icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

New loan insurance to help Russian exporters

Russian exporters will be able to get cheap loans thanks to the new Export Insurance Agency of Russia (EXIAR), created by state-run VEB bank. The aim is to allow for diversification of Russian export away from oil and gas.

The head of EXIAR Peter Fradkov, says it will insure loans provided by Russian banks to the local exporters. The main idea is that the state will secure the risks taken by exporters, which in turn, should make bank loans cheaper.“International practice is simple and clear – for example in order to support Bombardier of Canada or Embraer from Brazil export development institutions provide exporters with 3-4% loans for 10-15 years. That’s the idea. Certainly, Russian banks cannot provide, for example, United Aircraft Company the makers of the Sukhoi airliner with such resources,” says Fradkov.The program is expected to make exporters more competitive on the global market.The agency expects to cover up to 300 billion Russian rouble of exports in three years.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts