«KazExpoGrant» Export-credit Insurance Corporation and BTA Bank have Signed Agreement on Conditional Bank Deposits22.12.2010
Almaty, 22 Dec 2010 – Today, BTA Bank (further – «Bank») has announced signing of agreement on conditional deposits with ««KazExportGarant» Export credit insurance corporation» (further– «KazExpoGrant»). The main objective of this agreement is to provide trade finance services to Kazakhstani export oriented enterprises of manufacturing industry sector (further – «Program»).
This program was developed by «KazExpoFrant» in 2010 in pursue of implementation of state program on enforced industrial-innovation development for 2010-2014. This program states, stimulation of foreign customer demand on Kazakhstani products by offering trade finance services on favorable terms, as one of its main program objectives. Kazkommertsbank is one of the project members besides BTA Bank.
Conditional deposits allocated by «KazExpoGrant» in the Bank within the program will act as the main source of funding for trade finance operations. The biggest possible amount of deposit for each contract will be 150 mln. tenge for the term up to 12 months. It is scheduled to allocate 1.5 bln. tenge for first tranche from state budget for program implementation.
Letters of credit issued by foreign banks for Kazakhstani production importers of manufacturing industry sector will act as guarantee of customers’ responsibilities within the Program. Terms and conditions of these documents will fully correspond with international procedures set by export-credit agencies on support of domestic exporters.
Program mechanism is based on principles of mutually beneficial cooperation for all parties of the deals. Thanks to program participation, Kazakhstani export oriented enterprises will be able to offer export deliveries to foreign customers on more favorable terms, while ensuring receipt of export earnings by the time of production shipping to overseas. In order to participate in the Program, Kazakhstani export oriented enterprises of manufacturing industry sector may contact any BTA Bank office or «KazExportGrant».
«KazExportGarant» Export credit insurance corporation» JSC founded on the basis of «State insurance corporation for the insurance of export credit and investment» being a member of group of companies headed by Samruk Kazyna State Welfare Fund, provides support to local enterprises of manufacturing industry sector by providing insurance against commercial and political risks and trade finance services through Kazakhstani banks. Baa2 Credit rating given to «KazExportGrant» Moody’s Investors Service demonstrates strong corporate financial reliability. For more information please visit www.keg.kz
About BTA Bank
BTA Bank - is universal commercial bank, a key shareholder is the Government of the Republic of Kazakhstan on behalf of the National Welfare Fund “Samruk-Kazyna” with a package of 81,48 %.
BTA Bank is Kazakhstan's core bank and holds one of the leading positions on market of banking services.
Today, BTA Bank boasts with 22 branches and 227 service offices in Kazakhstan. Bank proves its competitive ability with the largest client base among other local banks. BTA now serves over 1.2 mln. retail and 132 thousand corporate clients.
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