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Baltic Business News Estonian Credit and Export Guarantee Fund KredEx has improved the terms of state export guarantees for companies exporting to Russia by lowering the estimated country risk rate and increasing guarantee cover from 60% to 70% of the exporters risk on buyers insolvency, the fund said in today’s press release.
The decision was taken on the basis of positive changes in Russian economy outlined in recent OECD report as well as the need of Estonian exporters to hedge political and commercial risks in Eastern markets. “Estonian entrepreneurs have repeatedly asked KredEx for export guarantees for Russia but as risks have been deemed too high no such guarantees have been issued,” said Maive Rute, CEO of KredEx. To date a precondition for KredEx guarantees has been a guarantee from a trustworthy Russian bank. Now this requirement has been abolished. According to a poll carried out among Estonian businessmen by the Estonian Export Agency in 2001, 17% of businessmen questioned listed Russia among the three top export destinations, while 22% expected to start exporting to Russia in near future.
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