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News

05.06.2012

EXIAR and SINOSURE to develop Russian-Chinese trade links

During Russian President Vladimir Putin's state visit to China, the Russian Agency for Export Credit and Investment Insurance (EXIAR) signed a Memorandum of Understanding with the Chinese export credit insurance corporation SINOSURE in the presence of the two countries' heads of state.

The document was signed by CEO of EXIAR Peter Fradkov, and President of SINOSURE Wang Yi.

Under the agreement, the parties will cooperate on developing trade between the countries by providing support to companies registered in China with links to Russia and vice versa. This support will be in the form of export credit insurance through sharing risk, with the aim of simplifying access to financing from commercial banks.

The document also outlines cooperation in the field of risk assessment and minimising losses, as well as in staff training and information sharing.

Peter Fradkov, CEO of EXIAR:

"This signed document paves the way for us to work productively with our colleagues in China. Insurance support for goods manufactured in Russia by Chinese companies and joint-ventures, support for Russian companies operating in China, as well as for Russian-Chinese projects in third countries, will contribute to the development and strengthening of trade and economic ties between our two countries.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. 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’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).