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26.05.2015

Russia and Egypt’s ECAs develop partnership

The business mission ‘Russia-Egypt Trade and Industry Dialogue’ was held on May 25-26, 2015, in Cairo, where Russian Minister of Industry and Trade Denis Manturov led a delegation of large Russian export companies. During the event, the Export Insurance Agency of Russia (EXIAR) and Export Credit Guarantee Company of Egypt (ECGE) agreed to develop the two countries’ cooperation in the fields of trade and investments.

A corresponding memorandum was signed by EXIAR CEO Alexey Tyupanov and, on behalf of ECGE, CEO Ola Gadallah.

As part of the agreement, EXIAR and ECGE will work together to develop trade relations between Russia and Egypt and to simplify access to financing for companies in their respective nations. The agreement also intends to facilitate the export of goods and services to third-party countries.

During a speech at the event, EXIAR CEO Alexey Tyupanov remarked, “EXIAR is prepared to support Russian exporters who are working with Egyptian companies in large international structural projects that aim to export both goods and services from several countries—including Egypt and Russia. We are also prepared to support exporters engaged in production through their foreign offices or subsidiaries."

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. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).

The Export Credit Guarantee Company of Egypt (ECGE) was founded in 1992 by the Export Development Bank of Egypt in order to create and implement a system to provide insurance coverage to Egyptian exporters against commercial and political risks. ECGE has 250 million Egyptian pounds in authorized capital. The company’s primary objectives are to support and promote Egyptian exports and to assist in strengthening the agricultural and manufacturing sectors, as well as service export sectors, by providing guarantees for operations to export goods and services. These guarantees cover both commercial and non-commercial risks determined in accordance to the guarantee policies approved by the Board of Directors. ECGE is a member of the Prague Club.

External Communications EXIAR