Ukraine calls on banks to support exports through new ECA mechanisms

(GMK Center, 30 September 2022) The Ministry of Economy calls on banks to support Ukrainian exports of goods, works and services during the war, using the products of the Export Credit Agency (ECA). The Ministry, together with the National Bank, developed a mechanism that allows issuing affordable loans for the implementation of export contracts without collateral under ECA insurance coverage. The agency launched the portfolio insurance mechanism for loans issued for the export contracts execution in June 2022. Today, financial support for export-oriented businesses is provided by Oschadbank, Ukrgasbank and Ukreximbank. As the first deputy prime minister – Minister of Economy Yulia Sviridenko noted, they have already financed the insurance of 24 loan contracts for UAH 70 million (US$1.9 m), which made it possible to export UAH 323.5 million (US$8.76 m). As GMK Center reported earlier, Ukraine expects to receive an additional $12.3 billion in financial support from the United States.