MIL OSI Translation. Region: Russian Federation –
TECHNONICOL and EXIAR entered into a short-term receivables insurance contract. EXIAR compensates up to 90% of the cost of insured supplies in case of non-payment by the foreign counterparty. The insurance covers both business and political risks. The volume of insurance support amounted to more than 2 billion rubles.
The insurance coverage is designed to protect the Corporation from potential financial losses in the event that foreign buyers fail to meet their payment obligations.
“We have been cooperating with the REC Group in the field of financial and non-financial support measures since its inception. Cooperation with the Russian Agency for Export Credit and Investment Insurance will allow us to ensure stable export supplies, strengthen our positions in familiar markets, and also work safely with partners in new countries for us, – comments Sergey Kolesnikov, co-owner and managing partner of TECHNONICOL. – The tool of EXIAR JSC will make it possible, while maintaining the volumes of supplies abroad, to secure our foreign economic operations. With its help, the signing of contracts for deliveries on terms of deferred payment will be carried out faster, while maintaining conditions that are comfortable for buyers. “
“Expansion of cooperation with Technonikol Group of Companies in the field of credit insurance demonstrates a high level of trust in REC Group and the demand for financial instruments that allow minimizing the company’s risks when working with foreign partners. We hope that this transaction will become a vivid example of competent credit risk management when entering foreign markets for representatives of the construction industry, ”says Maxim Kobin, Vice President of EXIAR JSC.
TECHNONICOL Corporation is a leading international manufacturer of reliable and efficient building materials and systems. The company offers the market the latest technologies that combine the developments of its own Research Centers and advanced world experience.
The TECHNONICOL production company, headed by Sergey Kolesnikov, is 56 production sites in 7 countries of the world (Russia, Belarus, Lithuania, Italy, Great Britain, Germany, Poland), 22 representative offices in 18 countries of the world, 20 Training centers, 6 Scientific centers equipped with high-tech equipment and qualified personnel. The centers regularly develop and implement new products and solutions for the construction industry. TECHNONICOL started its first shipments abroad in 1998. Over the past five years, the share of export sales of TECHNONICOL has exceeded 30%. Currently, the company’s products are supplied to 117 countries. TECHNONICOL headquarters are located in Russia, Poland, Italy, China and India. The revenue of the TECHNONICOL Production Complex in 2020 amounted to 112.9 billion rubles.
AO EXIAR is part of the Russian Export Center Group, which is part of VEB.RF. The REC Group, together with VEB.RF, are actively involved in achieving the goals of the international cooperation and export national project, according to which the national goal of developing export competitiveness for the next 10 years, its marker, is to achieve a 70 percent increase in the volume of non-resource non-energy exports in monetary terms to 2030 year.
EXIAR JSC supports exports through insurance of business and political risks. In 2020, the volume of risks insured by EXIAR reached a record level of 1 trillion rubles.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.