Nov 3 2005
Yesterday, during the official Russian State visit, Atradius Dutch State Business (Atradius DSB) signed a co-operation agreement with Sberbank in the presence of both the Russian President, Putin and the Dutch Prime Minister, Balkenende. The purpose of the agreement is to create a framework between Russia’s largest bank and Atradius DSB – the export credit facility of the Dutch State. The co-operation ensures that Sberbank will guarantee the risks which Dutch exporters have on Russian buyers. The closer co-operation between Atradius DSB and Sberbank will further support the spectacular increase in Dutch export to Russia.

At Atradius DSB Dutch exporters of capital goods can insure themselves against commercial and political mid and long-term risks in case a buyer does not pay. Atradius DSB offers export credit insurance on behalf of the Dutch Ministry of Finance when a private re-insurer cannot cover the risk. In that case the Dutch Government supports a positive environment for exports and for foreign investment by Dutch companies. This year, to date, Atradius DSB has received 294 requests for credit export insurance, of which 72 were related to export to Russia. This is 25% of all requests. Compared to previous years this is a spectacular increase: in 2004 the percentage of requests for Russia were 14 % of all requests and in 2003 it was 11%. The export to Russia is primarily oil and gas related equipment, machinery for the food processing industry, such as slaughter equipment, and packaging machines.

Atradius DSB expects this year in total to receive 30% more requests for export credit insurance for all emerging markets, compared to last year. This spectacular increase for mid-term export credit insurance is, relatively speaking, higher than the general growth of Dutch export to all other markets. “It seems that constructors of capital goods and large building projects appreciate our added value for mid-term insurance”, says Johan Schrijver, director of Atradius Dutch Business.

Atradius insures short-term payments, up to 12 months, at its commercial company. Also within this business Atradius, the largest credit insurer in The Netherlands, has seen an increase in insured export to Russia. World-wide Atradius insured EUR 1 billion of trade to Russia, up to the third quarter of 2005. Of this EUR 1 billion, Sweden accounts for the most with EUR 442 million of insured exports, followed by the USA with EUR 270 million and Germany with EUR 106 million. The Netherlands insures EUR 50 million. “In comparison, in 2004 we insured, as a private credit insurer, only EUR 400 million and in 2001 EUR 87 million in Russia,” states Anno Kamphuis, member of the Management Board of Atradius.