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23.10.2012

EXIAR and EXIMBANKA SR to increase cooperation

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and the Export-Import bank of the Slovak Republic (EXIMBANKA SR) have signed a Cooperation Agreement.

The document was signed by CEO of EXIAR Peter Fradkov, and General Director and Chairman of the Board of EXIMBANKA SR Igor Lichnovsky.

The agreement outlines an increase in cooperation between the two parties in the fields of export credit insurance, co-insurance, reinsurance, and providing guarantees to Russian and Slovakian exporters of goods and services. The two organisations also agreed to exchange information and provide mutual support in settling claims.

The document also outlines EXIAR's and EXIMBANKA SR's intent to cooperate on supporting exports of Russian and Slovakian goods and services to third-country markets. Accordingly, the parties also signed a Reinsurance Agreement on 23 October 2012.

EXIAR and EXIMBANKA SR will cooperate in accordance with OECD requirements on export credit insurance, as well as with other international documentation regulating work in this area.

These documents are aimed at strengthening trade and economic ties between Russia and Slovakia.

EXIMBANKA SR was established in 1997. It is a fully state-owned organisation. The institute's main mission is to support Slovakian exporters and manufacturers by providing insurance, credits, and guarantees. The bank's charter capital is EUR 100 million.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. 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. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).