Kazakhstan and Uzbekistan Expand Financial Cooperation

Tashkent, Uzbekistan (UzDaily.com) — During a working visit to Tashkent, the Development Bank of Kazakhstan and the Export Credit Agency of Kazakhstan signed cooperation agreements with four Uzbek banks — Tenge Bank, Uzpromstroybank, Orient Finans Bank, and Kapitalbank.

The documents were signed as part of the implementation of directives from Kazakhstan’s leadership aimed at strengthening economic integration in the region. The parties agreed to develop trade and economic cooperation and to support the export of Kazakh products through financial and insurance instruments.

The mechanisms to be used include interbank loans, letters of credit, guarantees, and export insurance coverage. The agreements are intended to support joint infrastructure and industrial projects, reduce risks, and improve financing conditions for Uzbek partners.

Chairman of the Management Board of the Development Bank of Kazakhstan Marat Yelibayev noted that Uzbekistan remains a strategic trade partner for Kazakhstan in the region. According to him, the new agreements form a unified financial infrastructure that allows businesses to access ready-made financing solutions for market expansion.

During the visit, discussions were also held with representatives of BI Group and RG Brands, focusing on supply chain optimization and expansion of their presence in the Uzbek market. Potential projects requiring participation from the Development Bank of Kazakhstan and the Export Credit Agency were also reviewed.

Special attention was given to a model of direct financing under insurance coverage, which combines lending and insurance tools into a unified state support system.

According to the parties, the synergy of development institutions contributes to strengthening export potential, reducing the cost of financing, developing non-resource exports, and enhancing Kazakhstan’s role as a regional financial hub.