PRIME-TASS. Russia’s Export Credit and Investment Insurance Agency (ECIIA) was registered on Thursday by the Federal Tax Service (FTS) of Russia, deputy VEB chairman Petr Fradkov, who headed up the agency, told Prime-TASS.
ECIIA, the establishment of which was discussed during several years, was set up as an open joint stock company with the sole shareholder, Vnesheconombank. The agency’s charter capital equals Rub 30 bln. ECIIA was established in September on the basis of a decision taken by VEB’s supervisory board.
According to Fradkov, the main principles of the agency’s activities (requirements for the agency’s financial stability, insurance regulations, the list of risks and the agency’s control on the part of the government) will be worded in a government order.
“The purpose of ECIIA is to support domestic exports by insuring credit and political risks under mid- (up to 2 years) and long-term (up to 20 years) export and finance contracts, and also to insure Russian investments abroad against political risks," Fradkov noted.
The agency is expected to commence operations till the end of the year.
ECIIA will engage in promoting domestic exports of machinery and technologies, providing support and insurance coverage to domestic exporters on new and risky markets, establishing and introducing an advanced system of financial support of exports secured by the agency’s coverage, making Russian export operations and international investment more transparent.
