By KYIV. Dec 8 (Interfax-Ukraine) – The tools of the Export Credit Agency (ECA) helped increase exports from Ukraine by UAH 3.06 billion during the full-scale Russian invasion, said First Deputy Prime Minister – Economy Minister Yulia Svyrydenko.
"During the ten months of the war, through the ECA tool, it was possible to support new exports worth UAH 3.06 billion … We are talking about the export of high value-added goods, the production of which creates jobs and generates income not only for the state, but also for local budgets," she said at the Export Credit Forum-2022 in Kyiv on Thursday.
According to the official, this happened due to the prompt development of a mechanism jointly with the NBU, which made it possible to launch the ECA, as well as by expanding the list of goods whose exports can be supported by the ECA, from 16% of the product range to 41%, and introducing the ECA policy to the list of acceptable collateral for banks on loans issued.
The expansion of the Affordable Loans at 5-7-9% business support program to loans issued to exporters for the implementation of foreign economic agreements also had a positive effect, she added.
She noted that the goal is to increase exports by UAH 100 billion and create 26,000 jobs within five years through ECA tools, but this will require new solutions and new tools.
"The government plans to transform the transitional economy of Ukraine into a developed economy within just 10 years. To do this, the Ukrainian GDP should grow from $4,000 per capita per year to three times as much – $12,000," she said.
PrJSC Export Credit Agency is an agency authorized by the government that supports and stimulates the export of Ukrainian goods (labor, services). The ECA protects Ukrainian exporters from the risk of non-payments and financial losses associated with the implementation of foreign trade contracts.
