Improving the Role of Eximbanks/ECAs in the OIC Member States
50
5% of Iranian exports. There is no information published since then but the Aman Union reports
EGFI’s business volume to be more in the USD 1 billion range in 2013. The capital injection in
2014 should position EGFI to be able to underwrite additional business in the coming years.
3.5.5 Kazakhstan
JSC Export Credit Insurance Corporation (KazExportGarant)
Description:
KazExportGarant was initially established as JSC State Insurance Corporation for insurance of
export credits and investments in 2003 to provide insurance and reinsurance. It aimed at
supporting the development of export-oriented industries in the manufacturing sector. In 2010,
it became JSC Export Credit Insurance Corporation (a subsidiary of JSC National Management
Holding Baiterek) and as of June 2013, has an authorized capital of almost USD 73 million.
Established as development institution, 100% owned by government, KazExportGarant plays a
crucial role in the implementation of the government’s strategy to promote the development of
Kazakhstan’s export-oriented industries in the manufacturing sector of the economy.
KazExportGarant offers various insurance policies. It provides credit insurance to Kazakhstani
exporters of non-primary goods, works and services (for up to 80% of the loss) incurred due to
either political or commercial risks). In 2010, the company developed a new program of
insurance cover to an exporter’s bank that serves as confirming bank to protect against
commercial and political risk (up to 100% of the letter of credit amount). KazExportGarant also
offers investment insurance to Kazakhstani investors against the risks of a political nature in the
country for investment for political risks - up to 90% of the amount of loss incurred. Commercial
risks are not covered.
KazExportGarant is a member of the Prague Club since 2004 and the COFACE Partner alliance.
Analysis:
KazExportGarant has many strong features which support its operations. It received a
KazExportGarant rating of Baa2, and enjoys a strong link to the government in terms of both
financial backing, as well as in terms of strategic policy implementation works with trade
promotion agencies. KazExportGarant is licensed and supervised by the insurance authority and
has strong conflict of interest and compliance rules and an internal audit function.
Published financial statements are fairly up-to-date but the last audited financial statements are
from 2011. However, there are no recent annual reports available and no information is provided
on actual business volumes.
3.5.6 Malaysia
Exim Bank of Malaysia (MEXIM)