Press releases

DBK and Germany's largest financial institutions expand cooperation

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During the first formal visit of President Kassym-Zhomart Tokayev to Germany, Chairman of the Management Board of DBK Abay Sarkulov signed an agreement with Deutsche Bank AG, thereby setting a new round in the development of business relations between the two organizations. Let us recall that in 2010 the Parties signed a framework agreement to finance strategic development projects in Kazakhstan. However, from now on, thanks to a new Memorandum of Cooperation signed today in Berlin, representatives of the Development Bank will be able to attract structured finance from Deutsche Bank with insurance coverage of export credit agencies (ECA) for projects worth 500 million euros.

Moreover, a Memorandum of Understanding was signed with the German insurance company Euler Hermes Aktiengesellschaft to attract prospective borrowers and enhance cooperation on DBK investment projects with the participation of German partners requiring insurance protection of projects. From this perspective, both Parties intend to encourage and facilitate the implementation of export finance transactions.

We are very pleased that over the years, the cooperation of the Development Bank of Kazakhstan with our partners from Germany has developed and strengthened. This serves as a positive signal for business and encourages the flow of investments in Kazakhstan. To date, the DBK portfolio includes at least two projects with the participation of German companies. I suppose that after the signing of today's cooperation documents, there will be massively more such projects."

 - emphasized Abay Sarkulov, the Chairman of the Management Board of DBK.

The Development Bank of Kazakhstan has also signed cooperation agreements with KfW Ipex Bank and Commertzbank AG, belonging to the largest financial institutions in Germany. The signed agreements will give a new impulse to cooperation and practical realization of mutually beneficial investment projects. In particular, the agreement with KfW Ipex Bank will allow DBK to launch projects specified for the export financing of goods and services from Germany and European clients of KfW IPEX-Bank under the insurance protection of Euler Hermes Aktiengesellschaft. In return, the Memorandum of Cooperation with Commertzbank AG will help to develop business relations in the line of structured financing of transactions involving insurance coverage of export credit agencies.

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"Today will justifiably be recorded in the history of the DBK. I am sure that the signed Memorandums will contribute to the continuous development of investment potential between our countries, and for the DBK, as a financial operator under the government development programs of Kazakhstan, the Memorandums will have a favorable impact on the intensification of cooperation with German partners in the financing of large-scale investment projects with German participation." -shared Dmitry Babichev, Deputy Chairman of the DBK Management Board.

АО «Банк Развития Казахстана»
проспект Мәңгілік Ел, здание 55 А, н.п. 15 Z05T3E2 Астана
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