ADB, Tengri Bank Sign Agreement to Support Trade in Kazakhstan
The Asian Development Bank (ADB) and Tengri Bank today signed a trade finance agreement enabling ADB’s Trade Finance Program (TFP) to provide guarantees to support import and export transactions in Kazakhstan.
The agreement was signed by Steven Beck, ADB’s Head of Trade Finance, and Mukhtar Bekkali, Tengri Bank’s CFO, on the sidelines of the International Chamber of Commerce Banking Commission Annual Meeting in Jakarta, Indonesia.
“We are excited to have Tengri Bank in our program as the TFP expands its regional presence and activities in Central Asia and the Caucasus,” said Mr. Beck. “This partnership with Tengri Bank will support trade and help create new jobs in Kazakhstan.”
Since the early 2000s, Kazakhstan has pursued economic diversification to transform from a landlocked to a “landlinked” economy. In line with this objective, ADB cooperation with Kazakhstan in recent years has focused on transport and trade sectors.
“It’s a great honor for us to join TFP and start our cooperation with ADB. Tengri Bank enters a new stage of development that will enhance our capacity to provide trade finance, support international partnerships, and boost our customers’ trade activities throughout ADB’s countries of operation,” said Mr. Bekkali.
Tengri Bank was established in 1992 under the name Dana Bank. In 2010, the bank entered into a strategic partnership with Punjab National Bank (PNB) — one of India’s largest state-owned banks — where PNB became its major shareholder. PNB’s current ownership of Tengri Bank stands at 49%. Headquartered in Almaty, Tengri Bank is present in other major cities in Kazakhstan including Almaty, Astana, Aktau, Karaganda, Pavlodar, Shymkent, and Temirtau. The bank’s name was changed to Tengri Bank in 2016.
TFP, backed by ADB’s AAA credit rating, provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. With dedicated trade finance specialists and a 24-hour response time, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets.
Since 2009, TFP has supported more than 9,200 small and medium-sized businesses across developing Asia — through over 13,000 transactions valued at over $25.6 billion — in sectors ranging from commodities and capital goods, to medical supplies and consumer goods. In 2016, TFP supported almost $3.1 billion in trade through 2,079 transactions.
TFP complements its financial support with a regular series of workshops and seminars to increase knowledge and expertise in trade finance products and operations, risk management, and fraud prevention. TFP is also complemented by a growing Supply Chain Finance Program.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region.
For more information, visit the TFP website: http://www.adb.org/tfp