Alliance Bank JSC (Kazakhstan) and State insurance corporation signed agreement about collaboration

/Alliance Bank JSC, September 21, 05/ - On September 16, 2005 State insurance corporation on insurance of export credits and investments JSC (SIC) and Alliance Bank JSC signed Agreement for insurance of banking guarantees for the amount $2 m. Signing of this agreement stipulates for insurance of Alliance Bank JSC risks in financing of export operations, where foreign bank is a guarantor of foreign buyer, and Alliance Bank JSC, actually, finances buyer of Kazakhstani production out of the Republic of Kazakhstan. This agreement originates in the frame of one of insurance schemes, offered by State insurance corporation. Alliance Bank JSC Chairman of the Board Zhomart Yertayev stressed, that, despite, that conclusion of such deals with participation of bank and insurance company is very widely practiced by banks and credit organizations in the whole world, Kazakhstani banks use instruments of such pre-export of financing while seldom. In plans of Alliance Bank JSC - to activate work in this direction, this will allow to support producers and exporters of the republic, but also to join new markets of near and far abroad with this banking product. As State insurance corporation Chairman of the Board Alikhan Smailov noted, signing of this document became the next step in measures taken by Corporation for development of export potential of Kazakhstan. For today, SIC have signed and is realizing agreements about collaboration with 8 banks, which are involved in sphere of export financing. World practice has already proved high efficiency of mutually beneficial collaboration of banks with organizations, providing services on insurance of export and investments abroad. In Kazakhstan Corporation also started realization of a number of joint projects with definite commercial banks and offers to activate work on increase of volumes of export crediting through development of mutually beneficial collaboration. Activation of collaboration of State insurance corporation with commercial banks will assist increase of export potential of the republic through stimulation of enterprises in compliance with Strategy of industrial-innovation development of the Republic of Kazakhstan for 2003-2015. [2005-09-21]