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News

15.08.2014

EXIAR signs first export working capital credit insurance contract

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Tatfondbank have signed an export working capital credit insurance contract.

Under the deal, EXIAR has insured Tatfondbank's export financing for the Republic of Tatarstan Export Corporation to supply railway engine and cargo train replacement components to Latin America. The value of the contract is in excess of USD 480,000.

This contract is the first deal concluded by EXIAR which employs a new specialised product, which was developed by the Agency as part of a range of measures to support export-oriented SMEs.

The aim of this product is to increase access to financing for Russian SME exporters. Companies using this service also benefit from an expedited project assessment procedure at EXIAR. This allows the Agency to make a decision on insurance based on information provided by the bank independently conducting a comprehensive assessment of the exporting SME's financial standing.

The conclusion of the contract was preceded by the signing of a cooperation agreement between EXIAR and Tatfondbank, which involved the bank undergoing a compulsory accreditation procedure by the Agency. This included a comprehensive analysis of the bank's activities, including an evaluation of its financial standing, which was confirmed by national and international rating agencies. In addition, its performance in the market was assessed, as was its reputation in the business community, presence in the media, and a range of other factors.

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 30 billion.

The Tatfondbank Joint Stock Investment Commercial Bank (Tatfondbank) was established in 1994. It is a partially state-owned universal bank, which provides all forms of banking services to both individuals and corporate customers. Its assets put the bank among the 50 biggest in Russia. As at 1 July 2014, its proprietary capital amounted to RUB 15.3 billion, with assets of RUB 142 billion. The bank's charter capital is RUB 12.6 billion.

The Republic of Tatarstan Export Corporation was established as the result of the restructuring of the Republic of Tatarstan Ministerial Agency for the Promotion of International Development, as outlined in Decree of the Ministry of Land and Property of the Republic of Tatarstan No. 3-p, dated 6 May 2013. The company is therefore the successor of the Republic of Tatarstan Ministerial Agency for the Promotion of International Development.

External Communications EXIAR