ANNOUNCEMENT 22 Oct 2015In October 2015, the government of the Russian Federation announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
According to a press report dated 22 October 2015 of the state Eximbank of Russia, it has allocated a credit line for three years at the amount of 4 billion RUB (ca. 63.87 million USD as per the Central Bank of the Russian Federation RUB/USD exchange rate for 22 October 2015) in relation to an export contract of Metrowagonmash for supplies to the Budapest metro, Hungary.
Metrowagonmash is a leading producer of subway cars on the Russian market whose vehicles are well-known in the CIS and in Europe.
Mr Dmitry Golovanov, Chairman of the Board of Eximbank of Russia CJSC, commented in relationship to this deal that he is "confident that it will influence to a significant extent the development of the export potential of the company" in terms of the volumes of exports. The decision of Eximbank of Russia to provide financing concerning the mentioned deal was taken as part of Russia's state programme for support of high-tech exports.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.