Credit to foreign buyers for export payments or advance funding of exports.

Eximgarant of Belarus offers insurance for non-resident organizations, including foreign banks, to cover the risk of non-repayment or delayed repayment of export credits used for purchasing and selling goods/services in new markets. Financing is provided by commercial banks and the Development Bank of the Republic of Belarus.

The insurance protects the financing bank against losses stemming from a non-resident borrower’s failure to repay the loan principal and interest as per the loan agreement terms, due to bankruptcy or insolvency.

Export credits are offered in EUR and USD at Commercial Interest Reference Rate (CIRRs); in RUB, at a rate not less than 2/3 of the Key Rate set by the Central Bank of the Russian Federation; in BYN, at a rate not less than 2/3 of the Refinancing Rate set by the National Bank of the Republic of Belarus; and in CYN, at a rate not less than the 1-year Loan Prime Rate (LPR) set by the People’s Bank of China.

The procedure of interaction:

1.      Conclusion of an export contract.

2.      Conclusion of a loan agreement.

3.      Shipment of products.

4.      Conclusion of an insurance contract.

5.      Transfer of funds to the exporter’s account

6.      Non-repayment of the loan by the foreign buyer

7.      payment of the insurance compensation, transfer of the right of claim to Eximgarant of Belarus;

8.      Submitting a claim against the foreign buyer

The list of documents required for the conclusion of an insurance contract:

-        application for insurance contract conclusion

-        Insured’s title documents

-        Credit agreement

-        borrower's title and financial documents.

-        agreements, and other documentation concerning the transactions being financed by the loan.

The Insurer is entitled to demand from the Insured any further documentation deemed necessary to evaluate the risk and make a determination regarding the conclusion of the insurance agreement.

Procedure for the Insured to follow upon the occurrence of an accidentthat may constitute an insured loss under the terms and conditions of the insurance policy.

The Insured is required to notify the Insurer of the occurrence of an insured accident by submitting a formal claim for the insured accident within 3 business days of the event that may give rise to a claim under this insurance contract, and shall enclose the following documentation:

-        Statements of account activity for the borrower’s loan accounts opened under the loan agreement, including statements for overdue debt accounts during the insurance period

-        Documents confirming the Insured’s expenses for taking reasonable and available measures under the circumstances to reduce potential losses if such expenses were necessary or were incurred to comply with the Insurer’s instruction

-        Evidence of the Insured’s costs in taking reasonable and attainable measures under the existing circumstances to mitigate potential losses, provided those costs were necessary or incurred as directed by the Insurer.

-        A written explanation from the borrower regarding the reasons for non-repayment (non-extinguishment) of the loan, and in its absence, copies of the Insured’s requests for information disclosing the reasons for the occurrence of the insured accident.

-        A copy of the court ruling in case of the borrower’s bankruptcy.

-        Documentation showing overdue debt, accrued interest, other loan payments, and the loan loss reserve.

-        Additional documents as requested by the insurer to clarify the insured event.

For inquiries regarding this type of insurance coverage, please contact the Export Risk Insurance Department by phone/fax in Minsk at +375 (17) 371-00-65 or to any of the Eximgarant of Belarus offices.