EXIAR and ENERGOPROMBANK sign agreement
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and ENERGOPROMBANK have signed an agreement to develop and implement a joint programme to lend to export-oriented SMEs, with insurance support provided by EXIAR. The document was signed by Deputy Chairman of the Management Board of ENERGOPROMBANK Denis Baskakov and EXIAR CEO Peter Fradkov.
Under the terms and conditions of the agreement, the parties will develop and promote a framework to lend to SMEs to enable them to finance their export operations, whereby EXIAR will provide insurance coverage for the bank against the risk of loan default by a borrowing SME.
The joint effort of EXIAR and ENERGOPROMBANK to increase credit support will enable SMEs to enjoy attractive financing terms when promoting supplies of their products to foreign markets, owing to EXIAR's insurance coverage, and to boost their export potential.
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.