Development Bank, Sinosure agree on insurance coverage of contracts
ASTANA. KAZINFORM - JSC "Development Bank of Kazakhstan" (a subsidiary of "Baiterek" Holding) and China Export & Credit Insurance Corporation have concluded a framework agreement on insurance coverage of up to $400 million.
The signing ceremony was held today in Beijing during Kazakhstan Prime Minister's official visit to China. On the part of DBK the agreement was signed by the Chairman of the Board Bolat Zhamishev, Sinosure - President of the company Luo Xi, the press service of the bank reports. On the part of DBK agreement was signed by Chairman of the Board Bank Bolat Zhamishev, Sinosure - company president Luo Hui. The document envisages the provision by Sinosure insurance coverage under the supply contracts related to engineering products, electrical products and hardware made in China. In addition, the parties have agreed to develop strategic partnership in various fields including through financial support for export-import operations between the companies of Kazakhstan and China. The insurance limit from Sinosure will focus primarily on projects in infrastructure (energy, transport, telecommunications), industry, agriculture, services (tourism, environment, public health, education and sport) etc. Framework agreement is the latest stage in a long-term business cooperation of the DBK and financial and development institutes of China. In 2008-2015 DBK in the framework of trade and economic cooperation Kazakhstan and China inked a number of agreements with the Development Bank and Export-Import Bank of China.