EXIAR insures loan for lumber shipment to Europe
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Sberbank of Russia have agreed to a working capital financing insurance policy.
As part of the policy, EXIAR has insured a loan provided by Sberbank to the Russian exporter Woodland, LLC to ship Russian softwood lumber to Germany. The insured loan totals RUB 5 million.
Working capital financing insurance is designed to improve access to financing for small- and medium-sized enterprises (SME). This insurance product also provides for an expedited review of the project by EXIAR.
In 2014, EXIAR and Sberbank of Russian signed agreements to create and execute a financing program for export-oriented SMEs and other smaller exporters.
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 is part of the Russian Export Center, 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.
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