Ukrainian Export Credit Agency's insurance liability exceeds UAH 1 bln - Economy Ministry

MOSCOW. Nov 8 (Interfax) - The Ukrainian Export Credit Agency (ECA) has assumed UAH 1.062 billion of insurance liability under foreign trade contracts and loans issued by partner banks to Ukrainian exporters in 2024, Ukrainian media quoted First Deputy Prime Minister and Economy Minister Yulia Sviridenko as saying in a statement circulated by the ministry's press service.

The agency's insurance liability under all of its contracts simultaneously exceeded UAH 1 billion for the first time in its history, she said.

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

The total amount of export contracts covered by the ECA has already exceeded UAH 8 billion, meaning, according to the ministry's calculations, that each hryvnia of ECA's insurance liability can be converted into UAH 8.17 of future export revenue.

Since the start of 2024, businesses in the Vinnitsa, Kiev and Lvov regions have benefited from the opportunity to obtain export loans covered by ECA or insure a foreign business contract more often than others. In the first three quarters of the year, the principal export destinations of the ECA's clients were Poland (UAH 1.53 billion), Azerbaijan (UAH 831 million) and the United Arab Emirates (UAH 822 million).

In January-September 2024, the most exported Ukrainian commodities were milk and dairy products (UAH 2.53 billion), wood and wood products (UAH 1.3 billion), and processed vegetables (UAH 695 million), the ministry said.