OREANDA-NEWS. January 18, 2012. In December 2011, Novikombank and Export Insurance Agency of Russia (EXIAR) began implementing their first joint transaction.

EXIAR insurance is covering Novikombank’s risks related to the pre-export financing of a Russian equipment producer for delivery to India.

The loan amount is USD 3.7mn and the contract amount is roughly USD 5mn.

The agency covers the risk of non-repayment of the loan by the Russian exporter as a result of non-payment by the Indian buyer, as well as political risk.

EXIAR insurance coverage for the loan by was approved by the agency’s board of directors on 21 December 2011.

Novikombank has worked successfully for many years with Russian exporters. Thanks to its experience and its wide range of high-quality banking services, Novikombank’s export client list has been expanding steadily every year.

The primary goal of the agency, which was created in October 2011, is to support Russian exports and investments outside Russia. Novikombank’s and the agency’s general priorities in promoting Russian exports of equipment and technology are a key factor in implementing the above-mentioned project as the first transaction with EXIAR’s participation.

Export Insurance Agency of Russia (EXIAR) was created in October 2011. EXIAR’s mission is to support Russian exports by insuring the business and political risks of export loans and insuring Russian investments overseas against political risks. EXIAR’s sole shareholder is Vnesheconombank. The agency has charter capital of RUB 30bn. The chairman of EXIAR’s board of directors is Russia’s First Deputy Prime Minister Igor Shuvalov.