NEXI Increases Credit Coverage Amount For Kazatomprom and Japanese Partners Joint Projects

Japan's Nippon Export and Investment Insurance (NEXI), a state agency for insurance of export and foreign investment operations, is to increase its credit coverage amount for joint uranium production projects currently under realization by Kazatomprom and Japanese companies from the current $47.94 mln to $114.375 mln. The more than double increase within the actual commercial and investment insurance line is proof of the Japanese side's confidence in Kazatomprom's activity and projects it implements. The step also confirms the key role of Kazakhstan's nuclear sector and its major contribution to the development of the global nuclear power industry. Last year Kazatomprom signed a Memorandum with NEXI to become the first ever company to be granted with a NEXI separate commercial and investment insurance line. Previously NEXI secured only certain deals.

NIPPON EXPORT AND INVESTMENT INSURANCE (NEXI) was founded in 1950. The state specialized insurance company is the key segment in the system of state insurance of export and investment projects. It is responsible for insurance policy development for each particular country based on their political and economic status. The agency closes contracts on insurance and reinsurance, collects insurance premiums and examines insured accidents and compensation payment. NEXI’s insurance agreements are reinsured by the Japanese Government. www.nexi.go.jp

KAZATOMPROM is the national operator of the Republic of Kazakhstan for export of uranium and its compounds, rare metals, nuclear fuel for nuclear power plants, special equipment, technologies and double-use materials. The main activities of the company are: geological exploration, uranium production, manufacture of nuclear fuel cycle products, reactor construction, nuclear power plants, non-ferrous metallurgy and production of construction materials, the electric energy sector, science, social welfare and staff training. Today the company has more than 25 000 employees. Kazatomprom is amongst the leading uranium production companies of the world.