Kazakhstan to create export credit agency

The Majilis, the lower chamber of the Kazakh parliament, on Wednesday passed a bill on amendments to some legislative acts regarding an export credit agency and exports of non-commodity goods and services, Azernews reports, citing Interfax.

"The bill is aimed at creating an export credit agency that will have the status of a national institution for development and promotion of non-resource exports," Ruslan Kozhasbayev, a member of the Majilis Committee on Economic Reforms and Regional Development, said when presenting the document.

The new agency will be created on the basis of Export Insurance Company KazakhExport JSC, which is a subsidiary of National Managing Holding Company Baiterek JSC, the press service of KazakhExport said.

President Kassym-Jomart Tokayev highlighted in his September state of the national address the importance of giving priority to the promotion of exports.

"Although there are some mechanisms in place, there is no systematic approach to this matter," he said. Therefore, he proposed the creation of a comprehensive export promotion institution, which will incorporate all the necessary tools and engage the resources of KazakhExport company.

Export Insurance Company KazakhExport JSC, a subsidiary of Kazakhstan's National Managing Holding Company Baiterek, is focused on support for non-resource exporters using a variety of financial instruments.