09/01/2026 07:58
Topic:
Kazakhstan
Ayan BektybayevaPosts: 1
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Dear Collegues !
Let me share overview of key developments in Kazakhstan over the past three years for the attention of country risk experts
1. Sovereign credit profile & macroeconomic resilience - Investment-grade sovereign ratings maintained by leading agencies despite global volatility.
- Agencies highlight improvements in fiscal management, public debt levels, external buffers, and the stabilizing role of sovereign wealth assets.
- Enhanced policy coordination and fiscal discipline reduce the probability of systemic stress.
2. Business environment - Notable reforms in business registration, contract enforcement, investor protection, and access to finance.
- Progress in regulatory quality, digitalization, and government-business interaction is reflected in daily commercial operations.
3. Reliability of counterparties & payment discipline - Public and private companies show improved payment discipline and stable financial track records.
- Operational and credit risks are reduced for insurers, export credit agencies, and lenders.
- Corporate governance and risk management align increasingly with international norms, especially among export-oriented enterprises.
- Kazakhstan’s ECA actively underwrites risks for export-oriented companies, with debt service history evaluated positively.
4. Banking sector resilience & state support - Stable and resilient banking system; stress events managed through timely regulation.
- State interventions strengthened liquidity, capital adequacy, and market confidence.
5. Corporate & quasi-sovereign financing - Active participation in international capital markets by state and quasi-state entities.
- Private corporates attract strategic partners for investment and technology collaboration.
- Improved sovereign ratings facilitate external financing and project launches.
6. Investment support & legal certainty - Expanded toolkit: project facilitation, targeted incentives, strategic frameworks.
- Astana International Financial Centre (AIFC) provides English-law principles and independent dispute resolution, enhancing confidence in long-term, capital-intensive projects.
7. Infrastructure & economic diversification - Investments in transport, energy, manufacturing, agribusiness, and renewables.
- Diversification reduces sector dependence, mitigates volatility, and strengthens regional/global supply chain roles.
8. Implications for international financial and insurance markets - Trends in sovereign ratings, business environment, banking stability, corporate financing, and institutional quality indicate a gradual reduction of country risk.
- Opportunities expand in infrastructure, trade finance, project finance, political risk insurance, and structured financial products.
- Improved institutional quality, counterparty reliability, and external financing access signal significant long-term potential.
Conclusion Over the past three years, Kazakhstan has achieved:
- Stronger sovereign credit profile
- Improved business environment
- Enhanced investor protection
- Economic diversification
- Resilient banking system
These developments, confirmed by international assessments and practical market behavior, provide a solid foundation for deeper cooperation with global insurers, ECAs, and financial institutions.
For any questions regarding Kazakhstan or specific regional developments, please feel free to reach out. I will provide detailed responses and, where appropriate, engage relevant government authorities to offer comprehensive insights.
Best regards,
Ayan Bektybayeva - Prague Club Vice Chair
Deputy Chairman of the Management Board
"Export credit agency of Kazakhstan" JSC
tel.: +7-778-102-79-01
email: a.bektybayeva@kazakhexport.kz
www.kazakhexport.kz
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13/06/2025 07:07
Topic:
Inquiry - Egypt’s Country Risk
Heike KensmannPosts: 165
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Dear colleagues,
We did not change our cover policy recently: Our current short-term cover policy for transactions up to 360 days allows for cover case-by-case for public sector transactions, particularly for projects enhancing economic development. For private sector transactions, cover would be taken into consideration based on sound buyer information..
Our payment experience improved in the aftermath of the financial crises in 2023/2024, and our claims situation in Egypt has been stable in recent years.
Please feel free to contact us for any further information or to look at our country information website on Egypt.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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05/06/2025 12:54
Topic:
Inquiry - Egypt’s Country Risk
THAIEXIMBANK AdminPosts: 131
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Dear Colleagues,
THAI EXIM is currently conducting a review of the country risk and also payment default risk of buyers in Egypt. We would greatly appreciate it if you could kindly share your experience with the updated Short-term Cover Policy, including terms and conditions, payment experience, claims, and any other relevant information you may have.
Best regards,
THAI EXIM
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08/05/2025 09:14
Topic:
Cover policy for Russia
Sonja WittkowskiPosts: 177
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Dear colleagues,
As to Russia, cover facilities are not available.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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25/04/2025 12:38
Topic:
Cover policy for Russia
Vedrana Gavran FranićPosts: 8
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Dear colleagues, could you share your cover policy regarding Russia? Thank you.
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23/04/2025 09:11
Topic:
Cover on Ecuador
Phil QuinnPosts: 4
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Thanks Andrea and Euler Hermes. No further questions.
Kind regards
Phil Quinn
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23/04/2025 09:07
Topic:
Cover on Ecuador
Phil QuinnPosts: 4
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Andrea Bulasch wrote:
Dear Phil,
The limit was granted some years ago (2020). However, there was no recent turnover covered, so the limit is currently not in use.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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23/04/2025 10:16
Topic:
Cover on Ecuador
Andrea BulaschPosts: 73
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Dear Phil,
The limit was granted some years ago (2020). However, there was no recent turnover covered, so the limit is currently not in use.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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17/04/2025 01:49
Topic:
Cover on Ecuador
Phil QuinnPosts: 4
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Thanks so much for the response Andrea and Euler Hermes.
Can I just ask how long your cover has been in place for and when it expires?
