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News

06.07.2012

Irkut Corporation and EXIAR to cooperate on export insurance for MS-21 aircraft

Earlier today, President of Irkut Corporation Alexei Fedorov, and CEO of the Russian Agency for Export Credit and Investment Insurance Peter Fradkov signed a Memorandum of Cooperation.

Under the document, an export credit insurance system will be developed for customers of MS-21 aircraft to cover against commercial and political risks during shipments.

The implementation of the Memorandum will allow foreign customers to obtain financing to purchase MS-21 aircraft at minimal interest rates.

As pointed out by Alexei Fedorov, the signing of the agreement and the support provided by EXIAR herald a new stage in the development of a state support system for high-tech exports, with the aim of ensuring competitive financing terms for the MS-21 project.

Peter Fradkov, CEO of EXIAR, commented that supporting the Russian aircraft engineering industry is a key area of focus for the Agency. EXIAR's help in drawing up a package of credit and insurance services for future sales of MS-21 aircraft at the construction stage will enable products to be actively promoted in foreign markets.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. 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. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).