Press releases

Development Bank of Kazakhstan JSC (a subsidiary of Baiterek NMH JSC) and the Export-Import Bank of Saudi Arabia signed a Memorandum of Understanding. The document defines the basic principles for the development of cooperation between two financial organizations, the purpose of which is to finance investment projects in the field of export of goods and services between the Republic of Kazakhstan and the Kingdom of Saudi Arabia. 

The MoU was signed by Mr. Marat Yelibayev, Chairman of the Management Board of the Development Bank of Kazakhstan and Dr. Naif bin Abdulrahman Al-Shammari, Deputy CEO of Saudi EXIM Bank, on Wednesday, December 20, 2023, in Riyadh.

“The memorandum will create new business opportunities and implement joint projects that will contribute to the development of bilateral cooperation between the two countries. DBK is constantly working to expand such cooperation with foreign financial organizations so that Kazakh entrepreneurs have access to work in new markets,” noted Mr. Marat Yelibayev, Chairman of the Management Board of the DBK.

Sharing the similar thoughts, Dr. Al-Shammari noted that Saudi EXIM Bank seeks to work closely with DBK and develop a partnership for the export of Saudi Arabian products.

“The signing of this memorandum is the basis of our efforts to leverage international partnerships to promote Saudi exports to regional and global markets. This cooperation will support joint projects, provide financing and guarantees,” said Dr. Nayef bin Abdulrahman Al Shammari.

The memorandum opens new opportunities for financial organizations to exchange information, experience and best practices to develop their services, as well as to conduct joint research and exchange knowledge in export lending and employee training.