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Foreign economic activity
Guarantee support for industrial exports and services allows Russian exporters to participate in export projects in those countries that are known for their high political risks and where there are objective obstacles to implementing contracts as well as where there are no Russian commercial banks.
Vnesheconombank provides guarantee support for Russian industrial exports on a commercial basis to such countries as Lebanon, Iran, Syria, Algeria, Mexico, Venezuela, Uzbekistan and others.
Vnesheconombank is scheduled to conduct guarantee transactions worth about 9.47 billion US dollars in 2008-2012 (out of them about 5.7 billion US dollars will be used for supporting industrial exports and services).
CJSC “Roseximbank”, whose majority shareholder is Vnesheconombank, is now responsible for extending state guarantees of the Russian Federation to support exports.
The current system of state guarantee support for exports is to be gradually transformed into a guarantee-insurance support for exports. In order to improve mechanisms for insuring export credits and streamline the existing state financial and guarantee support for exports we will have to establish a specialized Export Credit and Investment Insurance Agency.
The amount of state guarantee support for exports is to reach 0.3-0.35% of gross domestic product by the year 2012.
Vnesheconombank is to be solely responsible for insuring export credits against commercial and political risks. The procedure for insuring export credits against commercial and political risks by Vnesheconombank was approved by Russian Government Resolution ¹ 100 dated 19.02.2008.
Increased cooperation with the OECD, the Berne Union/Prague Club of Export Credit and Investment Insurers and the largest foreign export credit agencies is aimed at boosting Vnesheconombank international standing.
Export financing of major projects in aviation industry, agriculture and transport, mechanical engineering, construction and reconstruction of power engineering facilities, nuclear power engineering and other key economic sectors makes it possible to boost the industrial potential of Russian producers and open up new opportunities for entering foreign markets by Russian exporters.
By providing export financing Vnesheconombank supports its customers at all stages of project implementation using its business experience in the international economic activity and its expertise in world banking practice.
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