An annual Meeting of leading world export credit agencies’ heads was held in Italy (the city of Florence) on March 26-27. The meeting was devoted to issues of working in the situation of the global financial crisis. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ took part in this meeting for the first time.
In his address Vnesheconombank Chairman Vladimir Dmitriev told the meeting about the Bank’s participation in carrying out measures for supporting the Russian financial system.
At the meeting, V. Dmitriev stressed the importance of establishing an Export Credit Insurance Agency on the basis of VEB’s subsidiary Roseximbank.
Since 2007, Vnesheconombank has been cooperating actively with leading export credit agencies. For example, in 2008 Vnesheconombank signed agreements on cooperation with German Euler Hermes and the Czech export credit agency EGAP. In January 2008, the Bank signed a Memorandum on Cooperation with the Kazkhstan State Export Credit and Investment Insurance Corporation. At the moment, the Bank is making efforts to agree upon the Draft Agreement on Cooperation with the Export Credit Agency EKF (Denmark), the Exports Guarantee Fund (Iran). Last year, Vnesheconombank became observer of the International Union of Export Credits Insurers (the Berne Union/the Prague Club) and the Organization for Economic Cooperation and Development’s Party on Export Credits and Guarantees.
Heads of export credit agencies and banks as well as representatives of government authorities from Brazil, the Great Britain, Germany, India,
In accordance with the Federal Law “On the Bank for Development” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is to be responsible for insuring export credits against commercial and political risks. In February 2008, the Russian Government passed a Resolution “On the Procedure for Insuring Export Credits against Commercial and Political Risks by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’. In June 2008, Vnesheconombank’s Management Board approved Provisional Rules for Insuring Export Credits, with the Rules determining the procedure and terms of insuring by Vnesheconombank mid-and long-term export credits against commercial and political risks and a Standard Agreement on Insuring Export Credits.
Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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