EXIAR and SME Bank signed cooperation agreement
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and SME Bank have signed a cooperation agreement.
The strategic partnership between EXIAR and SME Bank is designed to implement joint projects and events aimed at developing Russian exports of high value added goods, works, and services in the small- and medium-sized enterprise (SME) segment and creating new jobs in the Russian economy. Part of the direct support planned in the partnership includes financing by the bank and its SME partners, who are exporters of Russian goods and services. In addition, EXIAR will provide insurance against different risks to lenders and participants in export deals.
Andrey Polyakov, Board Member and Managing Director of Regional Development and SME Support at EXIAR, stressed that ‘the joint program between SME Bank and EXIAR will allow us to significantly expand the range of possible support options for SME exporters, primarily by creating conditions that will facilitate access to the credit resources that are needed to conduct foreign trade projects.”
“This agreement will allow us to increase the resilience of SMEs in the face of export risks, strengthen the presence of domestic manufacturers in foreign markets, and maintain production capabilities and the potential for development in the current economic conditions,” SME Bank Deputy of Chairman Maxim Skochko stated.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR operates as a part of Russian Export Center Group, which is the sole shareholder of EXIAR. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
The Russian Bank for Small and Medium Enterprises Support (SME Bank) Open Joint-Stock Company was founded in 1999. SME Bank is fully owned by the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”. As of December 1, 2015, SME Bank’s charter capital is RUB 19.24 billion, while working assets amount to RUB 143.95 billion.
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