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China to provide insurance coverage for joint contracts with Kazakhstan

China to provide insurance coverage for joint contracts with Kazakhstan

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Date: 15 December 2015 16:22

Baku, Azerbaijan, Dec. 15

By Elena Kosolapova – Trend:

Development Bank of Kazakhstan JSC and China Export & Credit Insurance Corporation have concluded a framework agreement on insurance coverage of up to $400 million within the framework of Kazakh-Chinese projects, the press service of the bank said.

The signing ceremony was held Dec.15 in Beijing during the official visit of Kazakh Prime Minister Karim Massimov to China.

The document envisages the provision of insurance coverage by Sinosure under the supply contracts related to engineering products, electrical products and hardware made in 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.

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.

China Export & Credit Insurance Corporation (SINOSURE) is a state-funded policy-oriented insurance company with independent status of legal person, established for promoting China’s foreign trade and economic cooperation. It began operations on December 18, 2001.

SINOSURE is mandated, in accordance with the Chinese government's diplomatic, international trade, industrial, fiscal and financial policies, to promote Chinese exports of goods, technologies and service, especially high-tech and high value-added capital goods like electromechanical products, and national enterprises’ overseas investment, by means of export credit insurance against non-payment risks.

Development Bank of Kazakhstan is a national institution on modernization and development of non-primary and infrastructure sectors of the Kazakh economy.

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