Baiterek Holding and Euler Hermes Agency Have Entered into the Agreement worth 1 Billion Euros

The Chairman of the Board of “Baiterek” National Managing Holding” JSC, Aidar Arifkhanov, and the Head of Euler Hermes major international export-insurance agency, Ingo Junker, have signed the Framework Agreement on the opening of the limit on insurance coverage.

This document was signed in the course of the meeting held on June 3, 2019 in Berlin with representatives of the Ministry of Economy of the Federal Republic of Germany and Euler Hermes Agency.

The Framework Agreement is opening the limit of insurance coverage for German export transactions in the amount of 1 billion euros (confirmation by the German party was received on June 14, 2019) for the Republic of Kazakhstan.

Baiterek Holding was appointed as the official operator representing Kazakhstan in cooperation with Euler Hermes.

The opening of the limit will allow attracting German investments into the economy, as well as providing new opportunities for Kazakhstani entrepreneurs and banks to collaborate not only with Germany, but also with the countries of the European Union.

Reference:

“Baiterek” National Managing Holding” JSC was established in accordance with the Decree of the President of the Republic of Kazakhstan dated May 22, 2013. The key institution of the Government of the Republic of Kazakhstan that complies with the advanced standards of corporate governance and ensures the implementation of the objectives for the sustainable development of the economy of Kazakhstan through its diversification, support for innovation, export development, increase in labor productivity. The Holding includes: Development Bank of Kazakhstan JSC, Investment Fund of Kazakhstan JSC, Zhilstroisberbank of Kazakhstan (HCSBK) JSC, Kazakhstan Mortgage Company MO JSC, KazakhExport EIC JSC, Damu EDF JSC, QazTech Ventures JSC, Housing Construction Guarantee Fund JSC, Kazyna Capital Management JSC, Baiterek Development JSC, Kazakhstan Project Preparation Fund LLP.

Euler Hermes is an insurance company, which is the largest one in the world that is specialized in export credit insurance. Most of the shares belong to the French insurer Allianz France, which in its turn belongs to the largest German insurer Allianz SE. Being engaged in credit insurance and financial risk protection for over 100 years, Euler Hermes has developed a full range of services for managing accounts receivables of companies