BAITEREK HOLDING INTENSIFIES COOPERATION WITH GERMAN COMPANIES
Aidar Arifkhanov, Chairman of the Board of Baiterek Holding, as part of the Kazakh delegation, visited Berlin within the official visit of Kazakh President Kassym-Jomart Tokayev to Germany, the Holding’s press service informs.
He participated in a meeting of the Head of State with the leaders of German companies, as well as in the 28th meeting of the Berlin Eurasian Club under the theme: “Kazakhstan and Germany: a new stage of economic cooperation.”
In June of this year, Baiterek Holding signed a framework agreement with the Euler Hermes insurance agency, providing for a limit of 1 billion euros to cover future export loans from German financial institutions in favor of Kazakhstani entrepreneurs.
To implement the agreement documents have been signed by the Holding’s subsidiary, the Development Bank of Kazakhstan (DBK), with the largest German financial institutions during the visit. They include an agreement and memoranda with German banks Deutsche Bank, KfW IPEX-Bank and Commerzbank. It is worth noting that DBK agreed with Deutsche Bank to attract financing with insurance coverage of export credit agencies (ECA) for projects worth 500 million euros.
In addition, a memorandum of understanding has been signed with the German credit agency Euler Hermes Aktiengesellschaft to encourage and facilitate the implementation of transactions in the field of export financing.
Baiterek Holding’s subsidiary Kazakhstan Project Preparation Fund plans to conclude a memorandum of understanding with WestGasOil PTE, a Singaporean company, and Haldor Topsoe Germany, a chemical company, on the construction of a new methanol and olefin production plant in Mangystau region. The enterprise will be located within the SEZ Aktau Sea Port, and the amount of investments will be around $1.8B.
Source: Kazakhtan 2050