Korea Eximbank to Pursue USD 70 Million On-Lending Facility with Forte Bank of Kazakhstan

First Collaboration with Local Private Bank
Since Resuming Lending Facilities in Kazakhstan
Supporting Five Sectors: Food, Cosmetics, Renewable Energy, Machinery, and ICT

The Export-Import Bank of Korea is moving to set a lending limit of USD 70 million with Forte Bank, a major private commercial bank in Kazakhstan. This marks the first collaboration with a local private bank since the bank resumed lending facilities with Kazakhstan after a 10-year hiatus last year.

Hwang Gi-yeon, President of the Export-Import Bank of Korea (right), is taking a commemorative photo on the 15th at the Yeouido headquarters of the Export-Import Bank of Korea in Seoul after signing a business agreement with Talgat Kuanyshev, President of ForteBank, to establish a ceiling on sub-lending and expand financial cooperation. Provided by the Export-Import Bank of Korea.

On the 16th, the Export-Import Bank of Korea announced that it had signed a “Business Agreement for Setting Lending Limits and Expanding Financial Cooperation” with Forte Bank. On the 15th, President Ki-Yeon Hwang of the Export-Import Bank of Korea met with Talgat Kuanyshev, President of Forte Bank, on the occasion of the 1st Korea–Central Asia Summit and signed the agreement.

Under the agreement, the two institutions will proceed with setting a lending limit of USD 70 million. The cooperation will cover five sectors: food, beauty and cosmetics, electricity and renewable energy, machinery and equipment, and information and communication technology (ICT). Under this indirect lending scheme, the Export-Import Bank of Korea provides funds to a foreign local bank, and that bank in turn loans the funds to local companies importing products from South Korean firms.

Last year, the Export-Import Bank of Korea resumed lending facilities with Kazakhstan after 10 years by approving a USD 100 million lending limit to the Development Bank of Kazakhstan (DBK). This time, by expanding cooperation to a private bank, the bank is diversifying its financial support channels to include local companies as well.

Unlike the Development Bank of Kazakhstan, which primarily supports national strategic industries and large-scale projects, Forte Bank has a network of local companies spanning various industrial fields such as food, beauty, and machinery. The Export-Import Bank of Korea expects that this agreement will help support South Korean companies’ expansion into Kazakhstan, particularly in the consumer goods sector.

President Hwang stated, “Resource-rich Kazakhstan and Korea, with its advanced technology and manufacturing base, can become ideal strategic partners,” adding, “Through lending facilities, we will serve as a financial partner for South Korean companies seeking to enter the local market.” The bank also concluded a business agreement with the Ministry of Energy of Kazakhstan for the execution of the Economic Innovation Partnership Program (EIPP). Through this, it plans to provide customized policy advice to support Kazakhstan’s eco-friendly energy transition projects.

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