Finnvera signs co-operation agreement with Russian banks

Finnvera signs co-operation agreement with Russian banks on export financing and insurance for joint projects in third countries.

Finnvera, Vneshekonombank and Roseximbank today signed a framework agreement designed to promote joint Finnish–Russian projects in third countries. In practice, the agreement will enhance projects of mutual interest and the export of capital goods.

According to the agreement, Roseximbank of Russia and Finnvera will implement the financing arrangements through what is known as parallel financing, where Roseximbank finances the export efforts of the Russian party and Finnvera provides guarantees for the export financing of the Finnish party.

Roseximbank, a special financing agency of the Russian government, is owned by the state-owned Vneshekonombank, and serves as the official export credit agency of Russia. Roseximbank has a central role – assigned by the Russian government – in the support and promotion of Russian exports.

In 2003–2004, Vheshekonombank and Roseximbank have both signed similar agreements with, e.g., the German KfW, the British export credit guarantee agency ECGD, Eximbank of the United States, the Italian SACE and the Chinese export credit agency Sinosure. The banks have also signed co-operation agreements with export financing banks in different countries.

Finnvera has secured reinsurance agreements with a total of 12 export credit guarantee agencies, the most recent being the agreement between the Japanese agency Nippon Export and Investment Insurance (NEXI) and Finnvera in October. The agreement signed with Roseximbank is a so-called parallel financing agreement, i.e., it does not include mutual reinsurance.

For further information, please contact:

Director Topi Vesteri, tel. +358 204 60 7238
Senior advisor Raija Rissanen, tel. +358 204 60 7276