The Export Credit Agency of Kazakhstan, part of the group of companies of JSC "NHC "Baiterek", is summarizing the preliminary results of the year with record outcomes. The total support provided to exporters has exceeded 330 billion tenge, and the economic effect has reached 1.7 trillion tenge.
Over the past six months, following the transformation of KazakhExport into a full-fledged Export Credit Agency at the request of the country's president, significant changes have occurred in its operations. The agency has significantly expanded its toolkit to support domestic exporters, aligning with international practices. New opportunities include insurance, reinsurance, pre-export and trade financing, as well as guarantees for export operations. These measures facilitate the entry of domestic companies into international markets and the diversification of the country's economy.
"Currently, the agency's portfolio includes more than 20 products tailored to the needs of the local market. These products cover the entire cycle of an export transaction, from contract preparation to fulfillment of obligations. Notably, accessible loan insurance eases enterprises' access to bank loans, addressing the issue of insufficient working capital," emphasized the chairman of the board of JSC " Export Credit Agency of Kazakhstan" Allen Chayzhunusov.
The agency sees immense potential in the development of trade and pre-export financing. In 2024, the volume of transactions in this direction has doubled. Furthermore, guarantee instruments have been introduced, allowing the agency's guarantees to be used for participation in foreign tender procurements and securing payment obligations under export contracts.
"Undoubtedly, these changes have contributed to significant growth in the volume and geography of exports. The volume of support provided to exporters by the agency this year will exceed 330 billion tenge—this is our best result to date. The total economic effect is estimated at 1.7 trillion tenge. This figure includes export revenue, the volume of produced goods, and tax contributions. This year, we supported 90 exporters who signed contracts with 350 foreign partners," - he noted.
The most in-demand products of the Export Credit Agency have become insurance for export credits, loans, and letters of credit. These instruments assist Kazakh enterprises in expanding their markets, modernizing production, and increasing working capital. Examples of successful implementation of these mechanisms include the modernization of the ice cream production plant of LLP "Shin-Line", the construction of the second phase of the poultry complex of LLP "Prima Kus", and insurance support for JSC "Lotte Rahat".
Half of the agency's portfolio consists of small and medium-sized businesses. A key direction has been strengthening cooperation with international banks in Central Asia and Europe, as well as foreign export credit agencies, which opens up new opportunities for exporters from Kazakhstan.
The agency's portfolio is focused on non-raw material exports, playing a crucial role in the development of the country's manufacturing industry. The main sectors, which account for 96% of the portfolio (458 billion tenge), are the food industry, metallurgy, machine engineering, chemical industry, and agro-industrial complex. Special attention is paid to exports to Central Asian countries, the Middle East, and China. In particular, the volume of supported exports to Uzbekistan has increased by 25%.
The agency notes a growing interest in new export directions, including products from the glass and light industries, as well as construction materials. Not only is the range of exported goods expanding, but also the number of companies entering international markets, the company states.
The primary priority of the ECA is to support enterprises producing high value-added products, as well as to assist companies aiming to enter foreign markets. In the context of the global transition to sustainable development, special attention is given to the development of "green projects".
An important area of the agency's work has been digitalization. This year, the "Exporter’s Personal Account" was launched—a digital platform that allows Kazakh exporters to submit digital applications and agree on contract terms. This fully digitized business process covers all stages of work: from application submission to contract signing. Such an approach speeds up application processing, enhances interaction efficiency, and minimizes time costs for exporters.
The online platform operates on a one-stop-shop principle and is integrated with the business support portal "Bgov", the contact center of the "Baiterek" holding, and also provides online interaction opportunities for exporters with the agency's assigned managers.
The Export Credit Agency of Kazakhstan sets key objectives: increasing the volume of support for exporters, developing digital services, and introducing new products. In the coming years, it is planned to double the insurance volume, bringing it to 1.2 trillion tenge.
For small businesses, a portfolio insurance product is being developed in collaboration with second-tier banks, which will facilitate access to financing. Additionally, the agency actively supports exporters in expanding their presence in both traditional and new markets. It is planned to triple the volumes of pre-export and trade financing as early as next year.
The company places great importance on the development of reinsurance. As the volume and number of support provided increases, so does the level of risk, which is why the agency actively expands cooperation with export credit agencies from other countries and international reinsurance companies. These measures are primarily aimed at reducing the burden on the "Baiterek" holding.
In the second half of this year, the volume of reinsurance has more than doubled, significantly reducing these risks. The agency is ready to collaborate with domestic exporters and manufacturers, providing support at all stages of entering international markets, as well as offering modern tools and a personalized approach to each partner.