MUFG’s banking arm, the Bank of Tokyo-Mitsubishi UFJ (BTMU), has signed an agreement with the Development Bank of Kazakhstan (DBK) that will see the Japanese bank back export finance transactions worth up to US$1bn.

As part of the agreement, BTMU and DBK have confirmed their intention to support the financing of “strategically important” development projects in the Republic of Kazakhstan, including the import of advanced technology.

MUFG opened a representative office in Almaty in 2008. In 2015, the bank was the sole co-ordinator for KazAtomProm’s US$450mn term loan and Samruk-Kazyna’s up to US$1.5bn loan facility.