risk of non-fulfillment/improper fulfillment of obligations under financial leasing agreements in the territory of the Republic of Azerbaijan. The share of transferred risks amounted to 70% or about 1.9 billion KZT.

It should be noted that at the moment KazakhExport and ICIEC have an obligatory reinsurance agreement on documentary letters of credit with discounting. The amount of transferred obligations under the contract is more than 4.2 billion KZT. The agreement covers the risks of 21 banks in Uzbekistan, Tajikistan, Kyrgyzstan and Mongolia.

In addition, within the framework of cooperation with the State Savings Bank of Tajikistan "Amonatbank", ICIEC distributed risks under two optional reinsurance contracts worth over 1.6 billion KZT.

"The volume of transferred risks of KazakhExport to ICIEC for the current day is 7.8 billion KZT. Strengthening cooperation with ICIEC allows us to increase the financial stability and expand the company's capabilities abroad, reduce the burden on the portfolio and increase the coverage to support domestic exporters. This ensures high reliability of insurance protection for Kazakhstani exporters and banks," Aslan Kaligazin said.

*The sole shareholder of Export Insurance Company KazakhExport JSC is Baiterek National Managing Holding JSC.