A delegation from Kazakhstan’s Export Credit Agency (ECA) undertook a working visit to Kyrgyzstan, Uzbekistan, and Tajikistan. The business group was led by Sergey Kuklin, Deputy Chairman of the ECA Management Board.
Bishkek, Kyrgyzstan
The visit began in Kyrgyzstan, where meetings were held with the management of O!Bank, KICB, Eldik Bank, and the State Insurance Organization. The parties reviewed the year’s results for joint projects and identified key areas for cooperation aimed at supporting the manufacturing industry, stimulating demand, and expanding sales markets.
ECA presented its support instruments tailored to various entrepreneurial needs, with special attention given to a new financial product—export operation guarantees. These guarantees will enable Kazakhstan’s export-oriented manufacturers to participate in international tenders and expand their presence in high-export-interest markets. Additionally, the product will facilitate access to importer funds by providing ECA guarantees as collateral for advance payments in export transactions.
During the meetings, representatives of the State Insurance Organization of Kyrgyzstan addressed reinsurance issues, emphasizing that affordable reinsurance significantly improves access to bank loans and helps businesses overcome working capital shortages.
Sergey Kuklin highlighted that as the number and volume of support increase, so do the associated risks. Expanding cooperation with insurance organizations and international reinsurance companies will help mitigate these risks.
Notably, in 2024, the total insurance obligations undertaken to cover export shipments to Kyrgyzstan amounted to 1.5 billion tenge.
Tashkent, Uzbekistan
The ECA delegation continued its working visit in Uzbekistan, holding bilateral negotiations with leading financial institutions, including Kapitalbank, Orient Finance Bank, Asia Alliance Bank, Uzpromstroybank, and InfinBank, as well as with the retail chain Korzinka, which operates over 150 stores across 12 regions of Uzbekistan.
During the negotiations, ECA expressed its intention to expand its client base and enhance and diversify its products to boost Kazakhstani exports to the Uzbek market. The significant potential for developing trade finance between the two countries under ECA’s insurance coverage was also highlighted.
As part of the meetings, a memorandum of cooperation was signed with InfinBank. According to Sergey Kuklin, this document will help develop trade projects and stimulate demand for Kazakhstani goods and services.
“We see growing demand for domestic goods in the Uzbek market, which consequently drives export growth. The figures confirm this trend, with Uzbekistan ranking as the leading country in ECA’s export contract portfolio for the second consecutive year. Last year, thanks to our financial instruments, the volume of supported exports to Uzbekistan increased by 25%. We intend to expand cooperation with international banks, particularly in trade finance. Today’s memorandum with InfinBank will enable us to develop practical mechanisms for joint action,” he said.
In 2024, ECA’s total insurance obligations for export operations to Uzbekistan amounted to 98.4 billion tenge. Support was provided for the export of confectionery products, cattle meat, glass bottles, building materials, flour, steel billets, corn starch, and more.
Dushanbe, Tajikistan
The final destination of the trip was Tajikistan, where the delegation held scheduled meetings with representatives of Amonatbank, Oriyonbank, Sanoatsodirotbank, Dushanbe City Bank, Freedom Bank Tajikistan, Tavhidbank, and ICB. Separate meetings were also organized with potential importers, including Talco (Tajik Aluminium Company) and Capital A Group.
Tajikistan’s financial institutions are focusing on digitalization, particularly in streamlining the application review process. In this regard, the ECA delegation shared its experience with newly implemented projects designed to enhance convenience for exporters. One such initiative is the online platform ‘Exporter’s Personal Account’, a fully digitalized business process covering everything from application submission to contract signing. This comprehensive approach significantly accelerates application processing, improves efficiency, and minimizes time costs for exporters.
As part of the meetings with Freedom Bank Tajikistan and ICB, two additional memorandums were signed to establish a strategic partnership in insurance and trade financing for Kazakhstani exports to Tajikistan.
“The agreements signed today will enable Kazakhstani exporters to increase their sales without additional risks,” said S. Kuklin.
ECA also emphasized its individualized approach to each partner, considering the region’s specific needs for various products and services.
Following the meetings, the parties agreed to share best practices in light of global changes and work together to create favorable conditions for trade and investment development in the region.
Notably, in 2024, 60.4% of the export contracts supported by ECA involved Central Asian countries, including Kyrgyzstan, Tajikistan, and Uzbekistan.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Getfincorp journalist was involved in the writing and production of this article.
