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News

21.03.2016

EXIAR insures Russian construction of nuclear power plant in India

The Russian Agency for Export Credit and Investment Insurance (EXIAR – a part of the Russian Export Center Group) and VTB Bank have agreed to a credit insurance policy for Atomstroyexport (ASE) worth RUB 7 billion. The deal aims to fulfill a contract to build the Kudankulam Nuclear Power Plant in India and is part of a special insurance program by EXIAR for large machine builders.

EXIAR’s involvement made it possible to optimize ASE’s expenses. ASE is the largest contractor in Russia’s nuclear sector. It can executing export contracts with advantageous credit terms provided by VTB Bank using export financing tools.

The deal with ASE highlights the importance of the nuclear energy for Russian industry. It also creates the opportunity to use advanced financial solutions with EXIAR’s support for VTB Bank’s clients.

EXIAR CEO Alexey Tyupanov noted, “[EXIAR] continues to support large Russian companies. VTB Bank has been a long-standing and reliable partner. Together, we’ve performed a variety of important projects to support Russian exporters and made possible Russian projects 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. The Russian Export Center is the sole shareholder of EXIAR since the 10th of December, 2015. 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.