OTTAWA, April 8, 2005 -- Export Development Canada (EDC) and Bank TuranAlem (BTA) of Kazakhstan today signed an agreement for a USD 25 million (approximately CAD 30.5 million) line of credit to finance exports of Canadian goods and services to Kazakhstan. "We value our partnerships in Kazakhstan, and the signing of this new line of credit shows the significance of BTA as a primary counterparty for EDC," said Rod Lever, EDC's Regional Manager, International Markets - The Russia Federation and Central Asia. "This new multi-sector line of credit with BTA helps to meet the need for buyer financing in Kazakhstan so that more Canadian companies can conclude transactions with buyers in this rapidly developing market. Recent growth in equipment exports to Kazakhstan, particularly in the agricultural sector, indicates that this new Line of Credit will contribute to future increases in these types of exports from Canada." Previously EDC and Bank TuranAlem have cooperated in facilitating trade between Canada and Kazakhstan on short-term insurance transactions where payment is due in less than one year. EDC has provided insurance support to Canadian exporters who have accepted a BTA Irrevocable Letter of Credit (ILC) as means of payment, and to Canadian banks confirming ILCs issued by BTA. Kazakhstan is EDC's priority market in Central Asia, and a country where EDC sees tremendous potential over the coming months and years. Important sectors include agricultural equipment, energy and mining¿sectors where Canadian companies have extensive expertise and experience in the region. The volume of Canadian export sales facilitated by EDC in Kazakhstan more than doubled from CAD 38.47 million in 2003 to CAD to CAD 94 million with 42 Canadian exporters in 2004. EDC has a strong appetite to underwrite future business in Kazakhstan, and is actively working to deploy its full range of trade finance and risk management tools in support of Canadian companies. Bank TuranAlem is a fast-growing full financial service company in Kazakhstan that is expanding its operations to neighbouring countries. BTA is a leader in trade finance in Kazakhstan with a market share of more than 30 per cent. . BTA's assets as of January 2005 are more than USD 5 billion and equity is approximately USD 400 million. The BTA Corporate Family consists of the second largest commercial bank in Kazakhstan, the brokerage firm TuranAlem Securities, insurance and pension fund companies, asset management and leasing companies, a mortgage company and a number of other entities providing support services. The BTA Corporate Family includes representative offices in Moscow, Kiev, Minsk, Ekaterinburg, Baku, Dushanbe, Tbilisi, Shanghai and Bishkek, and several strategic partner banks including Slavinvest Bank in Moscow, Omsk Bank in Omsk, Transbank in Kiev, Astanaeximbank in Minsk, Silk Road Bank in Georgia, VKAB in Kazan, and Agroincombank in Astrahan. EDC provides trade finance and risk management services to Canadian exporters and investors in up to 200 markets. Founded in 1944, EDC is a Crown corporation that operates on commercial principles. -30- Media Contact: Alex Reeves Public Affairs - EDC Tel: (613) 598-3093 E-mail: areeves@edc.ca Ada Terechshenko Trade Commissioner Embassy of Canada 34 Karasai Batyr Str., Almaty, 480100, Kazakhstan Tel. +7 (3272) 501151 /2/3, fax 582493 E-mail: ada.terechshenko@international.gc.ca Olga Vorobyova Area Manager Eastern, Southern Europe, North, South America and Australia International Division Bank TuranAlem (BTA) Tel: (3272) 61 89 38 Fax: (3272) 500 662 E-mail: olgavo@bta.kz Timur Sabyrbaev Head of Import Finance and ECA finance Bank TuranAlem (BTA) Tel:+7 3272 504-083 Fax: +7 3272 500-224,504-076,504-079 Email: sabyrbaev@turanalem.almaty.kz
