The Russian ECA Exiar has signed a credit insurance contract with state lender VEB for loans issued in Belarus.

The agreement will see Exiar provide buyer’s credit insurance for loans issued by BelVEB, the bank’s Belarussian subsidiary, to Vitebskenego, one of the country’s major energy companies.

The company will use the finance to purchase machinery from EM Alliance, a Russian company, to be used to reconstruct the power-generating unit at Lukoml power station.