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29.12.2014

EXIAR insures shipments of aviation components to India

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and AVIAHELP EXPORT (AVIAHELP) have signed a number of new insurance contracts.

As part of these deals, EXIAR insured exports of components to India for MI-17 helicopters, as well as AN-32 and IL-76 aircraft worth a total of over USD 1.6 million. As per the contracts, the Agency insured against the risk of non-payment by the customer.

Supplier credit insurance is intended to protect Russian exporters (as well as banks financing them) fr om the risk of non-payment by the foreign buyer.

Coverage extends to deliveries of certain goods carried out in circumstances wh ere payment has been deferred.

"Our Agency's collaboration with AVIAHELP dates back to August 2013, when the first export contract was signed. Over the last year and a half our companies have signed eight contracts together, under which the Agency has insured AVIAHELP's shipments worth over USD 10 million to countries such as China, India and Peru. I firmly believe that our cooperation with such a fast-growing partner will only intensify in the future, both in terms of increasing volumes of insured exports and the number of countries exported to", said Peter Fradkov, CEO of EXIAR.

"We are very happy with our cooperation with EXIAR, which has allowed us to reap tangible results", said Yuri Ridzel, General Director of AVIAHELP EXPORT. "For example, in 2013 we increased our sales to China more than ten-fold, in large part due to an export credit insurance contract signed with EXIAR that year to supply spare parts for Russian-manufactured aircraft to the country. That enabled AVIAHELP to not only consolidate its status as a market leader in supplying aviation and technical products in 2014, but also to increase the number of countries in which the company has a presence by 50%. Today, our corporate group operates in 33 countries worldwide as an export agent for Russian manufacturers of aviation and technical products, capable of single-handedly providing a comprehensive range of logistical, financial, customs and marketing services. It is for this reason that we are planning to work even more with EXIAR in 2015."

Export Insurance Agency of Russia (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. EXIAR holds a charter capital of RUB 30 billion. Eximbank of Russia is a subsidiary of EXIAR.

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