EIC KazakhExport JSC and Subsidiary VTB Bank JSC (Kazakhstan) have signed an agreement on conditional bank deposits. The cooperation of the two institutions opens up new opportunities for domestic exporters. KazakhExport will be able to place conditional deposits with VTB for further provision of preferential borrowed capital to the exporter by the Bank.
Thus the pre-export financing will allow the exporter to make timely purchases of raw materials, replenish current assets, reduce the cash gap and, as a result, to increase the export volumes.
“The partnership with VTB has great prospects for increasing the non-resource exports volume. Since early 2017, the company has provided support to more than 50 exporters through the second-tier banks for the total amount of export contracts support over KZT 200 billion,” - said Ruslan Iskakov, the Chairperson of the Board of EIC KazakhExport JSC.
VTB notes that the agreement with KazakhExport will expand the range of financial instruments offered to Kazakh export-oriented enterprises.
“The Bank got an opportunity to support domestic exporters. Now they can replenish their current capital on the most favorable terms, and along with that insure risks when conducting export transactions,”- said Dmitry Zabello, Chairperson of the Board of VTB Bank (Kazakhstan).
Pre-export financing is one of the main KazakhExport’s instruments for non-resource exports support provided to Kazakh exporters through Kazakhstani second-tier banks to replenish current capital and perform obligations under an export contract. For more details on this mechanism please visit: http://keg.kz/rubric/popolnim_vash_oborotniy_kapital/predeksportnoe_finansirovanie
The mission of the Export Insurance Company KazakhExport JSC is to support the growth of exports of non-resource goods, works and services in priority sectors of the economy and practical development of financial-insurance and non-financial support of Kazakhstan enterprises.
EIC KazakhExport JSC
Tel.: +7 (7172) 95 56 56 (int.134)
Subsidiary VTB Bank JSC (Kazakhstan) is member of VTB international financial group. The Bank has successfully worked more than 9 years in the financial market of Kazakhstan. To date, Subsidiary VTB Bank JSC (Kazakhstan) has a branch network, consisting of 39 structural subdivisions, 17 of which are branches. According to S&P Global Ratings, VTB (Kazakhstan) has one of the highest credit ratings among all second-tier banks of Kazakhstan. The Bank's Central Office is located in Almaty. The license of the National Bank of the Republic of Kazakhstan No.1.2.14/39 dated December 23, 2014.
Subsidiary VTB Bank JSC (Kazakhstan)
Tel: 8 (727) 330 59 20 int. 59 20
E-mail: A.Pirogova@vtb-bank.kz web: www.vtb-bank.kz
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