EXIAR insures shipments of medicines
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Materia Medica have signed a one-year comprehensive export credit insurance contract.
The agreement covered insurance of shipments of Russian-produced medicines to Uzbekistan, Kazakhstan and Kyrgyzstan. There is also the option to expand the insured portfolio at a later date.
Comprehensive export credit insurance protects Russian companies against the risk of non-payment by foreign buyers due to commercial or political reasons. Insurance overage extends to recurrent shipments of similar goods to customers based abroad, in which payment has been deferred by up to 360 days.
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 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).
Materia Medica is one of the 10 leading Russian and international pharmaceutical companies on the Russian OTC market. Established in 1992, the company produces and markets over 20 brands on the OTC markets of Russia and the CIS.
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