EBRD declares new strategy for Kazakhstan

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08 February 2010

The European Bank of Reconstruction and Development has announced a new strategy to support Kazakhstan, which does not involve either Alliance Bank or BTA Bank.

The European Bank of Reconstruction and Development (EBRD) has announced a new strategy to support the Kazakh economy over the next three years which does not involve either Alliance Bank or BTA Bank.

The EBRD will be assisting the country in its efforts to diversify its economy and develop a more sustainable financial model, which are indispensable for the country’s long-term transition to market economy.

In order to promote sustainability of the local banking sector, the EBRD will support the development of local currency and capital markets in Kazakhstan through engagement with...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%