OREANDA-NEWS. October 24, 2014. Sberbank of Russia and the Russian Agency for Export Credit and Investment Insurance (EXIAR) have entered into a cooperation agreement.

The agreement was signed by Maxim Poletaev, First Deputy Chairman of the Executive Board of Sberbank of Russia and Peter Fradkov, CEO of EXIAR.

The agreement covers the creation and implementation of a joint programme to lend to export-focused small and medium businesses and includes the agency insuring 70% of each loan provided by the bank against the borrower’s failure to pay.

Simplified underwriting procedures are in place within the financing limit for each borrower. For loans of up to 30 million roubles, EXIAR acts in accordance with an assessment of the exporter’s financial standing carried out by the bank. The programme is not limited to businesses exporting to specific countries.

“Sberbank and EXIAR’s joint programme aims to provide special lending terms that will be popular among small and medium businesses and will enable them to dynamically develop their export operations,” commented Maxim Poletaev.