EXIAR insurance covered export contract was funded In Tomsk

07.10.2014

The first in the region agreement with Export Insurance Agency of Russia (EXIAR) insurance coverage was signed in Tomsk.

As was reported by Promsvyazbank Press Center, Tomsk Electric Machinery Plant got a 3.6 million ruble loan for working capital and implementation of export contracts on supply of electric equipment to Kazakhstan. The bank financed not only the first export contract with EXIAR insurance coverage but also one of the first deals of such kind in the Russian small business segment.

"At this time, the deal has a great significance because it is one of the first steps to support small and medium companies in the foreign markets. Up until recently, all programs supporting small and medium enterprises were just home market oriented, with EXIAR this situation changed completely. EXIAR insurance coverage opens up new opportunities for small and medium business development in the foreign markets," Branch manager at Tomsk Branch of Promsvyazbank, Andrey Salnikov noted.

According to the experts' estimates, now working capital loan insurance is a game-changer for Russian exporters and export financing banks. In collaboration with the banks, EXIAR is implementing Comprehensive Export Loan Insurance Support of Russian export-oriented companies.

"Realizing that one of the biggest difficulties for small and medium exporters getting a loan is insufficient for banks loan coverage EXIAR takes 70% of the non-return credit risks and what is more – the agency coverage can already be made when an export contract is being just worked on," Regional Development Manager at EXIAR, Boris Igoshin commented.

The cooperation agreement on small and medium business export potential support was signed between Promsvyazbank and EXIAR in February, 2014. The agreement gives an opportunity to the banks clients of small and medium business segment to get a support in the foreign marketing of Russian products. The specialized EXIAR product Export Working Capital Credit Insurance was developed as a part of export-oriented small and medium business government support. The program provides commercial and political risk insurance coverage to Russian banks financing export-oriented small and medium companies.

Promsvyazbamk considers the cooperation with small and medium enterprises as one of the key activity areas. Bank product line for small and medium enterprises consists of 7 loan types, 4 deposit types, bank guarantees, payment and cash services, remote banking service. Small and medium business customer service is carried out in 140 bank offices around Russia.

Source: NIA-Tomsk
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