30 Jan 2024 14:02

Ukrainian Export Credit Agency adjusts insurance products

MOSCOW. Jan 30 (Interfax) - Export loans, bank guarantees and debit indebtedness in foreign economic agreements (contracts) will be insured on the all-risk basis in Ukraine, which covers every risk but those indicated in the insurance contract, Ukrainian media said, citing a statement on the Export Credit Agency (ECA) website regarding an adjustment of the agency's insurance products.

The partnership program for portfolio-based export loan insurance has been adjusted most, the statement said. Now ECA partner banks will be able to include in their portfolio of insured export loans not only short-term loans up to one year, but also long-term loans for up to five years (for example, for the purchase of fixed assets or replenishment of working capital).

"ECA took into account the earlier experience and wishes of participants in the partnership insurance program and simplified as much as possible the requirements for an export loan, a borrower and a foreign economic contract to reduce the barriers to entry of new banks into the partnership program," the statement said.

The adjusted products are harmonized with international standards, which minimize ECA interference in operations of partners (exporters, importers, banks) and cuts document flow between the parties to the insurance contract.

PJSC Export Credit Agency is an government-designated agency that supports and stimulates the export of Ukrainian goods (work, services). ECA protects Ukrainian exporters from the risk of non-payments and financial losses associated with the implementation of foreign trade contracts.