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ICBC Almaty is backed by EBRD on Trade Finance facilitation

On New Year’s Eve ICBC Almaty (Industrial and Commercial Bank of China (Almaty)) is glad to share another news on a project that will fuel bank’s operations and solidify its business impact in the region. ICBC Almaty and EBRD (European Bank for Reconstruction and Development) signed a Trade Finance Agreement for the expansion of trade finance business. After nearly half-year of thorough due diligence and negotiation EBRD opened a $10 million trade finance line for ICBC Almaty. Recently established partnership with EBRD serves as another acknowledgement of credibility, financial standing and promising future of the highest-rated bank in Kazakhstan (ICBC Almaty is rated at BBB+ by Fitch Ratings).

“This partnership marks the next chapter of ICBC Almaty’s development in the region” Lang Weijie, Chairman of the Management Board at ICBC Almaty, notes during the signing ceremony. Indeed, the partnership bolsters ICBC Almaty’s vigorous strategy to expand its clientele and financing product line. In the aftermath of global pandemic that undoubtedly hit the economy of the region ICBC Almaty unveiled a promising business opportunity in expanding trade finance operations among Kazakhstan, China and the West. EBRD can support trade guarantees, letters of credit and factoring product, the latter facing an untapped hot market demand in Kazakhstan. 

ICBC Almaty is the first Chinese bank in the market that opened a trade finance line with EBRD. The bank stands ready to compete in local trade finance market by leveraging its broad international network and a support program from EBRD. Trade Finance facilitation is the first step in partnering with the respected multilateral development bank as ICBC Almaty anticipates to utilize a broad range of partnership programs with EBRD moving forward.

ICBC Almaty operates from year 1993 and has participated in financing of the projects worth $24 billion in Kazakhstan.