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On Signing Memorandum between Vnesheconombank and JSC State Insurance Corporation For the Insurance of Export Credits and Investments (Kazakhastan)

11 february 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and JSC State Insurance Corporation for the Insurance of Export Credits and Investments (the Republic of Kazakhstan) signed a Memorandum on Mutual Cooperation.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of JSC State Insurance Corporation for the Insurance of Export Credits and Investments – by its Board Chairman Galym Amerkhodjaev.

The Memorandum aims to promote and expand foreign trade relations and cooperation in financing and/or insuring the most promising investment and export projects.

The Memorandum is a framework document and it would help to support and encourage trade and investments between Russia and Kazakhstan.

JSC State Insurance Corporation for the Insurance of Export Credits and Investments was established in accordance with the Kazakh Government’s Resolution in 2003 as a new development institution in order to help implement the Strategy on the Industrial and Innovative Development of the Republic of Kazakhstan for 2003-2015. The Corporation’s main objectives are to insure (reinsure) the export of non-raw materials goods and services, insure (reinsure) investments abroad, provide consultative services on insuring foreign and trade activities. JSC State Insurance Corporation for the Insurance of Export Credits and Investments is a member of the Prague Club under the auspices of the Berne Union of Credit and Investment Insurers and the Credit Alliance.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’was established in 2007 in accordance with the Federal Law of the Russian Federation “On the Bank for Development” on the basis of Vnesheconombank of the USSR. One of Vnesheconombank’s top-priority lines of activity is to support industrial exports and services. Under the Law “On the Bank for Development” Vnesheconombank participates in providing financial and guarantee support for industrial exports of Russian companies and it also extends the state’s guarantees to Russian exporters of industrial products, Russian and foreign banks that lend Russian exporters, foreign importers, non-resident banks and foreign states. Vnesheconombank is also responsible for insuring export credits against commercial and political risks subject to the procedure established by the Government of the Russian Federation. Since 2008, the Bank has been an observer of the Berne Union and the Prague Club of Export Credit and Investment Insurers, the Working Party for Export Credits and Credit  Guarantees of the Organization for Economic Cooperation and Development (OECD).

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 
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