Tatfondbank and EXSAR enter into a contract of credit insurance for pre-export financing of the Tatarstan Export Corporation

Russian Agency for the Export Credit and Investment Insurance (EXSAR) and JSC «Tatfondbank» (Russia) concluded the first contract of insurance of the exporter’s working capital loan.

Under this agreement EXSAR insured financing by Tatfondbank the Tatarstan Export Corporation to supply spare parts for railway locomotives and wagons in Latin America. The volume of the insured contract – is more than 480 thousand dollars.

This is the first EXSAR contract using new specialized product of the Agency, developed within the support to export-oriented small and medium-sized enterprises (SMEs).

The product is aimed at improving access for Russian exporters – SMEs to finance and provides an expedited procedure for consideration of the project by the Agency. Thus, EXSAR decides insurance based on the information provided by the bank, independently performing a comprehensive assessment of the financial position of the exporter – the SMEs subject.

About companies

Russian Agency for the Export Credit and Investment Insurance (EXSAR) was established in October 2011 as an open joint stock company. The main goal of the agency - support high-tech exports by insuring credit and political risks on export credits and insurance Russian investments abroad against political risks. The EXSARs only shareholder is Vnesheconombank. The authorized capital is 30 billion rubles.

JSC «Tatarstan Exports Corporation» (Russia) was created from the conversion of State Unitary Enterprise «Agency for International Cooperation Development under the Cabinet of Ministers of the Republic of Tatarstan» based on the Decree of the Ministry of Land and Property Relations of the Republic of Tatarstan №3-p from 06.05.2013. The Company is a legal successor of the State Unitary Enterprise «Agency for International Cooperation Development under the Cabinet of Ministers of the Republic of Tatarstan».

Tatarstan Investment Development Agency Press Service