Bridging Markets and Mitigating Risks in the CIS Region

Since joining ICIEC in July 2023, I have focused on driving business initiatives across the CIS region, particularly in Kazakhstan, Uzbekistan, Azerbaijan, and Turkmenistan. In this role, I am dedicated to attracting Foreign Direct Investment (FDI) and facilitating vital trade and investment transactions. By strategically mitigating political and commercial risks, I help our partners navigate complex markets while fostering sustainable economic growth and regional cooperation.

My interest in development finance and risk mitigation stems from a longstanding passion for enabling cross-border investments in emerging markets. Having spent more than a decade in Kazakhstan’s financial sector, I have witnessed firsthand how access to innovative financial solutions can unlock investor confidence and accelerate economic transformation. This experience shaped my belief that risk mitigation is not simply a protective mechanism, but an enabler of growth and long-term development.

I am a results-oriented professional with over a decade of experience in credit analysis, asset management, and risk management, and I earned my CFA charter in 2016. My professional foundation is deeply rooted in corporate banking, where I led Corporate Business divisions and specialized in structuring and financing large-scale projects across sectors such as energy, mining, and FMCG. Throughout my career, I have also held leadership positions in risk management, including roles at an investment brokerage and the National Mortgage Company of Kazakhstan, which gave me a comprehensive perspective on financial modeling, deal structuring, and trade finance instruments.

Joining ICIEC was a natural next step in my professional journey, as it brought together my expertise in financial risk management with a broader development mandate. I was particularly drawn to ICIEC’s mission of supporting trade and investment flows in markets with strong economic potential, yet often underserved by political and commercial risk insurance solutions.

The Central Asia and Azerbaijan markets are dynamic and full of opportunity, particularly in infrastructure, energy, logistics, and industrial development. However, many investors remain cautious due to perceived market risks and limited awareness of available risk mitigation tools. This creates both a challenge and an opportunity: building trust, educating the market, and demonstrating how investment insurance and export credit solutions can support sustainable business growth.

In my daily work at ICIEC, I collaborate closely with colleagues across our global hubs and headquarters to promote our solutions and expand investment activity in Central Asia and Azerbaijan. Because investment insurance and export credit remain relatively new concepts in the region, a significant part of my role involves market education, stakeholder engagement, and raising awareness of Islamic finance solutions.

To achieve this, I work with a broad range of partners, including state-owned enterprises, private sector companies, financial institutions, and exporters involved in regional investment projects. My objective is to ensure that our initiatives are impactful, commercially viable, and sustainable in the long term. Beyond insurance solutions, I am equally committed to strengthening the visibility of the IsDB Group across the region. I believe that closer collaboration with sister entities, particularly ICD in private sector development, can significantly amplify our collective impact.

As Country Manager for the region, I am also focused on diversifying ICIEC’s project portfolio to ensure our presence extends beyond the banking sector into large-scale infrastructure projects. While infrastructure transactions are inherently more complex and require longer execution timelines, institutions such as ICIEC have a critical role to play in enabling these transformational investments by providing the necessary risk mitigation framework. Beyond their economic impact, such projects also contribute to the professional growth of our teams, allowing us to strengthen our expertise, build institutional knowledge, and leverage these experiences to support even more ambitious initiatives in the future.

Looking ahead, I remain optimistic about the continued expansion of ICIEC’s presence in the region, including the potential accession of the Republic of Kyrgyzstan and the Republic of Tajikistan as new member states. I believe the CIS region has tremendous, untapped potential, and with the right partnerships and robust risk mitigation frameworks in place, it can attract significantly greater volumes of investment and trade.

What motivates me most is seeing projects evolve from initial discussions into real economic activity that creates jobs, strengthens regional connectivity, and supports long-term resilience. I am proud to contribute to ICIEC’s mission of fostering economic growth, regional cooperation, and investor confidence through specialised Shariah-compliant risk mitigation solutions.

I rejoined ICIEC in October 2025 after a gap of 10 years, during which I worked for international banks, ECAs and investment promotion offices across the Middle East. I have brought over two decades of global experience in trade finance, structured trade, project finance, trade credit and political risk insurance, ECA-backed financing, and Takafulbased solutions.

Coming back to ICIEC after 10 years was a big personal and professional decision. Transitioning from an investment promotion agency, an ECA, and commercial banking to a multilateral environment like ICIEC has indeed allowed me to pivot from policymaking, profit-driven, transactional lending to high-impact developmental finance on a global scale. ICIEC, in particular, has an amazingly strong impact-driven, respectbased culture, which provides a collaborative environment where long-term strategic relationships are valued over high-pressure, short-term targets. By joining ICIEC, I am looking at leveraging and capitalising on my structured trade finance expertise to bridge global funding gaps and champion major regional infrastructure and green energy transitions. Ultimately, this move combines professional purpose with cultural alignment, allowing me to lead complex, cross-border risk management within an institution that prioritises mutual respect, ethical governance, and sustainable economic development.

In my current role, I am leading a team of highly professional individuals with a clear focus on Asia, originating business and supporting businesses in ICIEC member states to grow globally and penetrate new markets, particularly from the perspective of protecting exports, enabling strategic imports and facilitating trade finance and project finance. This exciting role also entails attracting foreign direct investment into ICIEC member states whilst mitigating political risk for international investors, coupled with structuring complex trade and project finance transaction flows in partnership with banks and financial institutions, followed by strong coordination and cooperation with government institutions in delivering cost-effective riskmitigating solutions contributing towards developmental impact.

Asia brings a multitude of opportunities across diverse and very exciting existing and newly emerging sectors and products. Our strategic roadmap includes building a portfolio consisting of a healthy mix of short-term trade credit along with a sizeable exposure to structured medium- and longterm (MLT) solutions to capture the region’s massive industrial growth. During the next couple of years, we will mobilise regional banks’ liquidity by deploying our bespoke solutions like DCIP, BMP and NHSO, which are essentially buyer-credit programmes. In addition, an important part of our strategy is penetrating these frontier markets, which are fairly volatile, through co-insurance syndications with multilaterals like the ADB, AIIB and other multilaterals. In the long term, our growth will be anchored in the region’s multi-decade green transition and structural infrastructure spend. Furthermore, we are looking at establishing reciprocal strategic alliances with leading regional export credit agencies (such as JBIC, NEXI, Malaysia EXIM, Indonesia EXIM, Sinosure and K-SURE) to secure multi-sourcing megaprojects, while utilising ICIEC’s credit enhancement solutions to wrap sub-investment-grade infrastructure opportunities into bankable assets. This dualphased approach effectively insulates our regional aspirations against macroeconomic volatility while positioning us as the premier or preferred risk-mitigating partner for Asia’s evolving trade corridors, particularly for ICIEC member states, thus contributing towards ICIEC’s overall objectives.

