Credendo upgrades MLT political risk rating of Kazakhstan and signs MoU with Baiterek National Investment Holding

After the successful Berne Union Spring Meeting held in Kazakhstan last month, Credendo hosted a Kazakh delegation at its Brussels headquarters on 22 June. On this event, we signed a Memorandum of Understanding (MoU) with Baiterek, Kazakhstan’s National Investment Holding and sole shareholder of the Export Credit Agency of Kazakhstan. This MoU aims to strengthen cooperation, promote the exchange of expertise and explore opportunities to support trade and investment flows between Belgium and Kazakhstan.

Credendo’s Group CEO Dirk Terweduwe, Group Chief Reinsurance Officer Dominique Meessen, Head of Business Development Kristof Luycx, Country and Sector Risk Manager Pascaline della Faille and Country and Sector Risk Analyst Raphaël Cecchi were present, alongside a delegation from Baiterek and Development Bank of Kazakhstan’s senior leadership.

In the framework of its periodical review of medium- to long-term (MLT) political risk, Credendo also announced the upgrade of Kazakhstan’s MLT political risk rating from 5/7 to 4/7. In spite of the recent external shocks, Kazakhstan has maintained economic resilience. The country has relatively sound macroeconomic fundamentals, solid public finances, a manageable current account deficit, subdued external debt and debt service. The economy benefits from political stability.

Read more about our latest MLT political risk upgrades.