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Export Credit Agency supports export contracts for UAH 188 mln – Ministry of Economy
KYIV. Aug 15 (Interfax-Ukraine) – Contracts worth UAH 188 million have been supported by the Export Credit Agency (ECA) since the launch of the portfolio insurance program for pre-export financing, the Ministry of Economy reported on its website.
As specified in the press release, in total, the partner banks of the program – state-owned Oschadbank, Ukreximbank and Ukrgasbank – approved 18 applications seeking for the provision of funds to Ukrainian entrepreneurs for the supply of products to international buyers.
"Producers of corrugated paper and cardboard, fried sunflower seeds, rubber products, furniture, solid fuel boilers will receive loans. Currently, banks that provide export credit with the support of the ECA are processing 20 applications from suppliers in the amount of UAH 88.1 million," the Ministry of Economy said.
Soon Ukrainian entrepreneurs will also be able to receive loans under ECA insurance in TAScombank.
Deputy Minister of Economy, Trade Representative of Ukraine Taras Kachka, whose words are quoted in the release, recalled that now exporters can take out a loan of up to UAH 20 million at a favorable interest rate under the 5-7-9% program.
"To encourage banks to conclude such loan agreements, the state guarantees the return of 85% of the funds if the manufacturer does not fulfill loan obligations. Thus, we support the export of Ukrainian products and provide foreign exchange earnings to the country," he said.
