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Peter Toft EIFO Posts: 101
10/01/2022 11:54
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Dear colleagues,
With the ongoing troubles in Kazakhstan would you kindly share if you are experiencing any difficulties in payments from the country in addition to your current cover policies or if possible, considerations on limiting cover.
EKF is currently considering tightening our cover policy on private buyers to "tight resetrictions" from "modest restrictions" i.e. a min. requirement to only acccept CC1-rates buyers on LT transactions. This in view of the country risk having likely taken a turn for the worse in the medium-long-term.
Our current cover policy:
Sovereign buyers: Open for cover
Sub-sovereign buyers: cbc
Banks: Only the strongest banks on LT acceptable
Private buyers: Min. CC2 on LT, robustness to currency mis-match on MT
LT commitments: EUR 100 m
ST commitments: none
Kind regards
EKF
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Sonja Wittkowski EULER HERMES Posts: 177
26/01/2022 10:09
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Dear Peter,
We too are concerned about the events in Kazakhstan, are following the developments closely and are also trying to get a picture of the situation via German representatives abroad.
Our clients have not reported any significant payment delays so far and we are therefore sticking to our current cover policy https://www.agaportal.de/en/laenderinfo/land/kasachstan for the time being.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
Peter Toft wrote:
Dear colleagues,
With the ongoing troubles in Kazakhstan would you kindly share if you are experiencing any difficulties in payments from the country in addition to your current cover policies or if possible, considerations on limiting cover.
EKF is currently considering tightening our cover policy on private buyers to "tight resetrictions" from "modest restrictions" i.e. a min. requirement to only acccept CC1-rates buyers on LT transactions. This in view of the country risk having likely taken a turn for the worse in the medium-long-term.
Our current cover policy:
Sovereign buyers: Open for cover
Sub-sovereign buyers: cbc
Banks: Only the strongest banks on LT acceptable
Private buyers: Min. CC2 on LT, robustness to currency mis-match on MT
LT commitments: EUR 100 m
ST commitments: none
Kind regards
EKF
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Ayan Bektybayeva KAZAKHEXPORT Posts: 1
09/01/2026 07:58
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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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