With my diversified global experience of over two decades in trade credit and political risk insurance, ECA-backed financing, supply chain finance, and structured trade and project finance, I am indeed looking forward to contributing towards the division’s success and the organisation’s objectives. With a career spanning leadership roles at institutions including Abu Dhabi Investment Office, Etihad Export Credit Insurance Company PJSC, The Saudi British Bank (SABB) and ICIEC – IsDBG, I have spearheaded strategic initiatives across Asia, the Middle East, and Africa, including large-scale infrastructure and energy and renewable energy projects in Iraq, Angola, Uzbekistan, and Senegal. My expertise includes structuring complex trade finance solutions, launching Shariah-compliant products, articulating project finance instruments and building partnerships with global ECAs such as UKEF, Bpifrance, US EXIM and SACE. I was also elected Vice-Chair of the Berne Union MLT Committee during the annual meeting in Kigali in 2022.

I hold a Master’s degree in Commerce (M. Com. major in Finance) from Punjab University, Pakistan, followed by Cost and Management Accountancy (CMA) from the Institute of Cost and Management Accounts (ICMA) of Pakistan. I also hold an Advanced Certificate (full-year programme) in Trade Credit Insurance from Offenburg University, Germany, with distinction in Structured Trade, along with an advanced certificate from INSEAD on Leading Effective Sales Forces.

THE CAPITAL

Baku: A City of Winds

Few cities in the world so seamlessly stitch together centuries of history with bold architectural modernity. Baku achieves this effortlessly. Standing along its Caspian Boulevard, a visitor’s gaze moves from the medieval ramparts of the Old City to the shimmering curves of the Heydar Aliyev Centre, as if two eras were holding a quiet conversation across time.

A UNESCO World Heritage Site, Baku’s ancient walled inner city harbours the Maiden Tower and Palace of the Shirvanshahs, stones that reflect centuries of civilisation.

Three soaring glass skyscrapers clad in LED panels evoke the natural flames associated with Azerbaijan’s historic identity as the ‘Land of Fire.’ By night, they illuminate the skyline in rippling ribbons of colour.

Designed by the late Zaha Hadid, this undulating white masterpiece, defined by sweeping curves and fluid forms, has become a global icon of contemporary architecture.

To walk from the cobblestones of Icherisheher to the reflective glass of the Flame Towers is to traverse a thousand years in a single journey and to understand that Azerbaijan has always been a place where worlds meet.

CULTURAL HERITAGE

Woven in Time: Art, Craft & Identity

Azerbaijan’s cultural identity is rich, layered, and deeply felt. Long a crossroads on the ancient Silk Road, the country absorbed and gave back to Persian, Turkic, Arab, Russian, and Ottoman civilisations, producing a culture that is uniquely, unmistakably Azerbaijani.

INTANGIBLE HERITAGE

Recognised by UNESCO, Azerbaijani carpet weaving is one of the country’s most refined and historically significant textile traditions. Each carpet is a language; its geometric motifs encode tribal stories and centuries of history. The Azerbaijani Carpet Museum in Baku, shaped like a rolled carpet, is itself a tribute to this living art form.

ARCHITECTURE & CRAFTS

The carved stone facades of Old Baku’s caravanserais, the distinctive ornamental brickwork of Sheki’s Khan Palace, and the centuries-old craft of copperwork in the village of Lahij speak to a civilisation that placed beauty at the centre of everyday life.

PERFORMING ARTS

The carved stone facades of Old Baku’s caravanserais, the distinctive ornamental brickwork of Sheki’s Khan Palace, and the centuries-old craft of copperwork in the village of Lahij speak to a civilisation that placed beauty at the centre of everyday life.

LITERATURE

A Legacy of Poets & Scholars

From the 12th-century poet Nizami Ganjavi, whose works have influenced literary and artistic traditions across the East and beyond, to satirist Mirza Fatali Akhundov, Azerbaijan has long nurtured a deep tradition of letters, philosophy, and intellectual life.

NATURAL WONDERS

Land of Fire, Sea & Mountain

Beyond the capital, Azerbaijan reveals a geography of startling contrasts: subtropical lowlands, alpine peaks, semi-desert steppes, and a vast inland sea all within one compact territory. Nature here is never simply a backdrop; it is part of the national story.

The world’s largest landlocked body of water defines Baku’s horizon. Its shoreline promenade, the Baku Boulevard, stretches for kilometres, alive with cafés, gardens, and the gentle lapping of silver waves.

A UNESCO site housing over 6,000 rock carvings dating back 40,000 years. Nearby, bubbling mud volcanoes, of which Azerbaijan hosts one-third of the world’s total, create an otherworldly, primordial landscape.

A UNESCO site housing over 6,000 rock carvings dating back 40,000 years. Nearby, bubbling mud volcanoes, of which Azerbaijan hosts one-third of the world’s total, create an otherworldly, primordial landscape.

FOOD & HOSPITALITY

The Table as a Welcome

In Azerbaijan, hospitality is not a custom; it is a philosophy. A guest, the old saying goes, is sent by God. To be welcomed into an Azerbaijani home or restaurant is to be enveloped in warmth, generosity, and an abundance of flavour. The Azerbaijani table is a testament to its geography and history. Plov, a saffronscented rice dish adorned with dried fruits and chestnuts, is the undisputed centrepiece of the national kitchen, with over 40 regional varieties. Dolma (grape leaves stuffed with spiced lamb and herbs), dushbara (tiny hand-crafted dumplings in a rich broth), and the tangy pomegranate-based sauce narsharab all speak of a culinary tradition shaped by Persian elegance and Caucasian heartiness. A glass of strong black tea, poured into an armudu (pear-shaped) glass with sour cherry preserves on the side, is the quiet, ever-present ritual of daily life.

This harmonious blend of tradition and modernity is evident throughout Azerbaijan. While the country embraces the latest technologies and international trends, the core values of heritage and hospitality remain deeply rooted. Visitors will find a country that is proud of its past and excited about its future, offering a unique experience that lingers long after the journey ends.

In Azerbaijan, hospitality is not a custom; it is a philosophy. A guest, the old saying goes, is sent by God. To be welcomed into an Azerbaijani home or restaurant is to be enveloped in warmth, generosity, and an abundance of flavour.

Source note: Prepared with reference to publicly available sources, including UNESCO World Heritage and Intangible Cultural Heritage materials, official cultural resources, and reputable publications on Azerbaijan’s history, architecture, and cultural heritage.

According to the Energy Institute Statistical Review of World Energy (2025), OPEC, and the IEA, Azerbaijan ranks 20th globally in terms of proven crude oil reserves, holding approximately 7 billion barrels. This represents roughly 0.4% of the world’s total reserves. In terms of average daily production, Azerbaijan is among the top 25 global producers, accounting for about 0.6% of the global oil supply. Furthermore, the country ranks 23rd worldwide in proven natural gas reserves, with approximately 2.5 trillion cubic meters. Azerbaijan is recognised as a key exporter due to its advanced infrastructure, notably the Southern Gas Corridor, and currently leads the region in the growth rate of gas exports to Europe.

