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Consistent strong demand from Russia
05 October 2011
Helen Castell assesses the development of ECA-backed financing in Russia and the CIS, and looks at the level of demand for the product at a particularly difficult time for the international banking community.
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Russia export credit
ECA Russia
CIS export finance
Russia’s big push to modernise has triggered strong demand there for imports of capital equipment while high commodity prices have had a similar, if smaller, effect across much of the CIS. Bar an outright commodity price collapse, that demand looks resilient. But with an escalating European debt crisis threatening to throw us back to the dark cash-strapped days of 2008, corporates and banks in the region are now less confident of being able to fund all those exports at a decent price. On the upside, trade and export financiers are preparing for another upsurge in the popularity of their product. Like everyone else though, they will face a difficult balancing act on price.
“The opportunities for capital equipment financings are huge in Russia and in most CIS countries,” says Remmelt Tempelman, head of the Atradius DSB regional underwriting team. There is strong demand for the refurbishment and expansion of...
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