Russia's VTB Bank has closed a RUB7bn ($101m) credit deal with Atomstroyexport underwritten by the Russian Agency for Export Credit and Investment Insurance (EXIAR). Atomstroyexport, part of state nuclear corporation Rosatom, will direct the funds to realise the construction project at the Kudankulam NPP in India. EXIAR's participation allowed the optimization of Atomstroyexport's costs during the export contract execution due to favorable credit terms granted by the bank using export financing instruments.
VTB First Deputy President and Chairman of VTB Bank Management Board Yuri Soloviev said: "Our successful collaboration with EXIAR allows us to offer the bank's clients advanced financial solutions for the execution of export contract deals. We plan to continue mutually beneficial cooperation with Atomstroyexport and EXIAR to further grow Russia's export potential." Atomstroyexport is Rosatom's leading foreign trade engineering company for the construction of NPPs abroad and is currently working on contracts to build five nuclear power units abroad.