In 2025, Azerbaijan’s GDP amounted to approximately $75 billion. The primary sectors contributing to the GDP include the industrial sector (including oil and gas) at 41%, Trade at 10%, Transport at 7%, Construction at 6%, Agriculture at 4%, and the Banking sector at 3%. Azerbaijan’s export profile remains dominated by the hydrocarbon sector, which accounted for approximately 87% of total export revenues in 2025. However, during 2024–2025, the non-oil and gas sector achieved a sustained majority share of the national economy, reaching 52.7% of GDP.

While Azerbaijan has traditionally utilised its hydrocarbon wealth as the primary engine of economic expansion, contemporary policy frameworks are increasingly focused on fostering diversification away from the oil and gas sectors. Leveraging its strategic location and abundant natural resources, the country is now pivoting towards a diversified, knowledge-based economy, bolstered by robust international partnerships and a favourable investment climate.

Azerbaijan continues to maintain a strong credit profile as of April 2026, holding investment-grade ratings from Fitch (BBB-, Stable) and Moody’s (Baa3, Positive), while S&P Global maintains a BB+ rating with a Positive outlook.

AZERBAIJAN 2030: NATIONAL PRIORITIES

In February 2021, the President of the Republic of Azerbaijan issued a decree approving the “National Priorities for Socio-Economic Development: Azerbaijan 2030”. This foundational document defines five key vectors for the country’s strategic development:

1. A Sustainably Growing, Competitive Economy: A strategic focus on the non-oil sector, innovation, and export diversification.
2. A Dynamic, Inclusive Society Based on Social Justice: Emphasis on poverty reduction and comprehensive regional development. 3) Competitive Human Capital and a Modern Innovation Space: Implementation of educational reforms and support for the startup ecosystem.
3. The “Great Return” to Liberated Territories: Full economic and social reintegration of the Karabakh and East Zangezur regions.
4. A Clean Environment and a “Green Growth” Country: Transitioning to renewable energy sources and the reduction of carbon emissions.

As the initial implementation phase of “Azerbaijan 2030”, the 2022–2026 Socio-Economic Development Strategy serves as a strategic roadmap to increase the private sector’s economic share to 88%. Key pillars include SOE optimisation, judicial reforms, and the expansion of industrial parks and FEZs. Complementing this, the “Great Return” programme (est. 2022) focuses on the economic reintegration of liberated territories, which are projected to generate 25% of the national GDP by 2030.

STRATEGIC CONNECTIVITY AND REGIONAL PARTNERSHIPS

Beyond its domestic agenda, Azerbaijan serves as a critical geostrategic bridge between Asia and Europe through several large-scale international projects:

• The Middle Corridor (TITR): A flagship multimodal transport route bypassing Russia to connect China and Central Asia with Member Country Profile: Azerbaijan Bounded by the Caspian Sea and the Caucasus Mountains, Azerbaijan, often referred to as the ‘Pearl of the Caspian’, stands as a natural bridge between East and West. Azerbaijan is bordered by Russia, Georgia, Armenia, Türkiye, and Iran. The nation’s geography features a diverse mix of rugged mountain ranges and fertile lowlands, supported by a vast natural resource base centred on its significant oil and gas reserves. COUNTRY AND REGION FOCUS 22 ICIEC SPECIAL ISSUE COUNTRY AND REGION FOCUS Europe. By digitising customs and expanding the Port of Alyat, transit times have been reduced to 12-15 days.
• Railway Infrastructure Modernisation: To support these corridors, Azerbaijan is upgrading its rail network:

1. East-West Axis: The Baku-Tbilisi-Kars (BTK) railway has been expanded to a capacity of 5 million tons annually, serving as the backbone of the Middle Corridor.
2. North-South Axis: The reconstruction of the Baku-Yalama and Baku-Astara lines facilitates seamless transit between Russia, Iran, and the Persian Gulf.
3. Reconstruction of Liberated Territories: The construction of the Horadiz-Agbend line is a priority, designed as a key segment of the future Zangezur Corridor to link mainland Azerbaijan with Nakhchivan and Türkiye.

The Digital Silk Way: A strategic initiative to transform Azerbaijan into a regional digital hub. This involves laying a subsea fiber-optic cable across the Caspian Sea (connecting Azerbaijan and Kazakhstan) to provide a high-speed data corridor between East Asia and the EU.

• Green Energy Corridor: A multi-stage project to export renewable energy to Europe. This includes a high-voltage Caspian subsea cable (integrating the power grids of Uzbekistan, Kazakhstan, and Azerbaijan) linked to the Black Sea submarine cable reaching Romania and Hungary.
• Southern Gas Corridor (SGC) Expansion: A vital pillar of EU energy security. Ongoing efforts aim to double gas export capacity to 20 billion cubic meters annually by 2027 through the modernisation of the TANAP and TAP pipelines.
• North-South Transport Corridor (INSTC): Azerbaijan is the only country participating in both the East-West and NorthSouth axes, facilitating trade between India, the Persian Gulf, and Northern Europe.

FISCAL AND MONETARY POLICY: AZERBAIJAN AND CENTRAL ASIAN COUNTRIES

Compared to Central Asian economies, Azerbaijan’s growth dynamics appear more moderate. In Kazakhstan, after a period of accelerated growth, expansion is projected to gradually converge to around 3.5-4% by 2030-2031, while Uzbekistan is expected to maintain higher growth rates of approximately 5.5-6% throughout the forecast horizon. At the same time, Turkmenistan shows growth rates comparable to Azerbaijan, in the range of 2-3% in 2026-2031, indicating broadly similar macroeconomic parameters within the IMF projections. Thus, through 2031, Azerbaijan is characterised by a stable economic growth trajectory.

Based on the analysis of the latest data from national statistical agencies and the United Nations Population Division, Azerbaijan presents a distinct demographic profile characterised by maturity and high density. With a population of approximately 10.5 million, Azerbaijan is significantly more compact than Kazakhstan (~21.1 million) or Uzbekistan (~37.7 million), resulting in the highest population density in the group at 122 people per km². While Uzbekistan and Turkmenistan maintain a “younger” demographic with median ages under 27, Azerbaijan – much like Kazakhstan – has transitioned into a more mature stage with a median age of 32.4 years. Furthermore, while Uzbekistan leads in absolute annual growth at 2.0%, Azerbaijan demonstrates a more stable and moderate growth rate of approximately 0.5%, reflecting an advanced stage of demographic transition and a higher level of urbanisation compared to its Central Asian neighbours.

Azerbaijan demonstrates a high degree of fiscal liquidity and a stable inflationary environment relative to its regional peers. In 2025, Azerbaijan effectively stabilised its inflation rate at ~6%. In contrast, regional peers faced significantly higher pressures: Kazakhstan recorded a year-end inflation rate of 12.3%, driven largely by rising costs in utilities and food services, while Uzbekistan reported inflation at ~7-8%.

