EXIAR covers risks for shipments of engineering products to Turkmenistan
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Promsvyazbank have signed their first insurance agreement to cover project risks.
The bank financed the export of Russian-made engineering products to Turkmenistan under EXIAR's insurance coverage. The borrower is SPV, a European company established by Russian beneficiaries to construct new production units at an oil-processing facility in Turkmenistan.
Promsvyazbank’s financing limit is USD 15 million, and EXIAR's insurance coverage limit is USD 8.4 million. This is Promsvyazbank’s first EXIAR-insured project contract.
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.
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