The Export Credit Agency (ECA) and Creditwest Bank have signed a cooperation agreement within the framework of the project to stimulate the export of Ukrainian goods.

The memorandum provides for the participation of business projects selected by the bank in the ECA program "Export Risk Insurance", which significantly simplifies the access of export-oriented businesses to bank financing.

Under the program, ECA undertakes risk insurance for export contracts financed by the bank.

Access to the program will give an opportunity to Ukrainian companies that produce goods for supply to foreign markets or intend to do so in the future. In this case, the actual financing issued to fulfill the terms of the export contract.

The maximum loan amount under the program cannot exceed UAH 2.5 million.

Loan term - up to 1 year.

The amount of insurance indemnity is 85% of the loan amount.

"The ECA program is designed to reduce the bank's risks on loans issued for the performance of export contracts. Ultimately, this will make loans cheaper and, most importantly, more accessible to exporters. First of all, we are talking about medium and small businesses, the representatives of which are in dire need of financial support,” said Igor Tykhonov, Chairman of the Management Board of Creditwest Bank.

According to him, ECA's risk insurance program will complement existing preferential lending programs available to SME’s. As a result, a wider range of entrepreneurs will be able to access cheap bank loans.

The signed agreement provides for the use by the Export Credit Agency of accelerated procedures for processing applications from the bank.

The approximate insurance rate of ECA will be 1.2% of the loan amount for loans up to 6 months, and 1.6% - for a period of 6 to 12 months, depending on the ratio of the buyer's country on the OECD scale.

“Creditwest Bank meets all the requirements set by ECA for program participants. Including full compliance with NBU regulations, as well as the dynamics and performance of NPL over the past 3 years. However, the main thing is that we have extensive experience working with foreign economic entities and are participants in all key soft loan programs available to Ukrainian business. This allows us to offer businesses unique comprehensive offers, "added Igor Tykhonov.

Reference:

PJSC "Export Credit Agency" is an agency authorized by the Government of Ukraine, the main purpose of which is to support and stimulate the export of goods and services of Ukrainian origin. ECA's main task is to protect Ukrainian exporters from the risk of non-payment and financial losses associated with the implementation of foreign trade agreements (contracts) through insurance, reinsurance and guarantees.

The Export Credit Agency already provides protection to Ukrainian exporters from the risks of non-payment and financial losses associated with the implementation of foreign trade agreements (contracts), through insurance, reinsurance and guarantee, and promotes the export of goods (works and services) of Ukrainian origin.

CJSC Creditwest Bank (WEST FINANCE AND CREDIT BANK) registered by the National Bank of Ukraine in October 2006.

Altinbash Holding A. Ş. (Altınbaş Holding INC.) owns 100% of the bank's capital. Which is part of the Altinbaş group of companies - one of the most powerful financial and industrial groups in Turkey, which has assets in the jewelry, finance, logistics and energy business.

Creditwest Bank has extensive experience in implementing business support programs. In particular, the government program "5-7-9", EFSE, programs of the Black Sea Trade and Development Bank, the Fund for Entrepreneurship Development, etc.

The Bank meets all the strictest requirements of the National Bank of Ukraine and international funds and financial institutions.

On June 30, 2020, the authorized National Rating Agency IBI-Rating confirmed the long-term credit rating of JSC "CREDITWEST BANK" on the National Rating Scale at the level of "uaAA +" with the forecast "In development" (investment level rating).