For the period spanning the 2025 fiscal year through the first quarter of 2026, the regional economic landscape reveals that Azerbaijan maintains the highest ratio of reserves relative to its economic output among its peers. Azerbaijan’s total sovereign assets – consisting of Central Bank reserves and the State Oil Fund of Azerbaijan (SOFAZ) – reached a record $85.15 billion, an amount that represents approximately 112% of its annual GDP. In comparison, Kazakhstan holds the highest absolute financial buffers in the region at $100.6 billion, comprising both National Bank reserves and the assets of the National Fund of the Republic of Kazakhstan; however, due to the larger size of its economy, this total is equivalent to roughly 38-40% of its GDP. Meanwhile, Uzbekistan’s total sovereign assets, which include the Fund for Reconstruction and Development and gold-forex reserves, are estimated to be between $52 and $55 billion, accounting for approximately 50-55% of its GDP.

It is estimated that by the end of 2025, Azerbaijan demonstrated a high degree of fiscal stability by maintaining a budget surplus of 2.4% of GDP, driven by disciplined expenditure and robust hydrocarbon exports. In contrast, Kazakhstan and Uzbekistan recorded fiscal deficits of approximately 3.1% and 4.0% of GDP, respectively, during the same period.

ICIEC’S ENGAGEMENT WITH AZERBAIJAN

ICIEC’s involvement in Azerbaijan began prior to its membership in 2023. ICIEC reinsured KazakhExport for the export of diesel locomotives from Kazakhstan to Azerbaijan Railways and insured several member country banks and exporters for transactions involving Azerbaijan. In 2024, ICIEC supported a transaction in the telecommunication sector of Azerbaijan. In summary, since Azerbaijan joined ICIEC, approximately USD 164 million in cumulative business has been insured.

Potential areas of cooperation:

• Middle Corridor and Regional Partnerships: Azerbaijan actively cooperates with the countries of Central Asia and Türkiye. Located on the route connecting Europe and China, Azerbaijan is one of the beneficiaries of this trade path. Locomotive supply deals in the railway industry may be expanded to support Azerbaijan’s logistics sector. Support can also be provided in maritime logistics in the Caspian Sea.
• PPP frameworks: The development of PPP is one of the key instruments for implementing the Azerbaijan 2030 strategy. Azerbaijan’s main focuses in the application of PPP are 1) green energy, 2) infrastructure and logistics, 3) the social sphere, and 4) water desalination. In April 2024, an agreement was signed for the implementation of a project for the desalination of Caspian Sea water based on the PPP model (investor: ACWA Power).
• Digitalisation: The experience of implementing ICIEC projects with world-leading communication equipment suppliers in Central Asian countries can be actively utilised in Azerbaijan.

As Uzbekistan continues to expand its engagement with international capital markets and Islamic finance, strategic partnerships are playing an increasingly important role in mobilising investment and supporting sustainable economic growth. In this interview, Mr. Erkin Azizzhonovich Kakhorov, Chairman of the Management Board of Agrobank, reflects on the Bank’s successful cooperation with ICIEC and how this partnership enabled a landmark Islamic financing transaction. He discusses the value of risk mitigation in attracting international investors, the growing importance of Shariah-compliant financing solutions, and the opportunities that closer collaboration between financial institutions and multilateral partners can create for trade, investment, and development across Uzbekistan and the wider region.

Could you share the Bank’s perspective on its cooperation with ICIEC and explain how this partnership contributes to the achievement of Agrobank’s strategic objectives?

Before addressing this question directly, allow me to briefly elaborate on how Agrobank arrived at its cooperation with ICIEC. As you may know, since 2010 Agrobank has maintained close and productive cooperation with institutions of the Islamic Development Bank Group. In particular, collaboration with ICD and ITFC enabled Agrobank to make a meaningful contribution to the promotion of Islamic financing mechanisms for entrepreneurs and businesses across the Republic.

With the growing demand for Shariahcompliant financial products among the Bank’s clients, Agrobank identified the strategic necessity of accessing capital markets that operate in accordance with Islamic finance principles. The solution was found through cooperation with ICIEC, which is also a member of the Islamic Development Bank Group. Furthermore, the experience gained through our engagement with other institutions of the Group enabled us to establish a mutually beneficial partnership with ICIEC within a relatively short period of time.

As a result, Agrobank became the first bank in the country to access the international Islamic capital market through a Commodity Murabaha transaction, thereby establishing a strong presence both within the Republic and among international Islamic investors.

With the growing demand for Shariahcompliant financial products among the Bank’s clients, Agrobank identified the strategic necessity of accessing capital markets that operate in accordance with Islamic finance principles.

What were the key advantages of cooperation with ICIEC in facilitating the respective transaction and arranging the financing?

I t would not be an exaggeration to state that Agrobank’s cooperation with ICIEC and the resulting Commodity Murabaha transaction supported by the Corporation’s coverage, represents one of the most significant financial events of the year. This milestone enabled Agrobank not only to access the international Islamic liquidity market, but also to overcome the limitations associated with country exposure limits.

This partnership has substantially strengthened the Bank’s standing in international financial markets, enhanced confidence among foreign investors and Islamic financial institutions, and expanded Agrobank’s capacity to finance entrepreneurs while broadening the availability of banking services through Islamic financial products.

One of the key advantages of cooperation with ICIEC has been the implementation of effective commercial and political risk mitigation instruments. This enabled Agrobank to attract more accessible and longer-term financial resources, which are critically important both for the Bank and for the broader national economy. In addition, the insurance coverage and guarantees provided by ICIEC contributed to more efficient transaction structuring and strengthened cooperation with international counterparties.

Through this mechanism, the Bank has been able to provide greater support to agriculture, the processing industry, and infrastructure development projects, as well as small and medium-sized enterprises. This is particularly important amid the growing demand for financial resources from entrepreneurs and exportoriented companies.

Based on Agrobank’s experience, partnerships between banks and international institutions such as ICIEC play a significant role in promoting sustainable trade and investment in Uzbekistan. Such cooperation contributes to strengthening the investment climate, enhancing confidence in the national banking system, and facilitating the country’s deeper integration into international financial markets.

Based on your experience, what role can partnerships between banks and institutions such as ICIEC play in promoting sustainable trade and investment in Uzbekistan?

In this regard, I would emphasise that such mechanisms create additional opportunities for financing sustainable development projects and introducing modern financial instruments. Cooperation with ICIEC has also provided Agrobank with valuable practical experience that may serve as a useful benchmark for other financial institutions across the region.

By mitigating investor risks, ICIEC and similar institutions serve as an important catalyst for attracting investment into Uzbekistan in general and for advancing Islamic banking and financing instruments in particular.

What lessons and insights have been gained from Agrobank’s cooperation with ICIEC that could be valuable for other financial institutions?

First and foremost, as previously mentioned, this was the first transaction of its kind in Uzbekistan. Agrobank has effectively established a benchmark that may serve as a reference point for other financial institutions across the region. Building upon the experience gained, Agrobank intends to continue developing new capital attraction mechanisms and further strengthen its engagement with international investors.

Secondly, through the successful execution of this transaction, the Bank demonstrated to international investors its high standards of corporate governance, operational transparency, and effective risk management framework. Experience confirms that long-term partnerships built on mutual trust and a strategic approach are essential for the successful implementation of major international projects.

Looking ahead, which areas of future cooperation with ICIEC do you consider the most promising in supporting Agrobank’s development priorities?

