By KYIV. Jan 29 (Interfax-Ukraine) – Export loans, bank guarantees and receivables under foreign economic agreements (contracts) will be insured on an all-risk basis, which covers any risk, but the exceptions specified in the insurance contract.
This was reported on the website of the Export Credit Agency (ECA) in information about changes in the agency’s product line.
It is emphasized that the partnership program for export credit insurance using the portfolio method has undergone the largest changes. Now ECA partner banks will be able to include in their portfolio of insured export loans not only short-term loans up to one year, but also long-term loans for up to five years (for example, for the purchase of fixed assets or replenishment of working capital).
“ECA took into account the accumulated experience and wishes of participants in the partnership insurance program and simplified as much as possible the requirements for an export loan, a borrower and a foreign economic contract to reduce the barriers to entry of new banks into the partnership program,” the message says.
In addition, the updated products are closer to international standards, which provides for minimizing ECA interference in the activities of participants (exporters, importers, and banks) and reducing document flow between the parties to the insurance contract.
