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EXIAR covers risks for BSW for supply of equipment

31 December 2013 – The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Novikombank (Russia) have concluded an unconfirmed letter of credit insurance agreement with the provision of financing to pay for the delivery of an overhead crane.

Under this agreement, EXIAR has provided unconfirmed letter of credit insurance issued by Novikombank under the authority of BSW, the management company of BMC holding company (Belarus).

Under the agreement, EXIAR is covering the risk of non-redemption of financing provided under an unconfirmed letter of credit, due to commercial or political reasons. The export contract is for five years and is worth approximately RUB 75.9 million.

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.

Novikombank was established in 1993. 17.6% of the bank's charter capital is owned by Rostec state corporation. Novikombank specialises in providing banking services in all segments of the financial market, and focuses on financing the real sector of the economy. The bank's clients include leading companies operating in the high-tech, mechanical engineering and automotive industries, among others. Novikombank has a corporate credit portfolio worth over RUB 92 billion. As at 1 January 2014, the bank has a capital of RUB 20 billion, with RUB 170 billion in assets. Novikombank is a base bank in the CIS and Customs Union, and is successfully developing the 'Bank for Banks' programme.

Byelorussian Steel Works (BSW) is the management company of Byelorussian Metallurgical Company. It was established in 1984 and today is one of the world's leading iron and steel companies. It is a high-tech steel company also specialising in manufacturing rolled products and rebars, cords for tyre manufacturing, RML wire, and bronze bead wire. Scrap is the main material used by the company in production. The company is among the largest in Belarus in terms of commercial yield, and is one of the country's leading exporters. Shipments of commercial products abroad account for more than 80% of the company's production volume.

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