FOR IMMEDIATE RELEASE September 27, 2006
Marianna Ohe (202-565-3200)
WASHINGTON, D.C. -Today, the Export-Import Bank of the United States (Ex-Im Bank) and the JSC Development Bank of Kazakhstan (DBK) announced the intention to sign an Agreement that will help facilitate financing of U.S. exports to Kazakhstan.
Under the Agreement, Ex-Im Bank and DBK intend to work together to identify and finance projects that are of mutual interest, including projects in Kazakhstan that could benefit from U.S. exports.
DBK and Ex-Im Bank also intend to jointly conduct seminars, conferences, and other events to promote trade and project financing between the United States and Kazakhstan, as well as to conduct information exchange and staff training.
Ex-Im Bank's outstanding loans, guarantees, and insurance commitments involving U.S. exports to Kazakhstan currently total $469 million.
The Development Bank of Kazakhstan was set up in 2001 by the Kazakhstan government as a specialized financial institution to provide long-term financing as well as technical assistance to non-extracting sectors and infrastructure that promote the country's economic development and growth.
Since 2001, DBK has approved 86 investment projects and export transactions for a total amount of $1.6 billion. As of September 1, 2006, DBK's total asset size has increased to nearly $1.1 billion.
Ex-Im Bank, the official export credit agency of the United States, is in its 72nd year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2005, Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion of U.S. exports. More than $2.6 billion of these authorizations, representing 2,617 transactions, directly supported U.S. small businesses as primary exporters. For more information, visit www.exim.gov.