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VTB grants export finance loan guaranteed by Russian Export Insurance Agency

 
3 December 2014

© RIAN, Y. Samarin

VTB Bank has issued a long-term loan to finance shipments of metro cars to Belarus under an export contract with Metrovagonmash, one of Russia’s largest transport engineering companies. The loan, part of a Russian programme to support exports, is insured by the Export Insurance Agency of Russia (EXIAR).

VTB and EXIAR in 2013 signed a strategic cooperation agreement to finance EXIAR-backed export transactions by leading Russian suppliers of high-tech products and to expand project financing involving Russian companies abroad.

Insurance coverage provided by EXIAR allows VTB to issue larger and longer-term loans for industrial and infrastructure export projects in the CIS and elsewhere globally.

In conjunction with EXIAR, the bank offers loans to finance Russian exports for its corporate clients and financial institutions. VTB also runs a programme to validate and finance export letters of credit under EXIAR coverage — the optimal way to pay for contracts with letters of credit.

First Deputy President and Chairman of VTB Bank Management Board Yuri Soloviev said, "We are pleased to be able to support Russian exporters and open up for them new opportunities for business growth and market expansion. We see cooperation with EXIAR as a key to the further stable development of Russian exports and a reliable tool to stimulate economic growth."

For reference:

Export Insurance Agency of Russia (EXIAR) was established in October 2011. The agency’s primary goal is to support high-tech exports by insuring credit and political risk associated with export loan insurance and protecting Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency’s authorised capital is 30 billion roubles.


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