On August 18, the Government adopted a resolution that creates conditions for the proper and effective functioning of the Export Credit Agency (ECA) and extends support for Ukrainian exporters.

Today, the Government has endorsed a resolution "On Amendments to the Charter of the Private Joint-Stock Company "Export Credit Agency", which was initiated by the Ministry of Economy - the authorized governing body of JSC "Export Credit Agency". This decision is key in the process of recapitalization of the authorized capital of ECA to 2 billion hryvnias, which we are planning to complete in September this year, approving the report on the results of the NEURC issue," said Deputy Minister of Economy of Ukraine Mykhailo Lev.

The decision to increase the authorized capital of ECA by 1.8 billion hryvnias was made by the Cabinet of Ministers of Ukraine in March 2021 in order to improve the efficiency of ECA in the direction of financial support for exports.

"ECA's financial capacity with a capital of UAH 2 billion will allow it to more effectively perform the tasks set forth by the Law of Ukraine "On Amending the Law of Ukraine ‘On Ensuring Large-Scale Expansion of Export of Goods (Works, Services) of Ukrainian Origin Through Insuring, Guaranteeing and Cheapening Export Crediting’ to Ensure Effective Functioning of The Export Credit Agency ". We hope that the new financial opportunities will allow ECA to maintain effective activities of the Agency for the benefit of Ukrainian exporters," said Mykhailo Lev.

Background

The authorized capital of the Export Credit Agency in the amount of UAH 1.8 billion was increased by issuing 1,800,000 additional shares of the existing nominal value with state ownership of 100 percent of such shares pursuant to Article 31 of the Law of Ukraine "On State Budget of Ukraine for 2021" and Resolution of the Cabinet of Ministers of Ukraine of March 29, 2021, № 268 "On increasing the authorized capital of the Private Joint-Stock Company "Export Credit Agency ".