EXIAR and NEXI signed the Facultative Reinsurance Agreement for joint support of export business of a Russian subsidiary of a major Japanese automobile manufacturer
Conclusion of the Facultative Reinsurance Agreement is a logical step in the development of partnership between EXIAR and NEXI. It was preceded by comprehensive dialogue and exchange of information and experience between the Agencies, which was facilitated by signing of the Framework Agreement in December 2016.
The official exchange of agreements between EXIAR’s CEO Alexey Tyupanov and NEXI’s Chairman and CEO Kazuhiko Bando took place at Pashkov House in Moscow. The event was hosted by the Russian-Japanese Business Council and the Russian Direct Investment Fund and gathered high profile government officials and prominent entrepreneurs from both countries.
As Mr. Tyupanov highlighted in his speech, the Facultative Reinsurance Agreement represents ‘an important development of the toolset, which will enable further advancement of Russian non-commodity exports’ and that the Agreement ‘will not only lead to other Russian-Japanese export ventures, but will allow Russia to explore new export opportunities in the Asia-Pacific region’. Mr. Bando also expressed the hope that ‘the Agreement will contribute to further expanding the overall relations of Russia and Japan’.
Nippon Export and Investment Insurance (NEXI), a Japanese export credit agency, was formed in 2001. NEXI provides trade and investment insurance services to facilitate and enhance Japanese companies’ international business. NEXI is a special company wholly owned by the government.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. The main mission of the Agency is to promote Russian exports and foreign direct investments via provision of credit insurance against commercial and political risks. The sole shareholder of EXIAR is the Russian Export Center (REC). The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.