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22.04.2015

EXIAR sets credit limits for Cuban banks

EXIAR is to provide insurance coverage on loans provided by Russian banks to a number of Cuban banks, including Banco Exterior de Cuba, Banco Nacional de Cuba and Banco Internacional De Comercio S.A., within set limits. The corresponding agreements were signed in Kazan on 22 April 2015 during the 13th meeting of the Russian–Cuban Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation.

Credit limits of EUR 36 million, EUR 11 million and EUR 56 million have been set for Banco Exterior de Cuba, Banco Nacional de Cuba and Banco Internacional De Comercio S.A. respectively. Insurance is extended for deals of up to three years, with up to 100% coverage. This will enable trade finance to be raised from Russian banks for Cuban projects involving the purchase of Russian products on preferential terms.

EXIAR has been working with these banks since 2013 on a range of insurance products.

To date, the Agency has lent its support to 44 export projects to Cuba worth a total of over USD 35 million. These have involved shipments of engineering and electrical engineering equipment, railway track equipment, vehicles, automotive parts, production machinery, and more. Another 12 projects to export Russian high-tech products worth a total of USD 84 million are currently under assessment.

The objective of these agreements is to strengthen trade and economic ties between the Russian Federation and the Republic of Cuba.

Intergovernmental commissions on trade and economic cooperation with other countries are made up of a number of committees and working groups, and play a vital role in developing bilateral ties and helping to serve the mutual interests of the Russian Federation and other countries. They are tasked with fostering the development of Russia’s foreign economic relations, and assisting Russian entrepreneurs in their dealings with foreign partners.

The Russian–Cuban commission is chaired by Dmitry Rogozin, Deputy Prime Minister of the Russian Federation, and Rodrigo Malmierca Díaz, Minister of Foreign Trade and Foreign Investment of the Republic of Cuba.

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).

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