In January-July 2024, insurance companies – members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) concluded almost 4.4 million contracts of compulsory insurance of civil liability of owners of land vehicles (CTP), which is 1.4% more than in the same period in 2023.
According to the data published on the MTIBU website, 3.289 million contracts were concluded in electronic form (14.2% more).
In the first seven months of 2024, the Bureau’s member companies increased the collection of insurance premiums under MTPL policies by 21.6% compared to the same period in 2023 – up to UAH 5.667 billion, including UAH 4.586 billion under electronic contracts (+34.3%).
The total amount of accrued insurance claims under domestic insurance contracts increased by 28.01% to UAH 2.714 billion, including UAH 536.4 million paid using the Europrotocol (+17.3%).
The Bureau also recorded a 14.8% increase in the number of settled claims for insurance compensation – up to 82.4 thousand, including 29.7 thousand (+4.73%) using the Europrotocol.
MTIBU is the only association of insurers in Ukraine that provides compulsory insurance of civil liability of owners of land vehicles for damage caused to third parties. The Bureau’s members include 33 insurance companies.
JSC OTP BANK has received a second grant from the USAID Business Resilience Investment Project to expand access to finance for micro, small and medium-sized enterprises. More than 100 companies have already been financed under the first tranche. The new tranche of $2.76 million will bring the total grant amount to $4 million. The funds will be used to offset part of the interest rate for borrowing companies.
The grant program stipulates that the bank will lend to businesses at an interest rate of 9.9% per annum in the first year of the loan agreement. The difference between the rate for clients and the market rate will be compensated by grant funds. In the second and subsequent years, clients will pay interest on the use of credit funds at the rate of UIRD3m + 5% per annum (UIRD3m is the Ukrainian index of rates for three-month retail deposits).
Micro, small and medium-sized enterprises with an annual income of up to EUR 50 million and up to 250 employees belonging to one of the following target groups will be able to receive financing on favorable terms from OTP Bank
– relocated businesses or those affected by military operations
– companies belonging to critical economic sectors (agricultural production, production of building materials, electrical devices, transportation, logistics, processing, etc;)
– companies co-owned by women.
“The project started cooperation with OTP Bank under this grant program in September 2023. The results of our partnership are significant. During this time, more than 100 companies have received financing from the bank for almost UAH 550 million at a compensated interest rate. The objectives of the second stage of the program are even more ambitious – to provide access to financing and compensate the interest rate to more than 330 enterprises. We believe that such business support will contribute to the recovery of Ukraine’s economy, which is suffering tremendously from the war,” said Raphael Jabba, USAID Business Resilience Investment Project Chief of Party.
The maximum loan amount that a company or a united group of companies can receive under this program is UAH 20 million, and the minimum is UAH 1 million.
The grant program also applies to factoring agreements, under which the bank’s clients can receive up to 90% of the cost of supplies in the amount of UAH 2 million to UAH 20 million.
Special conditions will apply to agricultural producers if they use the funds received under the grant program to purchase products from OTP Agro Factory’s partners.
“The cooperation between OTP Bank and the USAID Business Sustainability Investment Project continues, and it means a lot to us. The bank has proven to be a reliable and efficient partner, time-tested, and one that fulfills its obligations flawlessly. The grant is extremely important for Ukraine and its economy, which is under incredible pressure in the context of the war. Thanks to this program, businesses in critical industries will receive much-needed support, companies affected by the war will be able to recover, and women entrepreneurs will receive an additional incentive to develop their business,” said Volodymyr Mudryi, CEO of OTP Bank.
During the first stage of the program, which began in 2023, more than 100 Ukrainian enterprises were provided with financing. Among them were companies from the agricultural sector, businesses dominated by women in the management team, as well as enterprises from critical sectors of the economy and those that were forced to relocate production due to the war. In addition, as part of the program, representatives of MSMEs used factoring services on favorable terms.
About the USAID Project “Invest for Business Resilience”
The USAID Investment for Business Resilience (IBR) Project is a five-year program implemented by DAI Global that supports systemic changes in Ukraine’s economy and increases the supply of financing available to Ukrainian businesses. The IBR project aims to transform the country’s financial sector into a well-functioning and competitive market that meets European Union standards and is integrated into international financial systems, while directly providing financing to businesses to ensure sustainable economic growth in Ukraine.
For more information on USAID IBR’s activities in Ukraine, please visit the USAID IBR Facebook page: https://www.facebook.com/IBRUAproject
About OTP BANK
JSC OTP BANK is one of the largest Ukrainian banks with foreign capital, which is a recognized leader in the country’s financial sector. It has been present on the market since 1998 and has a strong reputation as a socially responsible, reliable and stable structure offering European quality services to its customers. The bank provides a full range of financial services to corporate and private clients, as well as small and medium-sized businesses.
Since 2019, according to the decision of the NBU, OTP Bank has been included in the list of systemically important banks of Ukraine, which have a significant impact on the development of the country’s financial system.
In Ukraine, JSC OTP BANK is the flagship of the OTP banking group registered by the National Bank of Ukraine, which also includes OTP Capital AMC LLC, OTP Leasing LLC, Freefly non-state pension fund and OTP Pension open pension fund.
