AK BARS Bank provided financing to Belgazprombank under the Belorusian bank’s customer’s import contract. Credit risks within the loan agreement are covered by Russian Agency for Export Credit and Investment Insurance (EXIAR).
By attracting this financing, the Belarusian bank provides loan to its customer for purchasing goods from the Russian supplier for the purpose of its own production. The deal in the amount of EUR 1 mln. was closed on favorable terms. The transaction was settled with the participation of Russian Export Insurance Agency — EXIAR.
This has become a pilot project for AK BARS Bank providing trade finance to a non-resident bank — a member of the Eurasian Union, under the EXIAR coverage.
Today, there is a visible demand for trade finance on the part of financial institutions of the Eurasian Union, and the Bank is planning to further develop cooperation with foreign financial institutions in this area.