By KYIV. Nov 3 (Interfax-Ukraine) – The Export Credit Agency (ECA), with the support of the USAID Competitive Economy Program of Ukraine, will get access to the information base of the international insurance company COFACE, according to the ECA website.
According to the ECA, this will make it possible to more thoroughly check the reliability and solvency of foreign buyers of Ukrainian goods, works and services, the export of which is insured by the agency.
"Before insuring the exporter’s credit risks on receivables, we ask the client to provide information about the buyer with whom the export contract has been concluded on the terms of deferred or installment payment to check its reliability and solvency. Based on the results of such an audit, specialists prepare a report, on the basis of which a decision is made, or, in principle, we will insure such a foreign economic activity agreement and at what rate," Ruslan Hashev, chairman of the board of the Export Credit Agency, is quoted in the message.
According to USAID project manager Natalia Petrova, cooperation with the ECA began in June this year already during full-scale military aggression against Ukraine.
"We expect that access to the COFACE information base will lead to an increase in the volume of exports of Ukrainian goods and services, respectively, to an increase in the volume of export earnings, which is so necessary now for Ukrainian entrepreneurs and the economy as a whole," she said.
COFACE has been operating in the insurance market for exporters’ credit risks associated with non-payment of receivables since 1946. It operates in 67 countries of the world, has 120 branches and representative offices in 224 cities. More than 135,000 companies have already used COFACE insurance services.
At present, COFACE is perhaps the largest holder of information on the reliability and solvency of importing companies, which is necessary for an exporter who is ready to supply goods, products or services on a deferred or installment payment basis in order to provide or not provide a commodity credit to its foreign buyer.