Speaking about future prospects, Agrobank sees significant potential in expanding joint initiatives in the areas of green finance, support for the agroindustrial sector, and Islamic finance, as well as the further development of programmes aimed at supporting small and medium-sized enterprises.

The Bank is confident that continued cooperation with ICIEC will not only strengthen Agrobank’s financial resilience but will also make a substantial contribution to the implementation of Uzbekistan’s priority socio-economic development objectives.

Partnership with ICIEC constitutes an important component of the Bank’s long-term strategy aimed at expanding international cooperation and attracting sustainable long-term financing.

In Central Asia, the gap between ambition and investment often comes down to one thing: risk. In this conversation, Ms. Desislava Radeva of Standard Chartered Bank explains how partnership with ICIEC is closing that gap, turning complex, capital-intensive projects into bankable opportunities, drawing international capital into Uzbekistan’s industrial base, and widening access to finance for the SMEs that drive inclusive growth. Her message is clear: where risk is well managed and partners align, the region’s potential becomes investable.

Standard Chartered Bank has partnered with ICIEC on important transactions in Central Asia, including the Agrobank and Uzbek Steel deals. How do you assess the value of this cooperation in supporting strategic financing in the region?

Our cooperation with ICIEC has proved highly valuable in enabling strategic, development focused financing in Central Asia, particularly in Uzbekistan, where access to long term capital and effective risk mitigation are of high importance.

In the Agrobank transaction, ICIEC’s support was instrumental in mobilising EUR 160.4 million of Islamic financing to expand access to Shariah-compliant funding for retail customers and SMEs across Uzbekistan. By combining Standard Chartered’s structuring and arranging expertise with ICIEC’s insurance support, the transaction helped unlock financing for sectors that are central to economic growth, financial inclusion and job creation, while also introducing a first-of-its-kind Murabaha structure for the market.

Similarly, in the Uzbek Steel (Uzmetkombinat) financing, our partnership with ICIEC enabled a EUR 132.5 million facility to support the completion of Uzbekistan’s new Casting and Rolling Complex in Bekabad. With ICIEC providing risk mitigation, the financing supports a strategic industrial project that reduces reliance on imports, strengthens domestic supply chains and underpins long term industrial resilience and employment in the region.

Together, these transactions demonstrate the tangible value of our collaboration with ICIEC: combining complementary strengths to de-risk complex financings, attract international capital and support projects that deliver lasting economic and social impact. This partnership plays an important role in supporting Central Asia’s development priorities and provides a strong foundation for continued collaboration in the region.

From your perspective, how did ICIEC’s risk mitigation solutions contribute to the successful structuring and execution of the Agrobank and Uzbek Steel transactions?

I CIEC’s risk mitigation solutions were central to both the structuring and successful execution of the Agrobank and

In the Uzbek Steel (Uzmetkombinat) financing, our partnership with ICIEC enabled a EUR 132.5 million facility to support the completion of Uzbekistan’s new Casting and Rolling Complex in Bekabad. With ICIEC providing risk mitigation, the financing supports a strategic industrial project that reduces reliance on imports, strengthens domestic supply chains and underpins long term industrial resilience and employment in the region.

Uzbek Steel transactions, particularly in a market where long Tenor financing and investor confidence are essential.

In the Agrobank financing, ICIEC’s support provided the credit enhancement needed to mobilise Islamic financing into Uzbekistan. By mitigating political and credit risk, ICIEC enabled Standard Chartered to structure a Murabaha facility for the market with confidence. This risk cover was critical in allowing funding to be channelled at scale into retail and SME segments, supporting financial inclusion and economic growth while ensuring the transaction remained commercially viable and robust for all participants.

For the Uzbek Steel (Uzmetkombinat) transaction, ICIEC’s provision of insurance support again played a pivotal role. The facility benefited from ICIEC’s sovereign-backed risk mitigation, which helped unlock long term financing for a strategic industrial project vital to Uzbekistan’s economic development. By reducing investment risk, ICIEC enabled the financing of a complex, capitalintensive project that strengthens domestic steel production, improves supply chain resilience and delivers meaningful social and economic impact at a national level.

Across both deals, ICIEC’s risk mitigation solutions acted as a catalyst, de-risking transactions, broadening investor participation and enabling innovative financing structures that might otherwise have been challenging to deliver. This partnership allows Standard Chartered to support clients and sovereign priorities with confidence, while ensuring that critical projects in Central Asia can access sustainable, long term capital aligned with development goals.

What do these transactions reveal about the financing needs and investment potential of priority sectors in Central Asia, particularly in relation to industrial development and private sector growth?

These transactions underline that priority sectors in Central Asia combine strong growth potential with a clear need for structured, long term financing that supports economic development in a sustainable and resilient way.

The Uzbek Steel financing highlights the scale of investment required to modernise and expand industrial capacity in the region. Heavy industry remains central to economic growth, job creation and supply chain resilience, yet projects of this nature are capital-intensive and require long tenors, robust structuring and effective risk mitigation to be bankable. The transaction demonstrates that there is significant appetite to invest in strategic industrial assets when financing solutions are aligned with national development priorities and designed to support more efficient, locally anchored production.

At the same time, the Agrobank transaction illustrates the depth of opportunity within the private sector, particularly among SMEs and retail customers. Expanding access to financing for these segments is critical to unlocking inclusive growth and entrepreneurship across Central Asia. The demand for scalable, Shariah-compliant solutions also reflects the evolving sophistication of financial markets and a growing willingness to adopt innovative financing structures to meet local needs.

These deals show that Central Asia’s priority sectors require capital that goes beyond short term funding, combining commercial discipline with development impact. Industrial development, private sector growth and sustainability objectives are increasingly interconnected: modern industry requires investment in efficiency and resilience, while SMEs need reliable access to finance to participate in and benefit from broader economic transformation.

Crucially, the transactions also demonstrate that investment potential is strong when risks are appropriately managed and public-private collaboration is effectively mobilised. With the right frameworks, risk mitigation tools and international expertise, Central Asia can continue to attract private capital into sectors that support diversification, productivity and long term prosperity.

How can partnerships between international banks and multilateral risk mitigation institutions such as ICIEC help unlock more bankable opportunities and attract greater cross-border financing into the region?

Partnerships between international banks and multilateral risk mitigation institutions such as ICIEC play a critical role in transforming opportunity into investable, bankable transactions across Central Asia.

These partnerships help address fundamental risk constraints that often limit cross-border financing into emerging markets. Institutions like ICIEC provide the credit enhancement needed to reduce perceived and actual risks. This allows international banks to structure longer-tenor financings, mobilise larger pools of capital and bring a broader range of lenders and investors into transactions that might otherwise struggle to reach financial close.

Close collaboration also supports the development of bankable structures for complex projects. Multilateral partners bring local and regional insight, while international banks contribute structuring expertise, distribution capability and sector knowledge. Together, this enables financing solutions that are aligned with national development priorities, robust from a risk and credit perspective, and attractive to international capital markets.

