12:54 28.12.2021

ECA plans to insure loans of exporters for UAH 20 bln in 2022 – Economy Minister

2 min read
ECA plans to insure loans of exporters for UAH 20 bln in 2022 – Economy Minister

The Export Credit Agency (ECA) plans to insure loans of Ukrainian exporters for UAH 20 billion in 2022, First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko said.

"The Export Credit Agency is important because our plan in 2022 is to finance exports in the amount of UAH 20 billion," she told Interfax-Ukraine.

The charter capital of the ECA is UAH 2 billion, the coefficient is 1:10, which means that for UAH 2 billion the agency can guarantee exports for about UAH 20 billion, the minister explained.

"Is this enough? Firstly, trade and export financing is available today, many companies use this tool in banks. Secondly, we are talking about those companies that need additional support. Given the market potential, the demand for export financing may be up to $ 7-8 billion. And we know how to satisfy it," the official said.

According to her, the main reason for the disagreement in the vision of development of the enterprise at the level of management launched by the ECA and the previous structure of the ministry was who should deal with the issuance of loans.

"Our position is simple: exporters should apply to banks, and the bank should issue a loan. The work of the credit agency is to provide the bank with insurance against non-fulfillment by foreign customers of their contractual obligations to our exporters and non-fulfillment of the contract by the exporters themselves. Thus, we reduce credit risk," the minister explained.

At present, the Export Credit Agency issues insurance within the framework of its charter capital.

"We are working to ensure that tomorrow the ECA reinsures this risk with European, Asian and American international export credit agencies. It's like a national insurance agency that buys insurance for itself from large international insurers. And then, reinsuring national risk with international agencies, we will be able to multiply the volume of export financing even by 10 times with the unchanged charter capital," she added.

As reported, the amount of ECA insured contracts in 2020-2021 is $ 900,000, which is 0.0067% of the export of groups of goods, contracts for which the agency can insure. In total, the ECA employs 36 people.

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