Experts Discussed Financial Support for Non-resource Exports

21 december 2016

Prospects of financial support of non-resource exports and development of partnership between the Russian Export Centre and various Russian and foreign financial institutions were the focus of the experts’ agenda during the breakfast meeting jointly held by the Analytical Centre and JSC EximBank of Russia yesterday.

“Today we are going to discuss how the efficiency of the existing instruments of assistance for non-resource exports can be enhanced, and we will also talk about the development of new products”, announced Head of the Analytical Center’s Department for International Cooperation Denis Ershov. The expert pointed out that the program suggested by EximBank may help to improve the competitive abilities of Russian exporters abroad. “As far as the current situation in the global market is concerned, it is not only those whose product meets all quality requirements and is competitive that are the winners, but also those who provide packages containing customer financing offers. Mr. Ershov believes that all this still requires much consideration and fine-tuning because the interest rates that our foreign customers are offered today are highly disadvantageous for them. And he is certain that reducing them is quite possible.

Chairman of EximBank’s Board Andrei Polyakov pointed out that their bank plans to launch foreign customer financing. “What we are planning it to develop a program titled “Bank to Banks” which will provide for us paying off loans extended to exporters by commercial banks,” he explains. “This will, on the one hand, provide the banks with an opportunity of refinancing and, on the other, enable the exporters to reduce the interest rate thanks to the programs we are implementing. Like, for example, assistance for export of hi-tech products that we are implementing in collaboration with the Ministry of Industry and Trade”.

Experts believe that providing financial assistance for export is an increasingly relevant and efficient policy in Russia, which is bound to have its impact on the 2017 export figures.