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News

29.10.2012

EXIAR and UK Export Finance announce cooperation on risk assessment

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and UK Export Finance, the UK’s export credit agency, have signed a Memorandum of Cooperation at the IX session of the UK-Russia Intergovernmental Steering Committee (ISC) on trade and investment.

The document was signed by CEO of EXIAR Peter Fradkov, and Chief Executive of UK Export Finance Patrick Crawford.

Under the agreement, the parties will exchange experience on assessing risks related to insuring export credits, and also help support Russian and British export projects in third countries.

The agreement will be implemented in accordance with the requirements of the OECD and the Berne Union (the International Union of Credit & Investment Insurers) for insuring export credits.

This development will help increase the number of UK-Russian joint projects in third countries.

UK Export Finance (formerly the Export Credits Guarantee Department until 2011) was established in 1919, and is a government department. It is the UK's export credit agency, providing assistance to British exporters in the form of export credit and investment insurance, and guarantees to banks financing exports.

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).