EXIAR insures export of power tools to Kazakhstan
The Russian Agency for Export Credit and Investment Insurance (EXIAR), Eximbank of Russia, and Interskol have agreed to a one-year comprehensive export credit insurance policy.
EXIAR insured Russian manufacturer Interskol’s shipment of power tools to the Kazakh market. Eximbank of Russia provided financing to the Russian exporter in order for it to meet its obligations under export contracts. In addition, the bank was designated as the insurance policy’s loss payee.
The value of Interskol’s exports insured by EXIAR under this deal is worth $1.5 million.
Comprehensive export credit insurance is designed to protect Russian companies against the risk of non-payment by foreign buyers due to commercial or political reasons. The policy covers regular shipments of similar goods made on credit terms to regular buyers abroad.
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. EXIAR operates as a part of Russian Export Center Group, which 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.
Interskol is a leader of the Russian power tool market and one of the top ten manufacturers in the world who specialize in this industry. For now more than ten consecutive years, Interskol products are Russia’s most popular and best-selling power tools. This is back up by such reputable organizations as the Russian Association of Trading Organizations and Manufacturers of Power Tools and Small Machine. Interskol is the only Russian power tool manufacturer to receive official international recognition. Since 2009, the company has been a member of the European Power Tool Association (EPTA), whose members include 14 of Europe’s largest and most reputable tool brands – recognized world leaders in this industry.