In EXIAR consider to be the most useful form of financing when the borrower is a foreign buyer, which allows not to increase the debt of the Russian companies.
MOSCOW, 21 Oct. EXIAR, the “daughter” of VEB for insurance support of export, by the end of 2015 plans to increase support to exports almost 60% to 5.1 billion dollars, said the head of EXIAR Alexey Tyupanov.
“For the first nine months of 2015 of the export projects that we have supported — about 3.9 billion dollars. For all time of existence of Exiar, in four years, I think this figure is about $ 11 billion,” said Tumanov. According to him, the end of the year the company should reach a figure of 5.1 billion dollars, last year the figure was 3.2 billion dollars.
“In our strategy the growth from year to year, set at 50%”, — said General Director of EXIAR. EXIAR issues insurance guarantees to Russian exporters on contracts, but the most common service — loan guarantees, he said.
“The most useful type of financing is when a borrower is a foreign buyer, this allows not to increase the debt of the Russian companies, some of which have significant debt burden,” said Tumanov. “If you look at our overall financial results, most of it — about 60% of this funding under our guarantees issued by Russian and foreign banks,” he said.
The major contracts under the guarantees of EXIAR on loans issued by state-owned banks. “Our main counterparts are the state-owned banks such as Sberbank, VTB and VEB plus — PSB”, he said. For the first nine months of 2015 EXIAR has signed 140 contracts on insurance of export.
“In our portfolio, approximately 62 countries,” he said. “The problem we face is lack of awareness and understanding of exporters of our products, most importantly, increased interest has created a separate industry for the financing of exports,” notes Tumanov.