OREANDA-NEWS. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Export Insurance Agency of Russia (OJSC EXIAR) signed the first agreement on credit insurance for the buyer.

On behalf of Vnesheconombank the agreement was signed by Deputy Chairman – a Member of the Board Alexandr Ivanov and on behalf of EXIAR – by Director General Petr Fradkov.

Under the agreement OJSC EXIAR is to insure Vnesheconombank’s risks with respect to the targeted credit extended by OJSC Bank BelVEB (Vnesheconombank Group). In its turn Bank BelVEB funds expenses of one of the largest Belarusian energy company Vitebskenergo on purchasing products of Russian company OJSC EnergoMachinebuilding Alliance (it is incorporated in the concern OJSC Silovye Mashiny) for reconstructing a power generating unit of Lukomlskaya state district power station.

This transaction’s implementation by way of using advanced mechanisms for supporting Russian industrial exports will make it possible to increase trade turnover and improve cooperation between the Russian Federation and the Republic of Belarus.