In regions like Central Asia, where growth ambitions are strong and financing needs are evolving, partnerships of this nature provide a scalable model for attracting international investment while supporting orderly and sustainable development.

Looking ahead, what role do you see for Standard Chartered Bank in further supporting sustainable trade, investment, and economic development across Central Asia through similar partnerships and structures?

We see Standard Chartered playing an active role in mobilising sustainable trade and investment across Central Asia, building on the same partnership-led approach demonstrated in transactions such as Agrobank and Uzbek Steel.

These partnerships allow us to blend international banking expertise with risk mitigation and development alignment, creating bankable structures for projects that support economic diversification, local value creation and long term competitiveness. As demonstrated in recent transactions, this approach can unlock repeat investment and help deepen financial markets over time.

We also expect to play an increasing role in transition and sustainable finance, particularly as industrial and infrastructure investment in the region evolves. Sectors critical to economic growth, such as manufacturing, transport and trade-linked industries, require capital to improve efficiency, resilience and sustainability. By applying disciplined risk management and robust sustainability frameworks, we can help clients access financing that supports both near-term growth and longer-term transition objectives.

Ultimately, our ambition is to act as a long-term partner to the region, using partnerships, innovative structures and our cross-border capabilities to help attract private capital, support sustainable trade flows and contribute to inclusive economic development across Central Asia. Through continued collaboration with multilaterals, governments and clients, we believe this model can be scaled to support the region’s next phase of growth.

By applying disciplined risk management and robust sustainability frameworks, we can help clients access financing that supports both nearterm growth and longer-term transition objectives.

Steel is not just another industrial product. It has a multiplier effect across the economy. Mr. Abdullayev describes Uzbek Steel’s evolution from a producer of long products into a national steel platform delivering both long and flat steel, with the ICIECsupported Casting and Rolling Complex marking the company’s entry into flat steel production and strengthening domestic supply, localisation and export potential. He highlights how ICIEC’s risk mitigation helped make a strong project bankable by aligning its risk profile with international lenders’ requirements while looking beyond financing to Uzbekistan’s wider development value and points to future cooperation on raw material security and deeper downstream processing.

Could you share with us the strategic vision of Uzbek Steel and its role in supporting Uzbekistan’s industrial development and economic diversification?

Our strategic vision is to develop Uzbek Steel, JSC Uzbek Metallurgical Plant, widely known as Uzmetkombinat, from a producer of long steel products into a national steel platform supplying both long and flat products. This means expanding capacity, strengthening domestic supply, reducing exposure to external shocks and supporting deeper industrial processing in Uzbekistan.

Uzmetkombinat currently produces more than 1 million tonnes of metal products a year. With the ramp-up of the Casting and Rolling Complex, our annual steel production capacity is expected to increase to about 2 million tonnes. The purpose is clear: to meet domestic demand more reliably, reduce imports and strengthen export potential. A key part of this strategy is moving further along the value chain. Supported by ICIEC, the Casting and Rolling Complex marks Uzmetkombinat’s entry into flat steel production. The complex has been built and is now in ramp-up. It will create capacity for high-quality flat products, helping support localisation, downstream

A key part of this strategy is moving further along the value chain. Supported by ICIEC, the Casting and Rolling Complex marks Uzmetkombinat’s entry into flat steel production.

manufacturing and products aligned with international standards, including DIN.

Steel is essential for housing, infrastructure, mining, energy, machinebuilding and manufacturing. For Uzbekistan’s growing economy, a stronger domestic steel base improves supply reliability, cost predictability and economic diversification.

Uzmetkombinat has been part of Uzbekistan’s industrial base for more than 80 years. Commissioned in 1944, it is now the country’s largest ferrous metallurgy enterprise and supplies more than one third of the steel products consumed in Uzbekistan. In 2025, it was among the top 20 taxpayers in the manufacturing sector.

I came to this role after spending my professional life in private business and entrepreneurship. When the President entrusted me with leading Uzbek Steel in August 2025, the task was to bring a more business-oriented approach into a major state-owned industrial enterprise. In a short period, we have already achieved meaningful operational results, including a 25% increase in production volumes and an 18% reduction in production cost.

Uzmetkombinat is also Bekabad’s anchor industrial enterprise. The city of roughly 100,000 people developed around the plant. Our responsibility therefore goes beyond steel output and includes employment, skills and social stability. Our task is to modernise this base with financial discipline, operational reliability and a long-term view.

What are the main priorities currently guiding the company’s growth, modernisation, and competitiveness in both domestic and export markets?

Our priorities today are executionfocused. The first is the disciplined ramp-up of the Casting and Rolling Complex. Construction is complete; the focus now is on stable equipment performance, trained operating and maintenance teams, reliable process control and consistent product quality. This is the stage where long-term competitiveness is built not by installed capacity alone but by how predictably and efficiently that capacity operates.

The second priority is the modernisation of our existing production base. We are working to reduce production costs, improve energy and material efficiency, remove operational bottlenecks and make output more predictable. These improvements are important in the domestic market, where customers value reliability and delivery discipline, and in export markets, where cost, quality and timing determine competitiveness.

A further priority is raw material security. As production volumes increase, the company needs a more secure raw material base and better protection from fluctuations in scrap availability and pricing. We are therefore preparing projects that can strengthen supply stability, improve cost control and support higher production volumes over the long term.

Overall, our growth is guided by a simple principle: modernisation must translate into measurable operating results – stable quality, lower costs, reliable deliveries and a stronger position in both domestic and selected export markets.

How do you assess the role of the steel industry in supporting infrastructure, industrialisation, and broader economic development in Uzbekistan and the region?

Steel has a direct role in Uzbekistan’s growth. It is one of the basic inputs for construction, transport, infrastructure, energy, mining and machine-building. Demand is driven by population growth of around 2% a year, active construction and economic expansion of approximately 6 to 8% annually. Housing, roads, bridges, industrial facilities, utilities and energy infrastructure all require reliable steel supply.

For large projects, availability matters as much as price. When a country depends too heavily on imported steel, investors and contractors face greater exposure to logistics delays, external price movements and supply disruptions. Local production does not remove all risks, but it gives the economy more control, reduces pressure on foreign currency outflows and supports national manufacturers.

This is why steel is not just another industrial product. It has a multiplier effect across the economy. A stronger steel sector supports construction materials, machine-building, exportorientated manufacturing and industrial clusters. It also helps Uzbekistan move from basic raw-material dependence toward deeper processing and higher value-added production, which is consistent with the country’s wider economic diversification agenda.

The social and regional dimension is also important. Uzmetkombinat is a major employer, with more than 10,000 employees, and its supplier network supports additional jobs. Industrial development creates activity not only inside the plant but also around it –

The social and regional dimension is also important. Uzmetkombinat is a major employer, with more than 10,000 employees, and its supplier network supports additional job. A key part of this strategy is moving further along the value chain. Supported by ICIEC, the Casting and Rolling Complex marks Uzmetkombinat’s entry into flat steel production.

through services, contractors, logistics and regional businesses.

