Bank CenterCredit JSC (Kazakhstan) insured its investments into Russia

/IRBIS, Natalya Kuznetsova, May 25, 05/ - Bank CenterCredit JSC (Almaty, the Bank), whose shares and bonds are traded in Kazakhstan stock exchange's official "A" listing category, has spread press-release about signing of the agreement on insurance of investments into Russian Federation made between the Bank and Development institute of State insurance corporation for export credits and investments insurance JSC (the Corporation) for $37 m. The release says "this agreement is 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". Bank also says the Corporation is a big insurance company of Kazakhstan, it 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. The rating is the highest one among insurance organizations of CIS. Relations between the Bank and the Corporation were established on February 2 of 2004, when Agreement about cooperation was signed. Alikhan Smailov chairman of corporation's executive committee says the world practice has already proved the high efficiency of mutually profitable cooperation of banks with organizations insuring export and investments abroad. 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 for years 2003-2015. [2005-05-25]