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News

28.05.2013

EXIAR and ECIC announced signing a memorandum on cooperation

During the Prague club spring meeting Russian Agency for Export Credit and Investment Insurance (EXIAR) and Export Credit Insurance Corporation of South Africa SOC Limited (ECIC) signed a Memorandum on Cooperation.

On behalf of EXIAR the Memorandum was signed by Mikhail Karyakin, First Deputy CEO, on behalf of ECIC – by Philemon Thobane, Senior Underwriter.

The Memorandum is aimed to develop and strengthen cooperation between the two ECAs.

According to the Memorandum, EXIAR and ECIC will offer each other support to enhance capacity delivered in their respective countries or abroad, hold regular consultations to review current operations and projects and exchange relevant information on current or potential mutual projects.

The implementation of the Memorandum is intended to enhance economic and trade relations between Russia and South Africa.

OJSC Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October, 2011. EXIAR’s mission consists in Russian high-tech exports support through insurance of export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital makes RUR 30 billion (ca USD 1 billion).

The Export Credit Insurance Corporation (ECIC) of South Africa was established according to the terms of the Export Credit and Foreign Investments Insurance Act of 1957, as amended in 2001 by the Export Credit and Foreign Investments Reinsurance Amendment Act (Act 9 of 2001). The ECIC provides export credit and foreign investment insurance cover on behalf of the Government of South Africa. ECIC is an independent, limited liability company with the Government of South Africa through the Department of Trade and Industry as the sole shareholder.

External Communications EXIAR