For the wider region, the same logic applies. Central Asia is expanding transport, energy, mining and industrial projects. Uzmetkombinat’s role is to provide stable volumes, maintain quality, reduce import dependence where possible and support investment projects with steel produced in Uzbekistan. In this sense, the development of Uzbek Steel supports not only the domestic economy but also Uzbekistan’s role as an emerging industrial hub in Central Asia.

Could you reflect on Uzbek Steel’s experience of cooperation with ICIEC and the value this collaboration has brought to the company?

Our cooperation with ICIEC was directly linked to the Casting and Rolling Complex, the most significant investment project ever undertaken by Uzmetkombinat. For us, this cooperation was practical from the beginning: it was connected not to a general discussion, but to the financing and delivery of a specific industrial asset.

With ICIEC’s support, Uzmetkombinat secured a EUR 132.5 million long-term loan with a seven-year tenor from Standard Chartered Bank of the United Kingdom and KfW IPEX-Bank GmbH of Germany. This was an important milestone for the company, both in terms of the scale of the transaction and in terms of working with international financial institutions on a long-term basis.

The value of the cooperation was not limited to the financing itself. It helped us move the project forward with a more balanced financial structure. For an industrial company, this is important: investment in new capacity should not create excessive short-term pressure on ongoing operations, especially during construction and ramp-up.

We also valued ICIEC’s working approach. The team was responsive, pragmatic and focused on finding workable solutions, while maintaining a disciplined process. The project had to be presented clearly, structured properly and supported by detailed documentation. That experience was useful for Uzmetkombinat beyond this single transaction, because it strengthened our own ability to work with international lenders and partners.

The Casting and Rolling Complex has now been built and is in the ramp-up phase. In that sense, cooperation with ICIEC has already moved beyond financing on paper. It has supported a real industrial project that is now becoming part of Uzbekistan’s production base. For Uzmetkombinat, this is the main value of the collaboration.

In your view, how can risk mitigation and insurance solutions help large industrial players such as Uzbek Steel implement strategic projects more effectively?

Large industrial projects can have a strong business case but a risk profile that lenders find difficult to accept. Steel projects require large upfront investment, imported equipment, long construction and ramp-up periods, and exposure to market cycles. Without risk mitigation, even a sound project can become too expensive to finance or fail to receive workable terms.

This was directly relevant for the Casting and Rolling Complex, a EUR 780 million project for Uzmetkombinat. At this scale, financing terms are not a technical detail. Tenor, cost of funds, repayment profile and lender confidence affect both delivery and the company’s ability to operate normally while investing. ICIEC’s involvement helped align the project’s risk profile with the requirements of international lenders. It gave lenders additional comfort and supported a financing structure that worked for all parties. That is the practical value of risk mitigation: it does not replace project economics but helps make a strong project bankable.

ICIEC’s approach also went beyond tied financing arrangements. Rather than focusing only on the origin of equipment or services, it looked at the project’s development value for Uzbekistan: local production, import substitution, employment stability, industrial capacity and the strengthening of the national steel sector.

For Uzmetkombinat, this helped secure long-term financing from reputable foreign banks on competitive terms and gave management more room to focus on ramp-up, quality, cost control and reliable supply.

Looking forward, what opportunities do you see for further collaboration with ICIEC and international financial partners to support Uzbek Steel’s future ambitions?

Looking ahead, cooperation with ICIEC and international financial partners will be important for projects that support higher production volumes and a stronger raw material base. Uzmetkombinat is considering strategic projects focused on securing additional sources of metallic raw materials. These initiatives are expected to strengthen the company’s raw material base, reduce reliance on scrap, improve cost stability, and support future production growth.

We also see potential in deeper processing of flat products, including pipes or cold-rolled products, subject to market demand and feasibility. These projects will require long-term financing, clear risk allocation and lender confidence – areas where ICIEC’s instruments can add practical value.

For Uzmetkombinat, ICIEC has already proven to be the kind of partner that large industrial companies need: disciplined in risk assessment, practical in execution and focused on real development impact. We value this approach and see strong potential to continue working with ICIEC as a trusted partner in turning strategic industrial projects into bankable, deliverable and economically meaningful assets for Uzbekistan.

We are doing more than just insuring deals. We are building the longterm infrastructural connectivity of the region, which strengthens our country’s economic ties and broader trade potential. In this interview, Mr. Chaizhunussov outlines how the Export Credit Agency of Kazakhstan strengthens regional trade by de-risking transactions and integrating exporters into long-term value chains across Central Asia, the CIS, and Azerbaijan, with agribusiness, metallurgy, and infrastructure as priority sectors. He highlights the deepening reinsurance partnership with ICIEC, now spanning 29 issuing banks across multiple markets with 50% ICIEC risk participation, as a cornerstone for scaling insurance capacity and enabling cross-border financing.

Mr. Chaizhunussov, what is the contribution of the Export Credit Agency of  Kazakhstan to strengthening trade and investment flows across Central Asia, the CIS region, and Azerbaijan?

Our primary contribution to strengthening trade flows is delivered through direct support for exporters and the systemic mitigation of risks for all participants in foreign trade operations. In 2025, the volume of insurance liabilities we assumed across Central Asian countries reached an impressive milestone, totalling approximately 170 billion tenge, which is around USD 326 million.

Central Asia, the CIS, and Azerbaijan are key strategic priorities for us. Due to geographical proximity and streamlined logistics, these markets already account for a significant share of our efforts to deepen economic integration and expand non-resource exports. We see our role not just in facilitating one-off transactions for Kazakhstani manufacturers but in integrating them into sustainable, longterm regional production and trade chains.

Uzbekistan remains our anchor market in Central Asia, driving the largest share of our supported operations. At the same time, we are observing a steady, progressive strengthening of our positions in Kyrgyzstan and Tajikistan, driven by a consistent demand for ECA support instruments.

We recognise that expanding exports requires a local presence and a deep understanding of market-specific nuances. Our regional directors in Uzbekistan, Tajikistan, Kyrgyzstan, and Azerbaijan serve as critical links in our institutional infrastructure. They focus on three vital objectives: building a robust project pipeline, providing hands-on operational support to cut bureaucratic red tape, and fostering direct collaboration with local banks and importers.

The Export Credit Agency of Kazakhstan provides a comprehensive toolkit that covers everything from the FMCG sector to heavy industry, including metallurgical exports. This ensures that trade flows remain resilient regardless of short-term market volatility.

In your opinion, what are the most promising sectors and corridors for expanding regional trade and economic cooperation in the coming years?

Over the next few years, the most promising sectors will be those where economic complementarity already exists INTERVIEW JUNE 2026 09 and where Kazakhstan offers a competitive edge capable of scaling within regional value chains.

First and foremost, this applies to agribusiness and the food industry. There is a resilient demand across Central Asia, the CIS, and Azerbaijan for food products, processed raw materials, ingredients, and packaging. Kazakhstan is well-positioned to strengthen its market footprint here through grain, oil and fat, flour milling, meat, and dairy products, as well as highvalue deep processing. This represents one of our most natural and sustainable growth paths.

