Business news

MINSK, 18 September (BelTA) – The Export Insurance Agency of Russia (EXIAR) will open an office in Minsk on 25 September, BelTA learned at Bank BelVEB that the corresponding information was made available for mass media.

Russia’s Bank for Development and Foreign Economic Affairs (Vnesheconombank) is the main shareholder of Bank BelVEB. The latter is, in turn, the sole shareholder of EXIAR.

When asked about the benefits that the participation of the Russian agency in deals with Belarusian manufacturers, the representatives of Bank BelVEB said: “The financing of projects under the EXIAR insurance will give an opportunity to reduce the cost of resources for Belarusian manufacturers and, as a result, the prime cost of products. As a result, the competitiveness of Belarusian goods and the export potential of Belarus will be enhanced.”

The specialists remarked that Bank BelVEB has already implemented a number of deals with the participation of EXIAR. Projects are also financed by the targeted loans of Vnesheconombank provided to Bank BelVEB under the insurance of the Export Insurance Agency of Russia. “Another option is the organization of financing of Belarusian enterprises by other Russian banks under the EXIAR insurance. Bank BelVEB will be an agent bank in such cases. The choice of financing options depends on concrete deals, but in any case they will be beneficial for enterprises,” the representatives of the Belarusian bank said.

The opening ceremony of the new office will be attended by Chairman of the Board of the National Bank of the Republic of Belarus Pavel Kallaur.

Founded in 2011, the Export Insurance Agency of Russia (EXIAR) in an open joint-stock company. EXIAR’s main objective is to provide export support through the insurance of export loans against commercial and political risks, as well as Russian investments abroad against political risks. The authorized capital of the company is RUB31 billion.

OAO Belvnesheconombank (Bank BelVEB) is a universal credit and financial institution registered by the National Bank on 12 December 1991. One of the priorities of Bank BelVEB is to promote Belarus-Russia integration projects. The total volume of deals financed in 2014 was about RUB38 billion in the equivalent.