Kazkommertsbank has signed a co-operation agreement with the Korean Export Insurance Corporation as a start to the development of a mutually beneficial partnership.
The participation of Korean Export Insurance Corporation (KEIC) in financing and risk coverage schemes allows South Korean commercial banks to provide long-term financing for infrastructural projects in Kazakhstan.
Moreover, the financing of the export and import operations of Kazkommertsbank customers is expected to grow as the KEIC insurance products are aimed at covering payment default risks on export loans, allowing for more effective use of credit lines of South Korean banks, opened for Kazkommertsbank.
Upon signing the agreement, Kazkommertsbank plans to expand its creditor base and provide its corporate customers with alternative products for financing their external trade transactions along with existing credit lines.