EXIAR joins the Prague Club
The Russian Agency for Export Credit and Investment Insurance (EXIAR) has become a full member of the Prague Club, an information exchange network for new and maturing agencies providing export credit and investment insurance. The decision was made during a club meeting on 22 May 2012 in Almaty (Republic of Kazakhstan).
Peter Fradkov, CEO of EXIAR, said, "EXIAR's entry into the Prague Club will enable the Agency to become a full member of the professional community and allow the Russian Federation to have a real presence among international export credit and investment insurers. Membership in the club provides access to international practices on risk assessment, claims settlement, and analysing trends in economic development. By taking advantage of international experience, we will be able to initiate the preparation process, and later, develop our main insurance services to the fullest possible extent.
The Prague Club was established in 1993, with funding from the European Bank for Reconstruction and Development. Currently, 36 export credit agencies are members of the club.
The Prague Club is an affiliated group of the Berne Union, and international non-profit organisation uniting export credit and investment insurers in both the public and private sectors. The union was established in 1934, and works to develop cross-border trade and investment flows. Its mission is to facilitate the exchange of professional experience and information. Currently, 49 organisations are members of the Berne Union.
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).