Creation of Insurance Agency of Export Credits And Investments in Russia

Today the Supervisory Board of VEB approved the establishment of the Russian Agency on insurance of export credits and investments.
The Agency will be created to improve the effectiveness of export support of Russian industrial output by creating a system of insurance of export credits and investments, as well as providing national exporter of a wide range of insurance products.
The authorized capital of the Russian Agency on insurance of export credits and investments will be 30 billion rubles.

The agency will be created in the form of open joint stock company with 100 percent participation of VEB in its charter capital. Insurance Agency would support Russian exporters of high technology products to attract bank loans for longer periods and on concessional terms.
The agency may start work in 2010. Necessary changes in Russian legislation should be done before. The agency would deal not only with insurance of Russian exports, but also importers of Russian products.