EXIAR and RIABANK sign cooperation agreement
On 17 February 2014, the Russian Agency for Export Credit and Investment Insurance (EXIAR) and RIABANK signed a cooperation agreement to develop and implement a joint programme to lend to export-oriented SMEs.
The programme is unique on the financial services market. Export credit agencies usually insure suppliers' credit, income from export contracts and confirmed letters of credit. The new programme breaks new ground by offering Russian entrepreneurs the opportunity to insure loans issued to them by RIABANK for financing export contracts.
RIABANK and EXIAR will primarily work together to provide financial and insurance support for Russian SMEs that export goods and services both to neighbouring countries, and further afield.
Peter Fradkov stressed that "the signing of the agreement with RIABANK marks another step in strengthening the financial support system for exports which are insured by EXIAR. We look forward to successfully collaborating with RIABANK in this area in order to ultimately provide additional opportunities for Russian export-oriented SMEs."
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.
RIABANK is a universal, multi-functional bank working with individuals, SMEs and large businesses, and international financial institutions. RIABANK has been working on the Russian market since April 2003, boasting a strong track record. It is a member of the state's mandatory deposit insurance scheme. The bank places a key emphasis on its work with SMEs.
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