EXIAR insures Novikombank’s financing of agricultural shipments to Uzbekistan
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Novikombank JSCB have agreed to another policy for a confirmed letter of credit insurance to pay for shipments of Russian soybean meal to Uzbekistan.
Novikombank stepped forward as the confirming bank and financing institution for the letter of credit issued by Invest Finance Bank to Agroproduct at the request of importer TOSHKENTPARRANDA. EXIAR insured against the deal’s political and commercial risks.
Since 2012, EXIAR and Novikombank have worked in close partnership to accomplish 43 financing deals for foreign buyers of Russian goods as well as Russian exporters, in an amount totaling more than $115 million.
Novikombank was established in 1993. It is now a stable and rapidly-developing financial institution that offers its clients a comprehensive range of services. Novikombank is the primary bank of Rostec, and focuses on financing Russian industrial companies, including those in hi-tech industries, aviation, and the automobile industry. As of July 1, 2015, the bank’s capital consisted of more than 39 billion rubles, with assets amounting to more than 253 billion rubles. Novikombank is one of Russia’s 35 largest banks, a supporting bank of the CIS and Eurasian Customs Union, and is successfully developing its “A Bank for Banks” program.
State Corporate Rostec is a Russian company that was created in 2007 to promote the development, production, and export of hi-tech industrial products for civil and military purposes. It is comprised of more than 663 organizations. Among these organizations, 9 holding companies have been formed in the military-industrial complex; 6 in the civil industrial sector; and, 32 directly manage themselves. Rostec’s portfolio includes such famous brands as AvtoVAZ, Kamaz, Vertolety Rossii (Russian Helicopters), VSMPO-AVISMA, and more. Rostec organizations are located in 60 regions of Russia and deliver products to more than 70 countries. Rostec’s earnings for 2014 totaled 964.5 billion rubles. The company’s tax contributions to federal, regional, and local budgets amount to 147.8 billion rubles.
Invest Finance Bank was founded in 2007. Today, the bank is one of Uzbekistan’s leading, fast-developing banks that offers a full range of banking services to its clients. The bank’s primary activity centers on financing small businesses and private entrepreneurs. As of January 1, 2015, the bank’s capital totaled $29 million, with assets worth $222 million. The bank is one of the top 20 banks in Uzbekistan.
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 31 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
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