Development Bank of Kazakhstan JSC (a subsidiary of Baiterek Holding, hereinafter – DBK, the Bank) took part in the 15th meeting of the Kazakhstan–German Intergovernmental Working Group on Trade and Economic Cooperation, held today in Astana.
The meeting was attended by members of the Kazakh and German parts of the Working Group, as well as invited officials from ministries, government agencies and business representatives of both countries.
The Kazakh delegation was chaired by Mr. Yersayin Nagaspaev, Minister of Industry and Construction of the Republic of Kazakhstan. The German side was led by Mr. Ralf Böhme, Director for Foreign Economic Policy at the Federal Ministry for Economic Affairs and Climate Action of Germany.
A key event for DBK during the meeting was the signing of a Cooperation Agreement on financing under export credit agency (ECA) cover with the German bank AKA Ausfuhrkredit-Gesellschaft mbH (AKA Bank).
The document was signed by Mr. Marat Yelibayev, Chairman of the Management Board of Development Bank of Kazakhstan JSC, Mr. Mark Wengrzik, Chief Executive Officer of AKA Bank, and Ms. Elena Sidorskaya, Vice President and Head of Export and Agency Finance at AKA Bank.
“The signing of this Agreement marks a new stage in the development of trade and economic relations between Kazakhstan and Germany. The use of ECA financing instruments will enable Kazakhstani enterprises to access long-term resources for the implementation of important investment projects,” said Marat Yelibayev.
Under the Agreement, DBK will consider AKA Bank as a potential partner in arranging financing for projects in Kazakhstan in the amount of up to EUR 200 million equivalent.
The Agreement, which is valid until December 2030, sets out the framework for cooperation between DBK and AKA Bank in attracting long-term financing for investment projects in Kazakhstan with ECA cover. It also reflects the commitment of both parties to strengthen cooperation on the principles of equality, good faith and mutual trust.
