The Export Credit Agency has assumed UAH 1.062 billion of insurance liability under foreign economic activity contracts, as well as loans issued by partner banks to Ukrainian exporters. This is the first precedent in the agency’s history when insurance liability under existing contracts exceeded UAH 1 billion at one time. This was announced by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

“The development of non-resource exports is one of the key areas of the Made in Ukraine economic policy. Thanks to the support of the ECA, Ukrainian exporters can reduce their risks and obtain cheaper financing. The total liability of the Agency, i.e. the amount it is ready to reimburse its clients in the event of an insured event, already exceeds UAH 1 billion,” said Yuliia Svyrydenko.

The total amount of export contracts insured by ECA has already exceeded UAH 8 billion. This means that each hryvnia of ECA’s insurance liability is converted into UAH 8.17 of future export revenue.

Since the beginning of the year, businesses in Vinnytsia, Kyiv and Lviv regions have most often used the opportunity to obtain an export credit under ECA insurance or insure a foreign economic activity contract. In the first three quarters, ECA’s clients exported the most to such countries as Poland (UAH 1.53 billion), Azerbaijan (UAH 831 million) and the United Arab Emirates (UAH 822 million).

The most popular export commodities in the first nine months of this year were milk and dairy products (UAH 2.53 billion), wood and wood products (UAH 1.3 billion), and processed vegetables (UAH 695 million).

Background

The tools of the Export Credit Agency of Ukraine are one of the elements of the Made in Ukraine policy. Its goal is to support non-resource exports, develop production facilities and attract investment in the real sector.