OREANDA-NEWS. May 06, 2014. SME Bank (Vnesheconombank Group) and URALSIB Bank have started a pilot transaction to support export-oriented SMEs.

The loan terms include possibility of credit insurance of the partner-bank by the Russian Agency for Insurance of Export Loans and Investments (EXIAR).

Within the framework of the agreement SME Bank opened a RUB 100 million 5 years credit line for URALSIB Bank. The borrowing cost for the ultimate borrowers is below 10% p.a. The support is provided mainly to non trade SMEs operating in the non-oil and gas sectors. 

According to Olesia Teploukhova, Deputy Chairman of the Board of SME Bank the use of this risk - mitigating tool will be a good impetus for banks to enhance financing of manufacturing enterprises entering foreign markets.