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News

11.04.2012

EXIAR introduced to Russian Union of Industrialists and Entrepreneurs

 A board meeting of the Russian Union of Industrialists and Entrepreneurs took place on 11 April 2012. One of the key topics under discussion was the insurance support for exports and investment abroad offered by the Russian Agency for Export Credit and Investment Insurance (EXIAR).

Peter Fradkov, CEO of EXIAR, said at his presentation that, "The Agency's main services in traditional export credit insurance will be ready in June 2012. A full range of services will be fully developed over the course of 2012–2013."

In addition, he noted that, "Despite the ongoing work to develop a framework ensuring the efficient running of the Agency, EXIAR is already actively working with Russian exporters. The first three projects involving exports of high-tech Russian products to Vietnam, China, and India were insured by EXIAR at the end of last year. We will soon provide insurance coverage to the next three projects.

"By the end of 2014, the amount of export credits insured by the Agency will be RUB 500 billion", commented the head of EXIAR.

As a result of the meeting, it was decided that there was a need to establish firm cooperation between EXIAR and the Russian Union of Industrialists and Entrepreneurs, including on developing recommendations for the Agency which take into account the interests of Russian industrialists and entrepreneurs on matters related to the promotion of Russian exports and investments abroad.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. 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’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).