EXIAR to insure paper product deliveries
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Hayat Marketing OOO have agreed to a comprehensive export credit insurance policy for a period of 1 year.
As part of the agreement, Russian-made paper products to be shipped to Kazakhstan will be insured. Currently, the amount of exports covered is worth approximately $1 million. The policy also provides for the possible future expansion of items insured.
Coverage is provided against the risk of non-payment by the foreign buyer. The Policy would cover delivery of goods and/or services that are made on credit terms, for a tenor less than 12 months to a number of foreign buyers that may be from different countries.
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. Eximbank of Russia, a Russian specialized government–owned export–import bank, is a subsidiary of the Russian Agency for Export Credit and Investment Insurance (EXIAR).
Hayat Marketing OOO is a subsidiary of Hayat Holding. Hayat Holding was founded in 1937. It is Turkey’s leading enterprise, composed of 25 companies from various sectors. Hayat Marketing possesses its own household chemical and paper production plants in Turkey, Russia, Algeria, Egypt, Iran, and Bosnia and Herzegovina. At the moment, Hayat Marketing is increasing exports from Russia. The products insured are consumer goods (paper towels, paper, napkins). Currently, the company exports to Moldova, Tajikistan, Kazakhstan, Armenia, and Azerbaijan.
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