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01.10.2014

EXIAR and NFC increase opportunities for exporters

The Russian Agency for Export Credit and Investment Insurance (EXIAR) signed a supplementary agreement with the National Factoring Company (NFC) which introduces amendments to stipulations in the specialised programme to develop export factoring services available to SMEs.

Under the programme, the NFC finances the Russian exporter in the currency of the contract, while EXIAR's insurance policy protects the NFC fr om the risk of non-payment for the shipment financed by the factoring company.

Until now, only companies satisfying the requirements of Federal Law No. 209-FZ could benefit from the SME export support programme to provide accounts receivable financing with EXIAR's insurance coverage. Under the revised agreement, this specialised programme will now be available to both SMEs and non-SMEs with an annual trade turnover of up to RUB 2 billion. Another major amendment was the expansion of shipment destinations – a buyer can now be based and operating in any country worldwide. Previously, these services were only available to exporters working with organisations based in the countries of the former Soviet Union. In addition, the revised agreement with the NFC stipulates a simplified assessment process for a client's application, presuming that the requisite credit lim it per foreign partner does not exceed RUB 10 million.

Completed projects involving both EXIAR and the NFC include deals to ship furniture to Lithuania and building materials to Kazakhstan.

"This cooperation between a state insurance agency and a private company gives Russian exporters the opportunity to be more competitive, enabling them to propose – or extend – a grace period for foreign buyers without the risk of incurring losses, while receiving working capital financing", said Corneliu Robu, Deputy Chairman of the Management Board at the National Factoring Company.

Peter Fradkov, CEO of EXIAR remarked that "this agreement with the NFC, which lays the groundwork for enlarging the circle of potential clients and shipment destinations under a specialised programme, will help establish new trade ties and diversify export activity in Russia."

Indeed, Russian companies have already managed to see for themselves the benefits the programme can bring. Vitako, a processed cheese manufacturer in Kaliningrad region, was one of the first companies to participate in the programme. Director Denis Norin said, "Relations with our immediate neighbours is developing at a very fast pace. In the first six months of the year we grew by 30%, in no small part due to the joint product offered by the NFC and EXIAR. We always saw the potential for this kind of growth in our company. However, until a certain point, any plans we had in this important area had been shelved. Now though, with this new tool, we can not only implement all our plans to enter CIS markets, we are also more likely to look at the markets of other countries."

Info on the NFC

Fifteen years' experience in factoring

Twenty-two representative offices in all key Russian regions

The most complete range of products in Russia (financing of accounts receivable, purchase of accounts receivable, indemnity in the event of non-payment by the buyer, financing of purchases, financing of order fulfilment, factoring for export transactions)

Risk management system checked for compliance with international standards by PricewaterhouseCoopers

Credit controllers in every NFC office, monitoring timely payment by buyers on a daily basis

IT support for factoring operations (electronic document processing and provision of information to the client about all the processes and procedures: setting limits for buyers, work with accounts receivable to ensure timely payments, etc.)

Member of two major international factoring associations: the International Factors Group (IFG) and Factors Chain International (FCI)

NFC credit ratings from Standard & Poor’s (В, stable outlook), Moody’s Investors Service (B3/Not Prime, stable outlook)

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.

External Communications EXIAR