EXIAR and Sviaz Bank implement first joint project
Sviaz Bank (part of Vnesheconombank Group) has signed its first insurance contract with the Russian Agency for Export Credit and Investment Insurance (EXIAR) as part of a cooperation agreement between the two organisations.
Under the terms of the contract, EXIAR insured a working capital loan of RUB 19.9 million issued by the Bank’s Kaliningrad branch to Itar. The loan is to be used by the company to finance the production and subsequent export of goods.
The cooperation agreement between EXIAR and the Bank, which was signed prior to this deal, outlines the provision of insurance coverage by the Agency for loans issued by the Bank to finance export contracts.
This agreement will enable the Bank to increase its financing of 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 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).
Sviaz Bank (general licence number 1470) was established in 1991, and today operates in 53 regions across Russia. It is a member of the obligatory deposit insurance scheme.
Sviaz Bank’s main shareholder is the Bank for Development and Foreign Economic Affairs (Vnesheconombank).
The bank has been allocated counterparty credit ratings of ВB (long-term) and B (short-term) from Fitch Ratings and Standard & Poor’s.
Itar has been based in Kaliningrad since 1999. To this day, it remains the region’s only distillery. The company’s products have won numerous medals and awards at Russian and international expos. Itar exports approximately a quarter of its output.
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