BAKU, Azerbaijan, Apr.13
By Nargiz Sadikhova - Trend:
Kazakhstan’s KazakhExport Export Insurance Company JSC has supported 37 Kazakh exporters since the beginning of 2020, 10 of which received insurance support for more than 1 billion tenge ($2.3 million) during the period of the emergency state, Trend reports with reference to its parent company – Baiterek National Management Holding.
According to the results of 1Q2020, the volume of obligations undertaken by KazakhExport amounted to about 19 billion tenge ($44 million), which is three times more than in the same period in 2019, the amount of contingent deposits on pre-export financing and trade financing reached 10.9 billion tenge ($25.2 million, and the amount of supported contracts amounted to more than 50.7 billion tenge ($117.6 million).
In addition, projects worth 29 billion tenge ($67.2 million) for 22 exporters in various industries and regions of Kazakhstan have been approved and are at the stage of concluding insurance contracts.
For example, the largest domestic producer of cable and wire products, Kazenergokabel JSC is among the companies supported this year. The insurance contracts with the plant were conducted under three export contracts for the supply of Kazakh products to Uzbekistan and Russia.
Thanks to the insurance support of KazakhExport, a domestic exporter can safely ship its products to foreign counterparts with deferred payment, while significantly increasing the volume of supplies. The amount of insured export contracts amounted to about $21.5 million.
This year, for the first time, such enterprises as Fidelis Global LLP, which specializes in the production and sale of pipes and fittings, and Novus Polymer LLP, the largest plastic extrusion and molding company, which was provided with insurance coverage for the financing Bank under the loan Insurance tool, used KazakhExport support tools.
Food producers were also supported in the framework of the projects launched since the beginning of 2020. For the first time, KazakhExport tools were used by CG FOOD Central Asia LLP, which is part of the large international corporation CG Corp Global LLP comprising 122 companies and 76 representative offices in many countries. As part of the expansion of its production network, the corporation opened a factory for the production of instant noodles in the Turkestan region in December last year.
CG FOOD Central Asia LLP received insurance of export credit agreements with respect to three foreign buyers in Russia. Now the exporter can safely ship its products to foreign partners with deferred payment, while significantly increasing the volume of supplies.
The plant began supplying Kazakhstan instant noodles in early 2020 and plans to gradually expand the geography of exports to Russia and Uzbekistan.
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