EXIM Hungary and EXIAR sign Agreement governing reciprocal reinsurance obligations
Budapest, Hungary. Hungarian Export Credit Insurance Private Limited Company (MEHIB), part of EXIM Hungary group of companies and The Russian Agency for Export Credit and Investment Insurance (EXIAR) have signed the Agreement governing reciprocal reinsurance obligations.
The signing took place during the official visit of Russian President Vladimir Putin to Hungary. EXIM Hungary was represented by CEO and Chairman of Board Gergely Jákli, while EXIAR was represented by CEO Nikita Gusakov.
EXIM and EXIAR aim to facilitate business activities of national exporters and provide respective means of joint support to foster their trade with third countries. Comprehensive financing package is now becoming a vital part of competitive product offer in international trade and this implies a coordinated approach of national ECAs. The concluded agreement should enable EXIM Hungary and EXIAR to provide joint insurance coverage against commercial and political risks for implementation of projects in challenging and attractive markets. The volume of projects that can be implemented using this mechanism and are currently in active development exceeds 1billion EUR.
Hungarian exporters are already implementing a number of large joint ventures with Russian partners and further development of economic and trade cooperation is a qualitatively new step in terms of expanding exports of Hungary and building joint value chains with Russian companies.
EXIM performs the tasks of Hungary’s export credit agency, which are regulated by the legislative frameworks of the OECD and the EU. However, the institution is more than just an engaged bank and insurer that provides export credit and export credit insurance: it is a key institution and its existence has a positive impact on the national economy. The activities of EXIM are one of the most important foundations of Hungarian foreign trade success.