The Russian Agency for Export Credit and Investment Insurance (EXIAR) and NOVIKOMBANK have concluded a confirmed letter of credit insurance agreement to pay for a delivery of gold mining equipment to Tajikistan.
Under the terms of the transaction, EXIAR provided letter of credit insurance with post-financing issued by Orienbank under the authority of Orien-Leasing (Tajikistan). NOVIKOMBANK was the confirming and financing bank. Financing has been provided by NOVIKOMBANK for 3 years. The manufacturer and exporter of the equipment in this transaction is Magadan Mechanical Plant (Russia).
The insurance product is intended to protect a Russian bank fr om the risk of non-payment due to commercial and/or political reasons from the issuing bank under a letter of credit.
Back in April 2013, EXIAR provided Orienbank with a credit lim it (the maximum possible amount of insurance liability from EXIAR) of USD 3 million to provide insurance coverage for transactions related to exporting Russian high-tech goods and services to the Republic of Tajikistan.
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. Today it is a stable and fast-growing financial institute, providing clients with a full range of banking services. The bank focuses on providing financing to Russian industrial companies, including those operating in the defence industry, the car industry, and the high-tech industry. As at 1 July 2013, the bank's capital was RUB 16.2 billion, with RUB 144 billion in assets. NOVIKOMBANK is a base bank in the CIS and Customs Union, and is successfully developing the 'Bank for Banks' programme.
ORIENBANK was established in 1925. Its main focus is to support and help develop the country's industrial sector. By adhering to this policy, Orienbank is continuing to consolidate its position in the national finance and banking sector. As at 31 December 2012, Orienbank's total assets were worth more than USD 326 million. The bank's capital totalled USD 61 million. Orienbank remains one of the most stable and reliable banks in the Republic of Tajikistan. For decades, Orienbank has received the support and trust of international banking communities in the CIS, Turkey and Europe.