EXIAR supported shipments of Russian petroleum products to Mongolia
The Russian Agency for Export Credit and Investment Insurance (EXIAR – a part of the Russian Export Center Group) and Bank VTB have agreed to an insurance policy to cover a loan made to the Development Bank of Mongolia.
The three-year credit line for $300 million was made possible by a guarantee from the Mongolian government. It is designed to purchase Russian petroleum products to meet the needs of Mongolia’s grown mining sector.
As part of the policy, EXIAR insured Bank VTB as part of the project’s first stage.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports and investments abroad by insuring export credits against commercial and political risks. The Russian Export Center is EXIAR’s sole shareholder. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
The Development Bank of Mongolia was established by a decree of the Mongolian government and acts as a state financial development institution whose focus is on promoting Mongolia’s economic and infrastructural growth. The Development Bank of Mongolia offers long-term financing to projects that correspond to the state strategy for Mongolia’s macroeconomic development.