Strategy of credit and insurance export support centre approved
On 22 January 2014 the Supervisory Board of Vnesheconombank (EXIAR’s sole shareholder) reviewed and passed a long-term strategy of Credit and Insurance Export Support Centre, as well as two corresponding corporate strategies of EXIAR and Eximbank of Russia.
The Centre’s strategy and the corporate strategies of the organizations making up the Centre determine the basic principles for development of integrated credit and insurance export support instruments, the procedure for integration of the Agency and the Bank and building cross-cutting operational processes within the joint state support institute. The documents have also set the strategic benchmarks of the Centre’s operation for middle and long terms, which contemplate the Centre’s support volume at 7% of the whole Russian non-commodity exports volume in 2017 and 10% - in 2020.
The approval of the Centre’s strategy and new corporate strategy defines a new stage for EXIAR’s development as a competence centre for financial export support and sets the Agency ambitious tasks comprising the development of both business competences and national economy support functions generally.
At the end of November 2014 within establishment of Credit and Insurance Export Support Centre on the basis of the Russian Agency for Export Credit and Investment Insurance (EXIAR) in accordance with Presidential Order given on 24 June 2014, 100% less one share of Eximbank of Russia were transferred to the Agency.
The establishment of a centralised financial support institute within EXIAR consolidating credit and insurance services needs to be a key component in efforts to increase non-commodity exports in Russia and to ensure a growth-rate safeguarding Russian-manufactured exports over the long term. Ultimately, EXIAR will become a fully-fledged export agency, offering the most flexible financial support services possible for non-commodity exports.
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. 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).
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