As of 26 May 2023, the Export Credit Agency has already supported commodity exports worth UAH 1.24 billion. At the same time, the ECA’s insurance liability amounted to UAH 312.07 million. This means that each Ukrainian hryvnia of export support provided through the ECA in 2023 potentially generates UAH 3.97 in foreign exchange earnings. 

In total, the amount of exports supported under the ECA product portfolio amounted to UAH 4.43 billion. Of this amount, UAH 4.31 billion is the amount of exports supported jointly with partner banks:

1) under the portfolio insurance of export credits of ECA’s partner banks, loans worth UAH 286,188 million were issued for the fulfillment of foreign economic contracts (FECs) worth UAH 1,271 million

2) under individual export credit insurance, UAH 304.27 million was issued for the fulfillment of foreign economic contracts worth UAH 3,086 billion; 

Exporters also insured the financial risks of foreign economic contracts for a total of UAH 68.6 million. 

“The successful operation of the Export Credit Agency proves that this tool can be very effective in wartime if the legal framework meets the requirements of the moment. We at the Ministry of Economy are ready to continue to respond as quickly as possible to the requests of businesses that need state support and assistance, and to create new opportunities for economic recovery,” First Deputy Prime Minister of Ukraine – Minister of Economy Yuliia Svyrydenko commented on the results of the ECA’s work.

It is important to note that the main beneficiaries of the state’s support for exporters through the ECA are small and medium-sized enterprises. 

In particular, the share of loans issued for the fulfillment of an export contract under ECA insurance coverage for small businesses in the structure of the banks’ loan portfolio is 84.31%, for medium-sized businesses – 9.8%, and 5.88% for micro enterprises. 

Moreover, 71% of such loans are in the range of UAH 1 million to UAH 5 million. Another 20.34% exceed the sum of UAH 5 million and 8.47% are loans of up to UAH 1 million.

“This year, three banks have already joined the list of our partner banks in the export credit portfolio insurance program: Kredobank, Privatbank and FUIB, and several others have started using our coverage for individual loans for the fulfillment of export agreements. I am confident that we will be able to support the next billion of exports in an even shorter time,” said Acting Chairman of the Board of ECA Ruslan Hashev.

For reference: 

Export Credit Agency PJSC - Export Credit Agency (ECA) Private Joint Stock Company was founded in 2018. The sole founder and shareholder of ECA is the state represented by the Cabinet of Ministers of Ukraine. The corporate rights owned by the state in the authorized capital of ECA are managed by the Cabinet of Ministers of Ukraine through its authorized management body, namely the Ministry of Economy of Ukraine.