Ukrainian government approves creation of ECA, its regulations

The Cabinet of Ministers of Ukraine has approved the creation of the Export Credit Agency (ECA) in the form of a private joint-stock company and ordered that the Economic Development and Trade Ministry privately places its shares.

The decision was made at a government meeting on Wednesday.

"We believe that this year we can launch the Export Credit Agency under a condition that a compromise with the deputies for making amendments to the law on the ECA will be found," Deputy Economic Development and Trade Minister Natalia Mykolska said at the meeting.

At the same time, Foreign Minister Pavlo Klimkin said he was not ready to vote for the decision, since it has not been discussed.

"Your involvement, involvement of embassies in these processes is very important," Prime Minister Volodymyr Groysman said.

At the same time, according to him, the allocation of UAH 200 million in the budget in 2018 for the creation of the ECA is not enough. The prime minister instructed that Mykolska will present options for additional funding.

"The Export Credit Agency is a systemic tool for implementing the export strategy, which was approved in December 2017... Today, we have a real opportunity to move from commodity exports to exports of goods and services with added value," First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv said.