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29.12.2011

Novikombank and EXIAR to develop cooperation.

In December 2011, the first deal as part of EXIAR's cooperation with Novikombank commenced.

EXIAR will provide insurance coverage for Novikombank's pre-export financing of a Russian equipment manufacturer sending shipments to India.

The amount of the loan is USD 3.7 million, with the contract worth approximately USD 5 million.

The Agency shall cover the risk of a credit default by the Russian exporter through non-payment by the Indian purchaser, as well as political risks.

EXIAR's loan insurance coverage was approved by the Agency's Board of Directors on 21 December 2011.

Novikombank has a long and successful history of working with exporting companies. The number of exporters choosing Novikombank is steadily growing year by year, due to the company's experience, and wide range of high quality banking services.

The Agency was established in October 2011 with the mission to support Russian exports and investments abroad. Novikombank's and the Agency's shared priorities in promoting Russian exports of equipment and technology have been a key factor in successfully implementing this project, which was EXIAR's first deal.

Info:

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).

Info:

Novikombank was established in 1993. Today it is a stable and fast-growing financial institute, providing clients with a full range of banking services. The bank focuses on providing financing to Russian industrial companies, including those operating in the defence industry, the car industry, and the high-tech industry. As at 1 October 2011, the bank's capital was RUB 9.6 billion, with RUB 79 billion in assets.