The reason I ask is that S&P reports indicate significant problems for Ecuador to finance and roll over its external debt in 2026.
Best regards
Phil
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16/04/2025 10:36
Topic:
Cover on Ecuador
Andrea BulaschPosts: 73
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Dear colleagues,
regarding short-term cover on Empresa Publica De Hidrocarburos Del Ecuador we have one whole-turnover cover policy. We have no negative payment experience, so far.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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15/04/2025 03:32
Topic:
Cover on Ecuador
Phil QuinnPosts: 4
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Hello members
NZ Export Credit has been approached to provide short term cover on Empresa Publica De Hidrocarburos Del Ecuador. (EP Petro Ecuador).
Do any of the members have experience with this counterparty? We seek your advice.
Thanks
Phil Quinn
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31/03/2025 12:27
Topic:
Inquiry about your action for the current situation in Yemen
Sonja WittkowskiPosts: 177
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Dear Colleagues,
Thank you for your inquiry regarding export credit insurance in Yemen.
Under current circumstances we would be highly reluctant to new grant cover. We are closely monitoring the situation.
However, we still cover a small number of regular deliveries under long existing contracts and with short repayment terms.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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18/03/2025 02:35
Topic:
Inquiry about your action for the current situation in Yemen
THAIEXIMBANK AdminPosts: 131
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Dear Colleagues,
Regarding to the current situation in Yemen, we would appreciate it if you could share us whether your organization continues to provide Export Credit Insurance in Yemen. If so, please kindly provide additional information whether there are any special conditions associated with it or which conditions you are currently provide the coverage.
Thank you for sharing the information with us.
Best regards,
THAI EXIM
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20/08/2024 06:52
Topic:
Underwriting Guidelines and SOP in Response to Country Risks
Heike KensmannPosts: 165
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Dear Colleagues,
Global developments are monitored closely by our team of country risk experts. In case of rising risks (e.g. the Russian invasion in Ukraine) we propose adjustments to our cover policy to our interministerial committee which decides on a case by case basis. Our underwriters then implement the decision of the interministerial committee (e.g. by suspending credit limits). We do not have a standard list of factors taken into consideration or a fixed time frame. Decisions are taken individually depending on the circumstances in the respective country.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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12/07/2024 01:34
Topic:
Underwriting Guidelines and SOP in Response to Country Risks
THAIEXIMBANK AdminPosts: 131
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Dear Colleagues,
In light of the increasing country risks in recent years—such as wars, civil unrest, geopolitical issues, terrorist attacks, and foreign currency shortages—which have inevitably impacted global trade and business, we are seeking your feedback on how you manage these risks in your Short Term Export Credit, Medium and Long Term, and Investment Insurance businesses.
Specifically, we would appreciate your kind response on the following points:
1. Have there been any changes to your underwriting guidelines in response to these events? If possible, please provide examples.
2. Do you have Standard Operating Procedures (SOPs) for handling such situations? If so, please provide a brief description.
3. What are the key factors that you will consider to stop underwriting or suspending or canceling the credit limit?
4. In the event of a conflict between two countries there are invasions or attack each other. What does your organization do? How long do you wait before taking any action?
5. Who is responsible for making decisions on these actions, such as continuing coverage or suspending the credit limit (e.g., underwriter or higher-level management)?
We believe that your insights will be precious to us. Thank you for sharing this information.
Best regards,
THAI EXIM
edited by THAIEXIMBANK Admin on 7/12/2024
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29/05/2024 07:04
Topic:
Export Credit Insurance and Political Risk Insurance in Myanmar
Heike KensmannPosts: 165
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Dear colleagues from THAI EXIM,
Thank you for contacting us. Basically we provide cover for Myanmar on a case by case basis, but we do not see a significant demand for it.
Please feel free to contact us again.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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27/05/2024 01:54
Topic:
Export Credit Insurance and Political Risk Insurance in Myanmar
THAIEXIMBANK AdminPosts: 131
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Dear Colleagues,
Considering the current situation in Myanmar, we would appreciate it if you could share us whether your organization continues to provide Export Credit Insurance and/or Political Risk Insurance in Myanmar, and if so, whether there are any special conditions associated with it.
Thank you for sharing the information with us.
Best regards,
THAI EXIM
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24/04/2024 05:46
Topic:
Inquiry about your action or measure for Israel-Iran
Heike KensmannPosts: 165
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Dear colleagues,
We are following the current developments very closely, but have not changed our cover policy for the two countries.
We are open to business in Israel without any restrictions, but we do not provide cover for business with Iran.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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19/04/2024 11:42
Topic:
Inquiry about your action or measure for Israel-Iran
THAIEXIMBANK AdminPosts: 131
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Dear Colleagues,
Due to the latest development on Israel-Iran tensions, we would appreciate it if you could share with us what your organization has taken any action or measure on Short-Term Export Credit Insurance cover for both countries.
Thank you for sharing the information with us.
Best regards,
THAI EXIM
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17/01/2024 01:01
Topic:
Enquiry on the ISRAEL and West Bank and Gaza (PALESTINIAN TERRITORY) Cover Policy under Short-Term Export Credit Insurance
Sonja WittkowskiPosts: 177
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Dear colleagues,
We have suspended cover for Gaza and the West Bank with the exception of transactions with humanitarian goods with credit periods of up to 360 days on a case-by-case basis.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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