‘Baiterek’ Holding attracts its first yuan-denominated loan from China’s largest bank

On 3 March, ‘Baiterek’ National Managing Holding JSC secured its first bank loan in RMB from the Industrial and Commercial Bank of China (ICBC) as part of its active cooperation with the People's Republic of China.

This strategic step will enable the Holding to strengthen its position in the international market, diversify currency risks, and enhance investment opportunities for the development of new projects. Raising a loan in China’s national currency opens up additional prospects for cooperation with Chinese partners and suppliers, while also facilitating the expansion of export and import operations.

"Securing a loan in RMB is an important step for the Holding in diversifying financial instruments and strengthening economic cooperation with China. We are confident that our partnership with ICBC will create new opportunities for financing key sectors of the economy and enhancing Kazakhstan's export potential," said Rustam Karagoyshin, Chairman of the Management Board of the Holding.

Cooperation with the Industrial and Commercial Bank of China (ICBC) also reflects the confidence of the Chinese financial sector in the Holding and its sustainable development. The funds raised will be directed towards financing Kazakhstan's agro-industrial sector to further increase exports of domestic products to the People's Republic of China.

Expanding cooperation with Chinese financial institutions aligns with the Holding’s long-term strategy to strengthen its international presence and develop partnerships in global markets.

ICBC is the largest commercial bank in China and the world. It is one of the "Big Four" largest banks in China and controls one-fifth of the country’s banking sector.