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News

24.04.2014

International Investment Bank established club of export credit agencies

The International Investment Bank and the export credit agencies of Russia and four East European countries that are members of the bank have signed a multilateral cooperation agreement . The signatories are the Bulgarian Export Insurance Agency, the Russian Agency for Export Credit and Investment Insurance (EXIAR), Eximbank of Romania, the Czech Export Guarantee and Insurance Corporation, and Eximbank of Slovakia.

Under the document, the participants will work together to support and develop foreign trade operations in the signatory countries. The agreement is not limited to export-import transactions within the five countries, but also includes the promotion of products and services of national producers to third countries, especially on the markets of other IIB members. The cooperation agreement outlines that national agencies will provide insurance coverage for projects in the interests of corresponding member countries, and that the International Investment Bank will provide financing both out of its own resources, and by attracting funding from its partners.

The agreement also stipulates regular consultations and experience sharing, including on issues of state regulation of foreign trade operations.

Speaking at the signing ceremony, IIB CEO Nikolay Kosov, said, "Support and development of export-import operations is a basic element of the bank’s reformed mandate; we will now interact more efficiently with all the parties to the agreement. Its signing is a testament to the integrative role of the IIB, which takes on additional relevance in the context of a certain crisis of confidence in global and European international relations." The IIB head expressed confidence that the agreement would also interest the Bank’s non-European members, which have established strong trade links with Central and Eastern Europe, as well as the countries with which the IIB is actively cooperating, such as Hungary and Belarus.

EXIAR CEO Peter Fradkov said that in order to provide proper insurance support for Russian businesses managing multilateral international projects, it is necessary to develop relationships and partnerships with the ECAs of other countries, international credit organisations, and banks. The agency is already cooperating with export credit agencies of Italy, France, Germany, China, Slovakia, and the Netherlands. This agreement will develop cooperation in export transactions among IIB member countries.

The International Investment Bank is an international financial organisation founded in 1970. The Intergovernmental Agreement on the formation of the bank and its charter have been registered with the United Nations Secretariat. The Bank’s members include the Republic of Bulgaria, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Russian Federation, Romania, the Slovak Republic and the Czech Republic. Russia is the largest shareholder, with a share capital of 56.55%. The IIB’s work is aimed at promoting social and economic development, improving the welfare of the population, and developing economic cooperation among the member countries. The bank concentrates on financing SMEs by extending targeted credit lines to banks of member countries, and through syndicated loan programmes for investment projects in partnership with major international financial institutions. Fitch Ratings has awarded the International Investment Bank a long-term Issuer Default Rating (IDR) of BBB-, and a short term IDR of F3. The Bank’s head office is in Moscow. For further information please visit www.iibbank.org.

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.

External Communications EXIAR