EXIAR signs first export working capital credit insurance contract with Sberbank
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Sberbank of Russia have signed an export working capital credit insurance contract.
Under the deal, EXIAR has insured Sberbank’s financing of Tonar, an engineering plant, to export dump trailers to Western Africa. The value of the contract is in excess of USD 400,000.
The aim of export working capital credit insurance is to increase access to financing for SME exporters in Russia. Companies using this service also benefit fr om an expedited project review procedure at EXIAR.
This development has come following the signing of an agreement between EXIAR and Sberbank of Russia to develop and implement a joint programme to lend to export-oriented SMEs.
Sberbank of Russia is Russia’s largest bank and a leading global financial institution, holding approximately one third of Russia’s total banking sector assets. It is a key creditor of the Russian economy, with the largest share of the deposit market. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank, owning 50% of the bank’s charter capital plus one voting share, with the remaining shares held by domestic and international investors. Sberbank has more than 135 million individual customers and 1 million corporate clients in 22 countries. It has the largest distribution network in Russia with around 17,000 branches, and has offices, subsidiaries and affiliated organisations based in the UK, US, CIS, Central and Eastern Europe, Turkey and elsewh ere.
The bank holds general banking license No. 1481 issued by the Bank of Russia. Website: www.sberbank.ru
Tonar is a leading Russian manufacturer of vehicles and trailers. The company’s main facility is a manufacturing complex based in Gubino, a rural locality in the Orekhovo-Zuyevsky District of Moscow Region. The plant is located on 19.1 hectares of land, with the company’s premises taking up almost 4.5 hectares, and the finished products storage area spread across 6 hectares. The plant employs over 600 people.
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).
External Communications EXIAR