Otkritie FC Bank said on Monday that it has reached a cooperative agreement with the Export Insurance Agency of Russia (EXIAR).

The aim of the agreement is to facilitate loan and insurance connections between the bank and small and medium-size enterprises (SMEs) that specialize in exports.

The bank will ensure capital gains up to approximately $337,000 per borrower. 

The agreement stipulates that the agency will be responsible for 70 percent of risks associated with loans to small exporters. Companies wishing to participate in this program need to have annual proceeds below $33.7 million.

The agency was established in 2001 to foster high-technology exports by insuring loans and Russian investment abroad. EXIAR's authorized capital amounts to approximately $522 million. 

Under the agreement, borrowers are able to raise pre-export loans up to 80 percent of the contract amount for up to two years.