Export Credit Agency of Kazakhstan announces mid-year 2024 results

Export Credit Agency of Kazakhstan, a subsidiary of Baiterek Holding, is taking steps to bolster non-commodity exports. In the first half of 2024, the Agency provided 142.1 billion tenge in support to Kazakhstani exporters, marking an increase of 108.3 billion tenge compared to the same period in 2023. Specifically, pre-export and export-trade financing amounted to 17.1 billion tenge.

Key exports included products from the food industry and metallurgy. Additionally, foreign consumers showed a strong demand for finished agricultural products, building materials, and various other goods.

"Export Credit Agency of Kazakhstan provides comprehensive insurance, guarantees, and financial support throughout the entire export cycle. Our main objective is to offer robust support to Kazakhstani exporters. We aim not only to sustain our current achievements but also to significantly enhance the country's export potential," stated Zhandos Shaikhy, Deputy Chairman of the Board of Baiterek Holding.

In the first half of 2024, Export Credit Agency of Kazakhstan financed 31 exporters, including six who received support for the first time. The agency facilitated 228 export contracts and finalized 136 insurance contracts, along with other general and supplementary agreements. During this period, exporters established trade relationships with 211 foreign buyers.

Kazakhstan's export destinations included Uzbekistan, Russia, Tajikistan, Kyrgyzstan, Poland, Azerbaijan, Lithuania, Mongolia, Estonia, and other countries.

"As part of our program to expand support for small and medium-sized enterprises (SMEs), SME exporters accounted for 58% of the total financed companies in the first half of 2024. Our commitment to diversifying the country's economy remains strong, with a particular focus on SMEs," said Allen Chaizhunusov, Chairman of the Board of the Export Credit Agency of Kazakhstan.

Additional financing of 68.6 billion tenge was secured from financial institutions under ECA insurance coverage to further support Kazakhstan's exports.

Since 2016, the Agency has provided 1,312.1 billion tenge in support to domestic producers. During this period, 240 exporters have benefited from the Agency's insurance services.