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News

06.10.2014

EXIAR and Promsvyazbank facilitate export activity of small business

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Promsvyazbank signed an export working capital credit insurance contract today. EXIAR insured Promsvyazbank's financing of the Tomsk Electrical Machine Plant (TEMP) to supply electrical equipment to Kazakhstan. The total value of the export contract is RUB 3.6 million.

Export working capital credit insurance is a specialised product, which was developed as part of a state support programme for export-oriented SMEs. It enables a Russian bank providing export financing to an SME to be covered against commercial and political risks.

A cooperation agreement to support the export potential of SMEs was signed between Promsvyazbank and EXIAR back in February 2014.

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.

Promsvyazbank specialises in working with SMEs, among other organisations. The bank's product range for these companies extends to seven types of loan, four types of deposit, bank guarantees, cash management services and remote banking. These services are provided in 140 branches across Russia. For more information on Promsvyazbank's products for SMEs, please visit the Business section of the bank's website.

External Communications EXIAR