State insurance corporation insured $37 m. of investments of bank CenterCredit in RF

/INTERFAX, Astana, May 24, 05/ - State insurance corporation for export credits and investments insurance JSC and bank CenterCredit (BCC) have signed an agreement on insurance of bank's investments totaling $37 m. in Russia. The sides made corresponding agreement last Monday, corporation's message says. "This agreement was signed within the frameworks of one of insurance schemes offered by the state insurance corporation, which is insurance of investments from political risks. Within the frameworks of this document's realization in case of insurance case insurance payment will be 90% from sum of losses", - the message says. The message says this project has been made within the frameworks of realization of the agreement about cooperation, which was made between the corporation and BCC in February of 2004. "Activation of corporation's cooperation with second tier banks promotes to growth of republic's export potential, as well as to integration of its economy into the world economy in accordance with the strategy of industrial- innovative development of Kazakhstan, planned until year 2015", - Alikhan Smailov chairman of corporation's executive committee says in the message. Development institute of State insurance corporation for export credits and investments insurance JSC provides insurance protection of domestic exporters and investors from losses concerned with insolvency of buyers and foreign political risks. The corporation is the first insurance organization of Kazakhstan, which on November 8 of 2004 was assigned "Ва1" financial reliability international rating. According to results of the first quarter of this year BCC has earned net profit in the amount of KZT773 m. (current 131.69/$1) that is more by 36.7% than in similar period of last year. BCC's assets as of April 1 of this year were about KZT195.6 bn. having increased within the year (since April 1 of 2004) more than 2 times. [2005-05-24]