EXIAR to increase cooperation with Uralsib Bank
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Uralsib Bank have concluded a Cooperation Agreement.
The document was signed by EXIAR CEO Peter Fradkov and Chairman of the Management Board of Uralsib Bank Ilkka Salonen.
The agreement outlines plans to develop and implement a joint programme to lend to export-oriented SMEs, with insurance coverage provided by EXIAR.
This programme aims to offer SMEs special lending terms to finance their exports with support from the Agency, which will provide insurance for the bank to cover against the risks of loan default by the borrowing SME.
The agreement also specifies general principles for the two parties to follow when concluding insurance contracts under the programme.
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.
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