EXIAR insures buyer for export of Russian chemical products to Belarus
EXIAR has concluded a buyer credit insurance policy with AK BARS Bank (Republic of Tatarstan).
According to the policy, EXIAR has insured a loan issued by AK BARS Bank to Belgazprombank (Belarus) in the amount of 1 million euros to finance Russian shipments of ethylene glycol to the Belarusian buyer, Mogilevkhimvolokno.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-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 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
AK BARS Bank (a publicly traded company) is registered with the Russian Central Bank and has successfully operated in Russia’s financial market since 1993. The bank possesses all the banking licenses that exist in Russia and provides more than 100 kinds of bank services to corporate and individual clients. AK BARS is one of the top 20 largest credit and financial structure in Russia and serves more than 3.2 million individual clients, and over 66,000 corporate clients. Among these clients are the largest exporters in the Republic of Tatarstan, companies in the gas and oil and petrochemical industry, machine building, construction, chemical production, auto transportation, trade, and agroindustrial sectors.
Belgazprombank was founded in 1990. It is controlled by the Gazprom Group and leads the Belarusian market in the field of financing small- and medium-sized businesses.
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