Export Credit Agency helps raise Ukrainian exports by 3 bln hryvni - first deputy PM
MOSCOW. Dec 9 (Interfax) - Instruments of Ukraine's Export Credit Agency (ECA) have helped increase the country's exports by 3.06 billion hryvni during the crisis, Ukrainian First Deputy Prime Minister and Economy Minister Yulia Sviridenko said.
"Over the past ten months, the ECA instrument has supported new exports worth 3.06 billion hryvni [...] This is the export of goods with a high added value the production of which helps create jobs and brings profit not only to the state budget but also to local budgets," Ukrainian media quoted Sviridenko as saying at the Export Credit Forum 2022 in Kiev on Thursday.
It became possible thanks to the prompt development jointly with the National Bank of Ukraine of the mechanism that helped launch the ECA, as well as through raising the number of exports that may be supported by the ECA from 16% of the country's range of products to 41% and due to the inclusion of the ECO's policy in the set of eligible collateral for loans provided, she said.
Sviridenko also noted the positive effect of a decision to spread the Affordable Loans at 5%-7%-9% business support program to loans provided to help exporters fulfill their foreign trade contracts.
The objective is to increase exports via the ECA instruments by 100 billion hryvni over the next five years and to create 26,000 jobs, she said, adding that these efforts will require new solutions and new tools.
"The government plans to transform Ukraine's transitional economy into a developed economy over just ten years. For this to happen, Ukrainian GDP should triple from $4,000 per capita a year to $12,000," Sviridenko said.
The Export Credit Agency is an organization authorized by the government to support and bolster the export of Ukrainian goods and services. The ECA also protects Ukrainian exporters from the risk of non-payments and financial losses related to the implementation of foreign trade contracts.
As of December 6, 2022, the ECA's insured liability stood at 235.498 million hryvni, including 220.9 million in insurance of partner banks, the sum of signed credit agreements stood at nearly 260 million hryvni, while the amount of supported exports was over three billion hryvni.