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Kazkommertsbank signs co-operation agreement with Exim Bank of Russia

Kazkommertsbank has signed an agreement with Export-Import Bank of Russia to develop a mutually beneficial co-operation in the field of financing and guaranteeing the supply of capital equipment from Russia to Kazakhstan.

Taking into account Export-Import Bank’s (EximBank) state ownership and the focus on providing support and stimulation to the export of Russian capital goods, the signing of the agreement creates an opportunity for Kazkommertsbank’s clients to benefit from more favorable financing terms for their imports from Russia, and for projects realized in Kazakhstan with the involvement of Russian companies.

In addition, benefits are expected in trade finance transactions with Russian counterparts, such as letter of credit confirmation and letter of guarantee issuance.

Andrey Timchenko, managing director of Kazkommertsbank, said: I am confident that this agreement will be the beginning of a long-term and mutually beneficial cooperation with EximBank, in particular given the continued growth in the turnover between Kazakhstan and Russia, as well as the increasing demand for financing from Kazakh entrepreneurs working with Russian partners.