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News

22.05.2014

EXIAR insures Novikombank's financing of shipments of Russian fodder to Uzbekistan

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Novikombank have signed a confirmed letter of credit insurance contract for the payment of supplies of Russian-produced soybean fodder to Uzbekistan.

Novikombank was the confirming and financing bank for the letter of credit, issued by Invest Finance Bank (Uzbekistan) on behalf of Virtex Agro (Uzbekistan). The value of the documentary letter of credit was USD 264,250. As part of the transaction, EXIAR provided insurance to cover against the risk of non-payment due to commercial and/or political reasons from the issuing bank under a letter of credit.

The completion of this transaction using EXIAR's up-to-date financial support mechanisms for Russian exports will help strengthen relations and increase trade turnover between the two countries. In addition, it testifies to the efficiency of the comprehensive financing and support system available to Russian exports.

Using the Agency's coverage, Novikombank became a leading financer of Russian exports to the CIS in 2013. The total volume of credits extended to banks or direct buyers of Russian products based in neighbouring countries now exceeds USD 80 million.

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.

External Communications EXIAR