EXIAR and Bank Saint Petersburg sign agreement
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Bank Saint Petersburg signed an agreement on 24 March 2014.
The document was signed by EXIAR CEO Peter Fradkov and Bank Saint Petersburg Chairman of the Management Board Alexander Savelyev.
Under the agreement, both sides will develop and implement a joint credit programme for export-oriented SMEs. The objective of the programme is to offer SMEs special lending terms to finance their exports with support from EXIAR, which will provide insurance coverage for Bank Saint Petersburg against the risks of loan default by a borrowing SME.
The aim of the joint programme is to offer SMEs a better lending framework to boost their export business with EXIAR’s insurance support.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks.Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 30 billion.
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