The second key area is metallurgy and industrial manufacturing, including the chemical and petrochemical industries, which serve as the foundation for scaling our export volumes. The boom in infrastructure development and industrial activity across the region guarantees steady demand for rolled metal, polymers, fertilisers, construction materials, and industrial chemicals. Crucially, these segments offer higher added value and longer contractual horizons.

Another priority is mechanical engineering and equipment, which involves supplying machinery, components, and technical

Kazakhstan is well-positioned to strengthen its market footprint here through grain, oil and fat, flour milling, meat, and dairy products, as well as high-value deep processing. This represents one of our most natural and sustainable growth paths.

solutions for agribusiness, energy, transport, and municipal infrastructure. We view this as a highly strategic area that drives domestic manufacturing localisation and moves Kazakhstan further up the global value chain.

Finally, services and IT, such as engineering, digital solutions, logistics, maintenance, and educational services, are rapidly growing segments that enable Kazakhstani firms to seamlessly integrate into regional and global supply networks.

However, the primary bottleneck to further growth is no longer market demand but rather transaction viability. Today, competitiveness is defined by an exporter’s ability to provide efficient logistics, viable financing, and robust contract structures. Consequently, the focus is shifting away from spot deliveries toward long-term export models backed by financial and insurance mechanisms.

While our current volume of operations in Azerbaijan is still smaller than in Central Asia, this destination is of vital strategic importance in the context of the TransCaspian International Transport Route. Building reliable trade corridors between Central Asia, Türkiye, and Europe depends entirely on having a dependable financial infrastructure in place, where export credit and insurance solutions play a foundational role.

Looking back to 2015, the ECA supported a landmark project involving the delivery of cargo locomotives manufactured by Lokomotiv Kurastyru Zauyty to Azerbaijan Railways. This successful initiative laid the groundwork for Kazakhstan to be recognised as a serious industrial and engineering partner in the region.

The Export Credit Agency of Kazakhstan has played an important role in supporting transactions related to infrastructure. How do you see the contribution of export credit and insurance solutions to the development of strategic regional infrastructure?

The ECA of Kazakhstan plays a highly practical, enabling role in infrastructure development. Given the high capital requirements and risks inherent in these large-scale transactions, our instruments serve as a foundation of trust. By shielding clients and investors from commercial and political risks, we make projects bankable and attractive to commercial lenders.

Through export credit mechanisms, we offer buyers access to funding on competitive terms, while our insurance solutions guarantee that all parties honour their contractual obligations. Ultimately, by backing Kazakhstani companies participating in foreign construction and equipment supply contracts, we are doing more than just insuring deals. We are building the long-term infrastructural connectivity of the region, which strengthens our country’s economic ties and broader trade potential.

Today, our portfolio features over 20 distinct instruments that offer flexible support across all stages of the export cycle, from the initial investment phase to final contract execution. We co-insure loans and project financing alongside the Development Bank of Kazakhstan and local commercial banks. We also provide risk coverage for deferred payments granted to importers and secure exporters’ obligations to foreign buyers.

We place a special emphasis on trade finance. By insuring letters of credit with post-financing and establishing credit limits for foreign banks, we help build a stable, cross-border financial infrastructure that benefits exporters, importers, and financial institutions alike.

Agriculture and food security are gaining increasing importance in the region. How does the ECA of Kazakhstan support these sectors, and what opportunities for deepening regional cooperation do you see?

Agriculture and food security have indeed become paramount for the region, and this is a top strategic priority for the ECA of Kazakhstan. By the end of 2025, our export support for agribusiness and food products reached 270.6 billion tenge. Out of this total, 68.6 billion tenge was directed toward Central Asian countries, and 620.5 million tenge went to Azerbaijan.

For the agricultural sector, successful exporting requires more than just moving product; it demands secure settlement mechanisms, predictable demand, and

Agriculture and food security have indeed become paramount for the region, and this is a top strategic priority for the ECA of Kazakhstan. By the end of 2025, our export support for agribusiness and food products reached 270.6 billion tenge. Out of this total, 68.6 billion tenge was directed toward Central Asian countries, and 620.5 million tenge went to Azerbaijan.

reliable access to working capital. To address this, the ECA of Kazakhstan offers tailored support via export credit and accounts receivable insurance, loan insurance, pre-export financing for manufacturers, and trade finance instruments structured in partnership with foreign financial institutions. This comprehensive backing allows Kazakhstani exporters to not only enter foreign markets but also to establish a permanent, sustainable presence.

From a regional cooperation standpoint, there is immense potential in building resilient food supply chains across Central Asia and neighbouring territories. Kazakhstan can serve as a primary food supplier, while neighbouring countries participate as vital links in the broader cooperative chain, including processing, logistics, and distribution. Further opportunities are emerging through the development of trade corridors like the Trans-Caspian Route, which broadens our export geography and enhances regional food security.

How would you assess the value of cooperation between the ECA of Kazakhstan and ICIEC in expanding insurance capabilities and facilitating cross-border transactions?

Our partnership with ICIEC dates back to 2015 and has evolved into a deeply resilient, strategic alliance. Our first landmark project was the reinsurance of the 10-locomotive delivery to Azerbaijan mentioned earlier, where ICIEC covered 70% of the risk. This ten-year facility was successfully concluded in August 2025, proving the efficiency and reliability of our joint framework.

Since 2021, our cooperation has moved to a quota share treaty basis. We run a joint reinsurance programme for export letters of credit issued by banks in Uzbekistan, Tajikistan, and Kyrgyzstan. In 2025, we expanded this geographic footprint to include Türkiye and Azerbaijan. Today, our joint coverage spans 29 issuing banks, with ICIEC taking a 50% risk-participation share in each transaction. Looking ahead, we plan to onboard Mongolian banks into the programme as well. What began as project-based cooperation has matured into a systemic, institutionalised mechanism that expands insurance capacity and drives cross-border operations for Kazakhstani businesses.

What priorities or areas of cooperation would you like to see in the further development between the ECA of Kazakhstan, ICIEC, and other regional partners?

Moving forward, the key priority for the ECA of Kazakhstan is the development of structured transactions, specifically investment projects focused on supplying machinery to Kazakhstani exportoriented manufacturers and developing new export-centered production facilities. Blending our insurance and reinsurance capabilities will allow us to scale up capacity, unlock access to longterm financing, and minimise risks for everyone involved.

Expanding joint insurance coverage for large, complex projects across infrastructure, industry, agribusiness, and logistics remains high on our agenda. The more effectively we can co-insure and mitigate risks, the easier it becomes for regional enterprises to venture into new international markets.

Another critical focus area is the expansion of trade and interbank financing to scale up export volumes. By expanding our network of partner banks, setting up dedicated credit limits, and aligning our risk assessment methodologies, we can significantly accelerate transaction times and make financing much more accessible for international importers.

In this context, maintaining a strong regional presence and deepening institutional cooperation becomes more important than ever. Continuing to build out our network of regional representatives will be essential to engaging directly with local partners, identifying market demand, and providing seamless, on-the-ground transaction support.