ODL and EXIAR signed the reinsurance agreement
Brussels, 13 November 2013 – ODL, Luxembourg Export Credit Agency, and EXIAR, Russian agency for export credit and investment insurance signed the Agreement Governing Reciprocal Reinsurance Obligations (the Agreement) in order to develop trade & investment operations of both Luxembourg and Russian corporates. The signature took place at the occasion of the meeting of the Joint economic commission between Luxembourg and Russia in Brussels in the presence of Mr Dimitry Rogozin, Vice-Prime Minister of the Russian federation and Mr Etienne Schneider, Minister of Economy and Foreign Trade of the Grand Duchy of Luxembourg.
On behalf of EXIAR the Agreement was signed by CEO Petr Fradkov, on behalf of ODL by President Etienne Reuter.
The Agreement signed is expected to generate new transactions in a wide range of sectors by creating a common risk-sharing platform. The Agreement creates a legal framework to promote joint Russian-Luxembourg projects in third countries.
Cooperation between EXIAR and ODL is being provided on terms which are in accordance with OECD principles and other international documents regulating this field.
The Office du Ducroire (ODL), the public export credit insurer, was established in Luxembourg in 1961. ODL supports international trade through insurance of export credits against commercial and political risks, as well as insurance against political risks of Luxembourg investments abroad. ODL operates on behalf of the Ministry of Finance of the Grand Duchy of Luxembourg.
Russian agency for export credit and investment insurance (EXIAR) was established in October, 2011, with the mission to support hi-tech export through insurance of export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. Agency’s proprietary capital is RUR 30 bln (ca. USD 1 bln).