Ukreximbank, Ukrgasbank may create letters of credit under agreement between ECA, world's leading reinsurers

MOSCOW. Nov 9 (Interfax) - The teams of Ukreximbank, Ukrgasbank and the Export Credit Agency (ECA), as well as the Ukrainian Finance Ministry, the Ministry for Communities, Territories and Infrastructure Development and other designed ministries and agencies have developed a mechanism to compensate insurance and reinsurance companies for insurance and reinsurance contract expenses under the reimbursement agreement between the ECA and such companies as Marsh McLennan, Lloyd's of London and Ascot.

Ukrainian media said with the reference to a statement by Victoria Strakhova, an advisor to the Ukrainian presidential office, on a social network that both state banks would now be able to create letters of credit for the project.

"In my opinion, the involvement of global reinsurers in the project is a signal of ensuring support from our partners and the recognition of Ukraine's role in the prevention of a global food crisis," she said.