EXIAR and KAMAZ sign first insurance contract together
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and the KAMAZ Foreign Trade Company (KAMAZ) have concluded their first comprehensive export credit insurance contract together.
Under the agreement, EXIAR insured shipments of vehicles, knock-down kits and replacement components manufactured by KAMAZ to a dealer in Lithuania involved in the assembly and sale of vehicles and parts to the EU. EXIAR insured the exporter against commercial risks for the period of one year.
There is also the option to expand the insured portfolio within this time frame. Preliminary forecasts put the insured party's annual trade turnover at up to EUR 5 million.
Comprehensive export credit and investment insurance is intended to protect Russian exporters (as well as banks financing them) from the risk of non-payment by the foreign buyer.
Insurance coverage extends to regular shipments of similar goods delivered on deferred-payment terms.
Export Insurance Agency of Russia (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. EXIAR holds a charter capital of RUB 30 billion. Eximbank of Russia is a subsidiary of EXIAR.
KAMAZ Group is Russia's largest automotive corporation. Today, the group manufactures and sells a wide range of freight and passenger-carrying vehicles and accessories, including lorries (with over 40 models, more than 1,500 versions and right-hand drive vehicles), trailers, buses, engines, powertrains, various parts and components, and tools. Most manufacturing takes place in the city of Naberezhnye Chelny in the Republic of Tatarstan. KAMAZ ranks 11th among the world's leading heavy truck manufacturers.
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