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A memorandum was signed with PJSC «Export Credit Agency»

27.11.2021
Credit West

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

 

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

 

The program is open to Ukrainian companies that produce goods for export or intend to do so in the future. The actual financing is provided to fulfil the terms of the export contract, subject to the following criteria:

  • The maximum loan amount under the program cannot exceed UAH 2.5 million;
  • The loan term is 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 to fulfil export contracts. Ultimately, this will make loans cheaper and, most importantly, more affordable for exporters. First of all, we are talking about SMEs that are in particular need of financial support," said Igor Tykhonov, Chairman of the Management Board of JSC «CREDITWEST BANK».

According to him, the ECA risk insurance program will complement the existing concessional lending programmes available to SMEs. As a result, a wider range of entrepreneurs will be able to access cheap bank loans.

 

The signed agreement provides for the Export Credit Agency to use accelerated procedures for reviewing bank applications.

 

The approximate insurance tariff of ECA will be 1.2% of the loan amount for loans up to 6 months, and 1.6% for loans from 6 to 12 months, depending on the OECD country's country ratio.

 

JSC «CREDITWEST BANK» meets all the requirements set by the ECA for the programme participants. This includes full compliance with the NBU standards, as well as NPL dynamics and indicators over the past 3 years. But the main thing is that we have extensive experience working with foreign economic operators and are participants in all key concessional lending programmes available to Ukrainian businesses. This allows us to offer businesses unique and comprehensive solutions," added Igor Tykhonov.

 

For reference:

PJSC «Export Credit Agency» is an agency authorised by the Government of Ukraine, whose main goal is to support and stimulate the export of goods and services of Ukrainian origin. The main task of the ECA is to protect Ukrainian exporters from the risk of non-payment and financial losses associated with the execution of foreign economic agreements (contracts) through insurance, reinsurance and guarantees.

 

Today, the Export Credit Agency provides protection to Ukrainian exporters against the risk of non-payment and financial losses associated with the performance of foreign economic agreements (contracts) through insurance, reinsurance and guarantee and promotes the development of exports of goods (works and services) of Ukrainian origin.