Kazakhstan Launches Export Credit Agency
Kazakhstan’s Ministry of Trade and Integration has adopted and sent to the Kazakh Senate a draft law on ratification of the Agreement on the establishment of an Export Credit Agency (ECA) and promotion of the export of non-commodity goods such as works and services. The bill has passed the first reading.
The ECA is planned to be created on the basis of the Kazakh Export encompany. The agency will take the form of a joint stock company with 100% state participation. It is proposed to assign specific functions to it, for example, insurance, reinsurance, guarantee and financing of export operations.
The adoption of the law will increase the efficiency of state support for Kazakh exporters and create new jobs by increasing export-oriented production. It will also increase budget funds due to the increase in taxes paid by export-oriented industries and the export basket.
Its creation will contribute to the development of export-import relations of the EAEU member countries and the expansion of mutual trade and trade and economic relations.