Export Finance Kazakhstan conference: European export credit agencies intend to finance projects in Kazakhstan

On May 17, a conference on financing exports to Kazakhstan took place at the Astana International Financial Centre (AIFC). The conference aimed to highlight the ongoing modernization efforts in Kazakhstani industry and technology, as well as the expansion of business opportunities with Central Asian countries and the D-A-CH region (Germany, Austria, Switzerland).

Deputy Prime Minister and Minister of Finance of the Republic of Kazakhstan, Yerulan Zhamaubaev, delivered a welcoming speech to the conference participants, emphasizing the significance of the event in fostering mutually beneficial relationships with foreign companies and attracting financing for projects in Kazakhstan.

«Kazakhstan is a country with a high credit rating from international agencies. Thus, since the beginning of this year, the country’s GDP has reached 5%. The country’s economic stability is reinforced by its international reserves, making it crucial for us to enhance the investment attractiveness of Kazakhstan».

According to E. Zhamaubayev, there are approximately 40,000 companies with foreign capital operating in Kazakhstan, and in 2022, the country witnessed a record inflow of foreign investments amounting to $28 billion, marking the highest figure in the past decade.

During the conference, leading experts from official export credit agencies such as Euler Hermes (Germany), OeKB (Austria), and SERV (Switzerland) discussed the prospects for bilateral trade and investment. They engaged in fruitful conversations with board members from European and Kazakhstani companies, as well as representatives from Kazakhstani economic institutions and banks.

The speakers at the event highlighted investment opportunities in Kazakhstan and showcased competitive solutions to address the financing requirements of Kazakhstani companies.

In her speech, Edna Schone, a board member of the German export credit agency Euler Hermes, underscored the potential for enhancing economic cooperation between Kazakhstan and foreign companies.

“We have a close relationship with Kazakhstan, driven by shared cultural and economic interests. We recognize significant potential for German companies in Kazakhstan, not only in terms of investments but also in technology exports. Over the years, there have been numerous active trade engagements between Germany and Kazakhstan, involving short-term deals across various industries. However, we are committed to actively supporting larger-scale investments in sectors such as renewable energy projects, petrochemicals, and hydrogen production. We are currently in the initial stages of these discussions with our Kazakhstani partners.”

Timur Onzhanov, Executive Director of the AIFC Authority, also highlighted the significance of the event as the starting point for a new phase in bilateral cooperation with export-oriented countries of the European Union.

As he noted, Germany has allocated a financing limit of $1 billion for Central Asian projects since 2019. Such programs offer Kazakhstani companies the opportunity to obtain loans at reduced interest rates.

“Currently, we are in the negotiation phase for a 200 million euro investment project by a German company, which involves the installation of flue gas purification facilities and the production of carbon fibers. This project holds significant potential as it aligns with Kazakhstan’s decarbonization efforts. As an international financial centre, we play a supportive role in attracting foreign investments and are prepared to structure and facilitate such projects, providing long-term assistance to Kazakhstani businesses.”

In the future, the project aims to produce purified flue gas that can be utilized in the production of carbon fibers, which are used in aircraft construction. Additionally, this initiative will contribute to reducing emissions of harmful substances into the atmosphere.

Mr. Nurkhat Kushimov, CEO of Astana Financial Services Authority (AFSA), expressed his gratitude to the conference organizers, particularly the Eastern Committee of the German Economy, Economic Representations in Central Asia, and the export credit agencies Euler Hermes (Germany), OeKB (Austria), and SERV (Switzerland). He emphasized the crucial role of AIFC in strengthening economic and financial ties in Kazakhstan and promoting investment between Eastern and Western regions.

«Today, AIFC accommodates nearly 2,000 companies representing 75 countries, which is attributed to the favorable regulatory environment, including a modern legislative framework based on common law principles. AIFC aims to foster a conducive environment through global transparency measures. Notably, last year, the OECD released a report endorsing AIFC as a jurisdiction that aligns with global standards for tax transparency».

The second day of the conference will be held on May 19, 10:00-15:00, in Almaty, InterContinental Almaty Hotel, 181 Zheltoksan Street.

For further details about the event, please follow this link: Conference on Export Finance in Kazakhstan page (ahk.de).



Astana International Financial Centre (AIFC) – is an independent jurisdiction with a favourable legal along with well-established infrastructure for starting and doing business, attracting investments, creating jobs and developing Kazakhstan’s economy.



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