Kazakhstan, Italy join forces to insure financial transactions

ASTANA. Jan 22 (Interfax) - Development Bank of Kazakhstan (DBK) and Italy's Export Credit Agency SACE have signed a memorandum of understanding, the DBK press service said.

"According to the document, DBK and SACE will build business relationships to insure transactions between financial institutions in Kazakhstan and Italy. This will particularly focus on industries like transport, logistics, energy, mechanical engineering, metallurgy, chemicals, food, and other sectors of the economy," DBK said.

DBK's board chairman, Nurlan Baybazarov, and SACE's General Director, Alessandra Ricci, formalized the agreement during Kazakh President Kassym-Jomart Tokayev's visit to Italy. It involves information exchange, collaboration promotion between Kazakh and Italian companies, insurance for products exported from Italy to Kazakhstan, and sharing experiences.

Marat Elibayev, DBK's CEO, highlighted the memorandum's significance in attracting Italian businesses to Kazakhstan. "SACE can provide insurance or guarantees for export-import transactions worth up to 100 million euros, giving a boost to Kazakh-Italian economic relations," he said.

Established in 2001, the Development Bank of Kazakhstan supports medium- and long-term investment projects in various sectors. It plays a vital role in attracting both foreign and domestic investments to Kazakhstan's economy as part of the Baiterek state holding.