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News

28.11.2013

Vnesheconombank and EXIAR sign first credit insurance contract

As part of the implementation of a comprehensive financing system for Russian exports, the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) and The Russian Agency for Export Credit and Investment Insurance (EXIAR) have signed their first buyer credit insurance contract.

The document was signed by Board Member and Deputy Chairman of Vnesheconombank Alexander Ivanov and EXIAR CEO Peter Fradkov.

Under the agreement, EXIAR shall insure Vnesheconombank's risks on purpose loans provided to Bank BelVEB (part of Vnesheconombank Group). In turn, Bank BelVEB shall provide financing to Vitebskenergo, one of Belarus' largest energy companies, for the purchase of products manufactured by the Russian company EMAlliance (part of the Power Machines company) which will be used to reconstruct the power-generating unit at Lukoml Power Station.

This transaction is notable for the application of modern financial support mechanisms for Russian exports, which have recently appeared in the country. This form of support will, among other things, help boost trade volume and develop economic cooperation between the Russian Federation and the Republic of Belarus.

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.


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