EXIAR signs first agreements for new specialised product
On 31 January, the Russian Agency for Export Credit and Investment Insurance (EXIAR) signed the first cooperation agreements at the third OPORA Russia Leaders' Congress for the promotion of a specialised product – Export working capital (EWC) financing insurance. The agreements were with Soyuzny Commercial Bank and Promsvyazbank. The agreements were signed by EXIAR CEO Peter Fradkov, Soyuzny Chairman Alexei Korneev, and Promsvyazbank President Artem Konstandyan.
The documents outline the main areas of collaboration as those involving credit and insurance support to export-oriented SMEs. EXIAR will provide insurance protection to Russian banks financing export-oriented SMEs against the risk of non-payment by the borrower under a credit agreement.
This specialised and unique product was developed by EXIAR as part of the state programme to support SMEs engaged in export. The intention of the product is to improve access to financing for small and medium-sized Russian exporters, and outlines a special decision-making procedure. Following this procedure, the Agency will decide on whether to offer insurance based on information provided by the bank conducting an independent overall assessment of the financial condition of the exporter. This special procedure will help the reduce the usual time frame for the Agency to examine a specific deal. The programme is designed to foster financing activities required by SMEs, and which will enable them to increase exports while benefitting from EXIAR's insurance protection. The Bank shall determine the cost of services provided to the exporter so as to ensure their commercial appeal and importance in the market, provided that these conditions do not violate the bank's own pricing policy.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 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 30 billion.