Export Credit Insurance Corporation (KUKE) – a Polish insurer – signed a cooperation agreement in the field of reinsurance with the Kazakh export credit agency on 23 August 2016 in Warsaw, during the Polish-Kazakh Economic Forum.
The agreement constitutes a framework reinsurance contract on the basis of which KUKE may assign the risk connected with insured export transactions to KazExportGarant and take over the export transaction risks insured by the counterparty. The agreement will operate on an optional basis wherein each risk will be subject to the individual acceptance of the reinsurer. The cooperation under the agreement will facilitate a more effective support of commercial transactions between Poland and Kazakhstan.
KazExportGarant, similar to KUKE in Poland, is the national export credit insurer supporting the export activities of Kazakh companies. It was established in 2004 as a government agency.
The agreement signed between KUKE and KazExportGarant is one of a series of agreements concluded during the Polish-Kazakh Economic Forum, which accompanied President Nursultan Nazarbajev’s visit to Poland. Kazakhstan is on the list of five promising markets for Polish exporters identified by the Ministry of Development. President Nazarbajev’s visit was to give the green light for entrepreneurs from both countries to increase trade and investments and tighten business relations.
