Baiterek Holding to boost coop with German colleagues

NUR-SULTAN. KAZINFORM As part of the official visit of Kazakh President Kassym-Jomart Tokayev to Berlin on December 5-6, CEO of Baiterek Holding Aidar Arifkhanov participated in a meeting of the Head of State with German businesses and in the 28th meeting of the Berlin Eurasian Club on «Kazakhstan and Germany: New Stage of Economic Cooperation.»

In June 2019, Baiterek Holding entered into a framework agreement with Euler Hermes Insurance Company. The agreement provides for establishment of a €1bn limit for insurance coverage of future export credits from German financial institutes in favor of Kazakhstani businesses.

For the purpose of implementation of this agreement, the Development Bank of Kazakhstan (daughter company of Baiterek) signed several documents with the largest German financial institutes.

The point at issue is the agreement and memorandums with Deutsche Bank, KfW IPEX-Bank and Commerzbank.

A memorandum of mutual understanding was also signed with Euler Hermes Aktiengesellschaft. The sides agreed on promotion of implementation of the export financing deals.

Another daughter company of Baiterek - Kazakhstan Project Preparation Fund – plans to enter into a memorandum of mutual understanding with Singapore’s WestGasOil PTE and Haldor Topsoe Germany on construction of a methanol and olefin plant in Mangistau region. The enterprise will be located in the territory of Aktau Sea Port and the amount of investments will be around $1.8bn.