The strategy of the company is aimed at establishing the national system of insurance of foreign trade operations and export contracts,
as well as ensuring its efficiency.

Export Credit Insurance

Eximgarant of Belarus offers an unprecedented insurance product – export risks insurance with State support, which includes specific legally-based financial mechanisms facilitating foreign trade activities.

REGULATIONS ON THE PROCEDURE OF GRANTING EXPORT CREDIT BY BANKS FOR THE PRODUCTION AND SALES OF GOODS (WORKS, SERVICES), MAKING INVESTMENTS IN THE TERRITORY OF FOREIGN STATES

APPROVED

The Resolution
Of the Council of Ministers
Of the Republic of Belarus
And the National Bank
Of the Republic of Belarus
Of 21.08.2008 N 1209/9

1. These Regulations specify the procedure of granting export credit by banks of the Republic of Belarus to residents – private individuals registered in the Republic of Belarus as sole proprietors, and to organizations set up pursuant to the legislation of the Republic of Belarus, located in the Republic of Belarus (hereinafter referred to as “residents”), for the production of goods (works, services), making investments in the territory of foreign States related to the establishment of commercial organizations, for the purchase of the goods of other residents in order to lease them to non-resident organizations including overseas banks, for the payment for goods (works, services) sold by residents (hereinafter referred to as “export credit”).

2. Residents applying for export credit or selling goods (works, services) to non-resident organizations applying for such credit shall submit the following:

2.1. to their respective banks – the set of documents as specified by these banks pursuant to the regulations of the National Bank.

In case the borrower is a non-resident organization, the documents shall be submitted to the bank by this organization;

2.2. to the republican state administration bodies and other state organizations subordinated to the Government of the Republic of Belarus and having under their authority (having as their members) residents, (for residents not subordinated to (having no membership in) these organizations and bodies – to the respective regional executive committees (Minsk city executive committee), administrations of free economic areas where they have been registered), hereinafter referred to as “public authorities”, - substantiation of the request for export credit, including technical and economic (financial) justification of the feasibility to employ export credit for the equivalent amount, evidencing the use of export credit for the production and sales of goods (works, services), for making investments in the territory of foreign States aimed at increasing exports of goods (works, services) and/or at supplying goods (works, services) to new states, as well as evidence that the export credit will be repaid. To the substantiation shall be attached the following:

  • Business plan of the resident's investment project, approved in accordance with the established procedure (provided that investments are made in the territory of foreign States);
  • The proposal of a non-resident organization for granting export credit (provided that credit is granted to a non-resident organization);
  • Copies of treaties (contracts) or copies of preliminary treaties (contracts) for export sales of products, goods (works, services), including copies of lease contracts;
  • Certificate of the basic economic indices by the form adopted by the Ministry of Economy.

2.3. to the Belarusian republican unitary enterprise Eximgarant of Belarus, specializing in export and import insurance – application for insurance against export risks with State support, as well as other documents as specified in the Conditions of insurance against export risks with State support.

In case the borrower is a non-resident organization, such an application shall be submitted by the respective bank of the resident selling goods (works, services) to such organizations.

3. Public authorities, within 5 days upon receipt of the documents as specified in sub-point 2.2 of point 2 of these Regulations, carry out the examination thereof and send to the Ministry of Finance and to the resident's bank a written conclusion on the feasibility of granting export credit, specifying the amount and term of repayment thereof, with the appropriate calculations, as well as the certificate of the basic economic indices.

4. The Ministry of Finance, within 5 days upon receipt of the public authority's conclusion and certificate of the basic economic indices, shall notify the resident's bank that the losses can be compensated in case of granting export credit.

5. The Belarusian republican unitary enterprise Eximgarant of Belarus, specializing in export and import insurance, within 10 days upon receipt of the documents as specified in sub-point 2.3 of point 2 of these Regulations, examines them and makes a decision on the applicability of the insurance of export risks with State support, and advices the resident's bank or public authority thereof.

6. The resident's bank, within 3 days upon receipt of the favourable conclusion from the public authority, the positive decision of the Belarusian republican unitary enterprise Eximgarant of Belarus, specializing in export and import insurance, on the applicability of the insurance of export risks with State support, as well as the notification from the Ministry of Finance that the losses suffered by the bank can be compensated, shall make a decision on granting export credit and, if positive, shall send to the resident or to the non-resident organization, a draft credit contract, which shall be concluded:

  • with a resident of the Republic of Belarus – within 3 days after the resident's bank agrees to grant the export credit;
  • with a non-resident organization – within 14 days upon its approval of the draft credit contract.

The deadline for the consideration by public authorities, the Ministry of Finance and this unitary enterprise of the request for the export credit is 16 days.

The negative conclusion of the public authority, the lack of approval by the Ministry of Finance or the denial of the Belarusian republican unitary enterprise Eximgarant of Belarus, specializing in export and import insurance, to provide insurance entitles the bank to decline the application for the conclusion of a credit contract.

The procedure of granting export credit by banks

(in case of the amount of compensation under 500000 US dollars):



1. The enterprise applying for export credit shall submit the appropriate set of documents simultaneously to:

  • the bank;
  • The Ministry of Finance;
  • Eximgarant of Belarus.

2. The Ministry of Finance, within 5 days upon receipt of the conclusion from the republican state administration body and the certificate of the basic economic indices, notifies the bank in writing that the losses can be compensated in case of granting export credit;

Eximgarant of Belarus, within 10 days upon receipt of the documents from the enterprise, advises the bank of the applicability of insurance against export risks.

3. The bank makes a decision on granting export credit (within 3 days) and, if positive, sends a draft credit contract to the enterprise (within 3 days).

The deadline for consideration is 16 days.

© 2013 Eximgarant of Belarus

Sitemap

Head office
Meltikayte str., 2, Minsk City

+375 17 209-40-28
+375 17 209-40-67

info@eximgarant.by

Developed by Astronim*