DUSHANBE, April 7, 2013, Asia-Plus — Tajikistan’s largest commercial banks – Orienbonk and Agroinvestbonk – have signed cooperation agreements with Russia’s Export Credit and Investment Insurance Agency (ECIIA).
The documents were signed in Dushanbe on the sidelines of the second conference on inter-region cooperation between Tajikistan and Russia that took place her eon April 5.
Under the agreements, ECIIA will provide insurance coverage for bargains connected with export of Russian high-technology products and services to Tajikistan. Orienbonk and Agroinvestbonk act as borrowers, guarantors or documentary credit issuing banks.
A total lending limit on transactions of each of the banks determined at 3 million U.S. dollars.
Mr. Rajabbek Sulaymonbekov, deputy head of Orienbonk, notes: “The documents allow Russian banks feeling themselves more comfortable while financing commercial contracts or crediting Tajik banks.”
An export credit agency, or an investment insurance agency, is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export financing. The financing can take the form of credits (financial support) or credit insurance and guarantees (pure cover) or both, depending on the mandate the export credit agency has been given by its government. The export credit agency can also offer credit or cover on their own account. This does not differ from normal banking activities. Some agencies are government-sponsored, others private, and others a bit of both.
Established in 1925, Orienbonk is one of the oldest banks in Tajikistan. Open Joint-Stock Company (OJSC) Orienbonk is Tajikistan’s largest commercial bank.
Agroinvestbank is the second largest commercial bank in Tajikistan, focused on providing financial services to micro-, small- and medium-sized enterprises and to the agricultural sector. Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and 61other branches across the republic.
The Export Credit and Investment Insurance Agency of Russia was established in 2011. The main objectives of the Agency are to create a true export credit insurance practice in Russia, and thereby, promote risk management culture among Russian exporters, to support and promote Russian exporters of equipment and technologies, to accompany national exporters and investors into new markets, to build up and implement a modern financing support for exports backed by ECIIA’s policy and increase transparency of Russian export operations and cross-border investments.
