Kazakhstan agrees to $1.6 billion ECA write off

(Financial Times, London, 9 December 2009) BTA, Kazakhstan's biggest bank, has agreed a deal with creditors who will write off $7.7bn in debt and interest owed as part of a wave of restructuring in the country's banking system... The plan also provides for restructuring of around $1.6bn of BTA's total $3.5bn in export credit agreements (ECAs) and other trade finance obligations. The Export Guarantee Fund of Iran has limited support of exports to Kazakhstan to $180 million and kept the country in group 4 of the risk classification (category).