By KYIV. May 11 (Interfax-Ukraine) – Raiffeisen Bank issued the first loan for implementing an export agreement with the insurance coverage of the Export Credit Agency (ECA), the ECA said on its website.
An unsecured loan of UAH 210 million was received by the Ukrainian manufacturer of ice cream and frozen semi-finished products Three Bears. The loan will be used for export to Poland. The total sum of the credited foreign economic contract is UAH 600 million.
ECA’s insurance liability to Raiffeisen Bank is UAH 178.5 million.
“This contract is so far the largest in the current year, and its implementation can bring the country UAH 600 million in FX export earnings, which means an influx of foreign currency and tax revenues to the state budget,” acting Board Chairman of the ECA Ruslan Hashev said.
Board Chairman of Raiffeisen Bank Oleksandr Pysaruk said that since the beginning of the full-scale invasion, the bank had independently lent Ukrainian exporters UAH 8.5 billion. Since February 2022, the bank has provided loans of UAH 27 billion to Ukrainian enterprises.
“Cooperation with ECA is important for us, as it allows our clients to more actively enter foreign markets, represent Ukrainian goods in Europe, increase FX earnings, and create jobs in Ukraine,” Pysaruk said.
