In 2021, the Russian Agency for Export Credit and Investment Insurance (EXIAR) celebrates its 10th anniversary. Over 10 years of operation, EXIAR has managed to increase its insurance capacity to 1 trillion rubles. Nikita Gusakov, General Director of the Agency, summed up the results of 2020.
Nikita Gusakov has emphasized that EXIAR continues increasing the volume and coverage of export support, and is constantly expanding the client base. In 2020, the Agency increased it by 30%. “Historically, the Agency supported larger exporters, and now they continue to form the backbone of our client base and form the bulk of support. At the same time, we see great potential in export-oriented SMEs that are showing increasing interest in financial and non-financial support measures.”
EXIAR’s flexible product line covers a wide range of exporters’ needs and includes specialized solutions for SMEs. In 2020, EXIAR launched a specialized product for the SME segment - deferred payment insurance.
“Last year we provided the insurance coverage for the construction of an export-oriented terminal in the Ust-Luga Commercial Sea Port of the Leningrad Region, which became a landmark project for us. The project is being implemented by Ultramar LLC. This is the first deal of the Agency aimed at creating an export infrastructure. This is a new and extremely important area for us because as exports grow and diversify, the need for investments in logistics and infrastructure is increasing,” General Director of EXIAR.
Evaluating the economic situation last year, Nikita Gusakov emphasized that, despite the widespread increase in risks, most counterparties coped with instability, and the Agency itself ended the year with a profit, which indicates the high quality of risk management.
“Now we see that companies resume their activities. We are quite optimistic in our expectations for 2021. First of all, we are focused on the implementation of those projects and contracts that we have been unable to close last year due to the pandemic. In this sense, Africa remains a priority. We must also consider the need to constantly improve and increase the efficiency of our activities, expand our product line and develop sales channels,” Nikita Gusakov.
“For EXIAR, mechanical engineering and the agro-industrial complex, which have served as a growth driver in 2020, remain the key sectors for providing support for. In particular, we together with the Ministry of Agriculture continue to develop new support instruments. Moreover, we see great potential in IT and pharmaceuticals, and we make it our mission to intensify export activity in these sectors.”
EXIAR JSC is part of the Russian Export Center Group, which also includes REC JSC and Eximbank of Russia JSC. Russian Export Center is part of the VEB.RF Group.