Export Credit Agency of Ukraine joins Berne Union

MOSCOW. April 26 (Interfax) - The International Union of Credit and Investment Insurers, also known as the Berne Union, unanimously voted at a meeting on April 24 in favor of granting full membership to Ukraine's Export Credit Agency (ECA), Ukrainian media said, citing the ECA website.

Prior to that, ECA was a Berne Union observer member and had access to specialized reports of the union as a whole and its member organizations regarding trade operation risks in each country and each individual contract partners in these country, thus boosting the efficiency of ECA's risk assessments.

Ukrainian exports received around one billion hryvni in financing from banks in 2023 due to ECA's support, fulfilling exports contracts for 7.8 billion hryvni, the agency said.

According to chairman of the ECA Management Board Ruslan Gashev, cooperation with export credit agencies such as KUKE, NEXI, SACE and Euler Hermes held find new solutions.

"It is particularly important now that ECA is working on a sophisticated and unique product for insuring investment loans and investments against military risks. At the same time, our membership in the Berne Union and communication that preceded that allow society to receive reliable and accurate information on the real situation in Ukraine, the condition of its economy, state policy and business risks," Gashev said.

The Berne Union, founded in 1937, is an international non-profit organization of credit and investment insurers dedicated to facilitating cross-border trade by fostering international acceptance of sound principles in export credits and investments insurance.

Nowadays, the organization has 85 members, which are state export credit agencies and private and interstate multilateral agencies. Berne Union members jointly provide payment risk protection equivalent to 13% of world cross border trade for goods and services.

Another Ukrainian entity that is a Berne Union member is Ukreximbank, Kiev.