Credendo supports the delivery of equipment by Alstom to the Kazakhstani railways

Credendo and the Alstom group have a gentleman’s agreement allowing the Alstom group to use our insurance capacity to cover transactions, taking into account the added value of the Alstom group in Belgium.

In 2022, French export credit agency Bpifrance Assurance Export approached Credendo to reinsure the risks under two credit lines guaranteed by Kazakhstan Temir Zholy (KTZ) – Kazakhstan’s national railway company, which is owned indirectly by the Kazakhstani State. These credit lines financed the delivery of freight and passenger electric locomotives by Alstom Transport France and its local factory in Kazakhstan EKZ.

A first batch of 105 locomotives was reinsured in 2023 and a second batch of 117 locomotives in 2025. Both batches were reinsured by Credendo for EUR 109 million and EUR 79.8 million respectively.

Our continuous support of the Alstom group these past 30 years has been important for its subsidiary Alstom Belgium. This subsidiary has two global centres of excellence, one for electrical energy conversion and one for signalling systems, in Charleroi and a major train manufacturing site in Bruges.