EXIAR and EXIMBANK of Russia support export of Russian rail cars to Cuba
The Russian Agency for Export Credit and Investment Insurance (EXIAR) insured Eximbank of Russia for a loan agreement between Eximbank of Russia and Banco International de Comercio S.A. (BICSA) in Cuba in order to perform the obligations under an export agreement to ship rail cars from Russia.
The rail cars will be shipped under an export contract between the Russian company RM Rail and Empresa Proveedora General del Transporte (TRADEX) in Cuba. RM Rail is an integrated manufacturer of freight rolling stock for railways, as well as equipment for the oil and gas industry. It is part of the Russian Machines group of companies.
Eximbank of Russia will provide a loan to Banco International de Comercio S.A. (BICSA), which will then provide financing to the Cuban buyer Empresa Proveedora General del Transporte (TRADEX) to make payments under the export contract.
During a business mission of Russian exporters to Cuba earlier this year (November 2, 2015), EXIAR and BICSA signed a cooperation agreement. In the agreement, EXIAR expressed its willingness to explore the possibility of insuring a loan issued to BICSA to make payments under the export contract when shipping the rail cars from Russia to Cuba.
EXIAR is insuring 22.7 million euros worth of exports.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR operates as a part of Russian Export Center Group, which is the sole shareholder of EXIAR. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
State Specialized Russian Export-Import Bank (publicly trade company) was founded in 1994 to put in practice government policy to stimulate and support exports of machine building equipment. The bank’s charter capital on July 1, 2015, was RUB 12.651 trillion. The bank has a Ba2 long-term credit rating from Moody’s Investors Service (speculative grade), and an individual credit rating of A++ with a stable forecast from the rating agency RAEX (Expert RA).
The bank’s current goals are to provide Russian exporters with access to financial resources and to stimulate the growth of Russian non-commodity exports.
RM Rail is an integrated manufacturer of freight rolling stock for railways, as well equipment for the oil and gas industry. It is part of the Russian Machines group of companies. The company manufactures full-cycle products – from small, medium, and large car casting to a ready rail car. Production facilities are located in Mordovia and Khakassia. RM Rail’s products are used in 16 countries around the world, including Germany, the Netherlands, Belgium, Estonia, Latvia, Norway, and Finland. RM Rail is the only company in Russia to offer a wide range of freight car models.
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