MOU on Cooperation between NEXI and KazExportGarant (KEG)

November 16, 2016

Nippon Export and Investment Insurance (NEXI)

Nippon Export and Investment Insurance (NEXI) signed a Memorandum of Understanding (MOU) on cooperation with KazExportGarant (KEG) to provide insurance support for third-country contracts won jointly by Japanese and Kazakh companies. The cooperation includes reinsurance and other cooperation in the field of trade, investment and finance. The MOU will serve as a basis for considering specific cooperation.

<Background to the MOU>
While Kazakhstan is well endowed with energy and mineral resources such as oil and gas, the country is trying to diversify away from its resource-dependent economy. Kazakhstan has successfully transitioned to a market economy, with GDP per capita exceeding USD10, 000.

As the country’s rising middle-income population is likely to boost demand for imported goods, demand for NEXI’s insurance to support Japanese exports to Kazakhstan is also expected to increase. In addition, there will be increased opportunities for Japanese companies to collaborate with Kazakh companies in winning overseas contracts. The MOU has been signed for more efficient information sharing and a closer relationship between KEG and NEXI.

<Key points of the MOU>

  1. Promoting trade and investment between Japan and Kazakhstan, as well as trade from them to third countries

  2. Mutual support for possible fields including reinsurance

【About KEG】

<Company Profile>
Foundation May 2003
Office Location Almaty, Republic of Kazakhstan
Shareholder Baiterek (100%)
Capital1 Approx. JPY4 billion (as of Dec. 31, 2015)

<Brief Company History>

May 2003 KEG was established as Kazakhstan’s export credit and investment agency to promote the country’s State Program on Accelerated Industrial-Innovative Development (2003 - 2015).

Nov 2004 Fist Kazakh insurance organization of Moody’s Baa1 rating.

Jan 2005 KEG started to provide reinsurance in the Kazakh market.

1 KZT1 = JPY0.31 as of October 5, 2016