EXAR COVERS THE RISKS ON THE RUSSIAN AGRICULTURAL MACHINERY SUPPLY TO KAZAKHSTAN
30.05.2013 The Russian Agency for Export Credit and Investment Insurance (EXAR) and “Rosselkhozbank” OJSC have entered into the agreement for insurance of the export credit on supply by Rostselmash to Kazakhstan. Within the framework of the Project some hundreds of machinery sets, grain harvesters for further assembly in the territory of Kazakhstan will be supplied to Kazakhstan in the next months. The Buyer is the state-owned financial and investment company “KazAgroFinance” JSC, providing the financial and leasing services to the agricultural enterprises of the Republic of Kazakhstan. Pursuant to the terms of the deal EXAR will provide the insurance cover for the Rosselkhozbank credit. The Bank has extended the loan to “KazAgroFinance” JSC as a Letter of Credit with the deferral of payment for making payment for the VERSATILE wheel tractors manufactured by Rostselmash. Pursuant to the signed bilateral agreement the period of credit and insurance is five years. This is the first time, when EXAR and Rosselkhozbank have implemented in practice the project for long-term credit of the Russian agricultural machinery buyer, while insuring the risks on credit. The Project will facilitate the development of interaction between the Bank and the Agency for financing of the Russian agricultural machinery export, both to Kazakhstan and other partner-countries. “Russian Agency for Export Credit and Investment Insurance” OJSC (EXAR) was established in October, 2011. EXAR is aimed at the support of the Russian export through insuring the business and political risks on the export credit, as well as insuring the Russian investments abroad against the political risks. The Sole Shareholder of EXAR is the state-owned Corporation “Foreign Economic Activity and Development Bank” (Vnesheconombank). The agency’s chartered capital is RUB30 bln. “Rosselkhozbank” JSC is one of the largest banks in Russia. Being established in 2000 for development of the national credit and financial system of the agricultural sector and the rural territories of the Russian Federation, today it is the universal commercial bank, rendering all types of banking services and holding the leading position in financing of the agricultural sector of Russia. The bank is 100%-owned by the government. Rostselmash makes the top five of the largest world manufacturers of the agricultural machinery. It includes 13 enterprises, which production facilities are located in Canada, Russia, USA, Ukraine and Kazakhstan. The Rostselmash’s product range includes 24 types of agricultural machinery, over 150 models and makes. The consumers from 26 countries of the world choose the Rostselmash machinery. The wide dealer network throughout the world ensures the quick service backup. “KazAgroFinance” JSC is the financial operator for implementation of the governmental programs for the national agricultural sector support. Being established by the Resolution of the Government of the Republic of Kazakhstan in 1999, the Company provides the agricultural producers with the access to the funds, as well as the agricultural machinery and technological equipment on lease basis.
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