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07.07.2020
12:34

EXIMBANK OF RUSSIA financed the supply of Grunwald special vehicles to the Netherlands

EXIMBANK OF RUSSIA JSC, a member of the REC Group, financed the supply of domestic semi-trailers and superstructures for load-carrying vehicles to the Netherlands. The relevant export factoring agreement was concluded with Grunwald LLC, under which EXIMBANK OF RUSSIA JSC provides the exporter with accounts receivable financing in the currency of the export contract to the full amount of delivery made. Financing is carried out immediately after the goods are shipped to a foreign buyer. The risk is covered by EXIAR JSC. The agreement allows delivering equipment on a deferred payment basis for up to 180 calendar days.
“This deal is an example of the Russian company’s success in entering new product markets. We are glad to cooperate with Grunwald, a new client for the REC Group, and are aimed at expanding the geography of our client’s supplies using all available financial support instruments,” Nikita Gusakov, Senior Vice President of REC Group and General Director of EXIAR JSC, said.
Export factoring allows an exporting company to quickly replenish working capital and mitigate the risk of buyer’s default. Another advantage is that a supplier can quickly receive financing without collateral and reduce a loan burden.
“The company would not be able to fulfill such an order without the service offered by EXIMBANK OF RUSSIA. We believe that today factoring is one of the most convenient financing instruments for an exporter and we are planning to actively use it to increase sales,” Aleksey Drach, General Director of Grunwald LLC, said.
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Grunwald LLC is a modern Russian engineering plant located in the Kaliningrad region. The company produces more than 30 models of semi-trailers and superstructures for load-carrying vehicles under the Grunwald brand. Today Grunwald equipment is confidently operated in all Russian regions. The list of export supplies is expanding every year.