EXIAR signs agreement on cooperation with Banco Internacional de Comercio S.A. To finance rail car shipments to Cuba
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Banco Internacional de Comercio S.A. (BICSA) (Cuba) have signed on November 2, 2015 an agreement on cooperation as part of a business mission of Russian exporters. Among those present to witness the signing were Georgy Kalamanov (Ministry of Industry and Trade), along with representatives of the Cuban government. According to the agreement, EXIAR has expressed its willingness to consider the possibility of insuring loans issued by BICSA in order to make payments under an export contract to supply rail cars from Russia to Cuba.
Shipment of the rail cars will take place under an export contract agreed to by the Russian company RM Rail and Empresa Proveedora General del Transporte (TRADEX) on the Cuban side. RM Rail is an integrated manufacturer of freight rail cars and equipment for the petrochemical and natural gas industry. It is part of the Russian Machines group of companies.
Financing will be provided to the purchaser, Empresa Proveedora General del Transporte (TRADEX), through Banco International de Comercio S.A. (BICSA) for the purposes of making payments under the export contract.
EXIAR CEO Alexey Tyupanov emphasized that the “signing of this agreement testifies to the ever-growing interest in working with EXIAR among Russian and foreign clients alike. This year, we are seeing a strong upward dynamic in the volume of Russian exports that we insure and we anticipate a significant growth in our client base, which in turn, will increase the number of deals we make in the future.”
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-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. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
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