EXIAR and Novikombank sign agreement to support SME exporters
The Russian Agency for Export Credit and Investment Insurance and Novikombank are further increasing cooperation in order to support exports by SMEs and other non-major exporters with an annual turnover of under RUB 2 billion.
A bilateral agreement was signed in December 2014 enabling Novikombank to offer special lending terms to export-oriented SMEs whereby the Agency insures the bank against the risk of a loan default by the borrowing exporter.
Loans for up to two years will be issued for the purpose of replenishing up to 80% of the borrower's working capital for implementing an export contract. Under the terms of the agreement, items for export may include goods, work or services in non-commodity industries. Russian companies or organisations must constitute at least 20% of the total value of the contract.
This measure is aimed at increasing the export potential of SMEs and other non-major companies, as well as to create a favourable business climate for them through the provision of systemic support to Russian manufacturers.
Novikombank was established in 1993. Today it is a stable and fast-growing financial institution, providing clients with a full range of banking services. Novikombank is the base bank of Rostec, and focuses on providing financing to Russian industrial companies, including those operating in high-tech industries, aviation, and the car industry. As at 1 January 2015, the bank's capital was RUB 28.8 billion, with over RUB 237 billion in assets. Novikombank is among the top 40 largest Russian banks, is a base bank in the CIS and Customs Union, and is successfully developing the 'Bank for Banks' programme.
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.
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