Indian Prime Minister Narendra Modi will visit Ukraine, his first visit since the Russian invasion, Indian media report, citing the Foreign Ministry. Details of the trip will be announced later in the day.
Modi is expected to visit Ukraine between August 21 and 23, media reports said earlier.
Modi’s trip will take place about a month after his meeting with Russian President Putin in Moscow.
Modi is also expected to visit Poland, the first visit by an Indian prime minister in four decades, despite the fact that Poland is India’s largest trade and investment partner in central and eastern Europe.
Structure of foreign exchange reserves as of 31.05.2024
Source: Open4Business.com.ua
The number of crossings of the Ukrainian border in the 11th week of summer, from August 10 to 16, stabilized at 737 thousand, with a net weekly inflow to Ukraine recorded for the fourth consecutive week, down to 15 thousand from 24 thousand a week earlier.
According to the State Border Guard Service’s Facebook page, the number of entry crossings decreased to 376 thousand from 380 thousand, while the number of exit crossings increased to 361 thousand from 356 thousand.
The number of vehicles crossing the checkpoints decreased to 131 thousand over the week from 137 thousand a week earlier, while the flow of vehicles with humanitarian cargo increased to 617 from 589.
As for the distribution of traffic by day of the week, according to the border guards, traditionally, the outbound traffic is higher on Friday-Sunday, while the inbound traffic is higher from Saturday to Monday.
The State Border Guard Service points out that there is a periodic accumulation of vehicles leaving Ukraine at the Krakovets and Shehyni checkpoints. According to the State Border Guard Service, there are currently 60 and 50 cars in the queue to leave at these checkpoints, while there are 75 cars at Ustyluh, 50 cars at Kosyno on the border with Hungary, and 35 or less at the rest.
The number of people crossing the border in the 11th week of summer this year is only slightly lower than last year: 384 thousand people entered Ukraine during the same seven days, and 372 thousand left. However, the flow of cars last year was much higher – 144 thousand compared to 131 thousand this year.
As reported, from May 10, 2022, the outflow of refugees from Ukraine, which began with the outbreak of war, was replaced by an influx that lasted until September 23, 2022 and amounted to 409 thousand people.
However, since the end of September, possibly under the influence of news about mobilization in Russia and “pseudo-referendums” in the occupied territories, and then massive shelling of energy infrastructure, the number of people leaving has been exceeding the number of people entering. It temporarily stopped in the second half of December and early January during the holidays, but then resumed again and reached a total of 223 thousand people from the end of September 2022 to the first anniversary of the full-scale war.
During the second year of the full-scale war, the number of border crossings to leave Ukraine, according to the State Border Guard Service, exceeded the number of crossings to enter by 25 thousand, while since the beginning of the third year, the number of crossings has increased by another 101 thousand.
As Deputy Economy Minister Serhiy Sobolev noted in early March last year, the return of every 100,000 Ukrainians home results in a 0.5% increase in GDP. The Ministry of Economy has included in its macroeconomic forecast for this year 1.5 million people returning to Ukraine, while the National Bank, on the contrary, expects an outflow of 0.4 million, which is twice the figure for 2023.
According to updated UNHCR data, the number of Ukrainian refugees in Europe as of July 15 this year was estimated at 6.021 million, and 6.580 million in the world as a whole, which is 24 thousand and 25 thousand more than a month earlier.
In Ukraine itself, according to the latest UN data as of April this year, there were 3.548 million internally displaced persons (IDPs), which is 141 thousand less than at the beginning of the year.
On August 14, 2024, the Embassy of Pakistan in Ukraine hosted a solemn event to celebrate the 77th anniversary of the Independence Day of the Islamic Republic of Pakistan, which was attended by representatives of the Pakistani community from different regions of Ukraine, Islamic religious leaders and friends of Pakistan from among the citizens of Ukraine.
After the reading of the Holy Quran, Ambassador Extraordinary and Plenipotentiary of the Islamic Republic of Pakistan H.E. Major General (retired) Nadir Khan raised the national flag during the performance of the national anthem of Pakistan.
The Ambassador of Pakistan congratulated the guests on a special day in the history of the country, when the unprecedented struggle of the Pakistani people for freedom under the leadership of the Father of the Nation Muhammad Ali Jinnah took place, culminating in the establishment of the state of Pakistan on August 14, 1947.
The diplomat noted that the 77-year history of the country’s independence is full of challenges and trials:
– Incomplete territorial division and unresolved Kashmir issue
– Migration and refugee crisis
– Crisis of governance (death of Muhammad Ali Jinnah and assassination of Liaquat Ali Khan)
– Wars with India (1948, 1965 and 1971)
– Consequences of the Soviet invasion of Afghanistan, which led to the war on terrorism
– Natural disasters, sanctions, etc.
According to the diplomat, today Pakistan is the only Muslim nuclear power with powerful armed forces.
In his speech, the Head of the Diplomatic Mission also focused on the work of the Embassy over the past year of his stay in Ukraine.
“We work in close cooperation and coordination with our Ukrainian friends. The visit of the Minister for Foreign Affairs of Ukraine to Pakistan, the participation of the First Lady of the Islamic Republic of Pakistan in the Forum of First Ladies and Gentlemen, regular communication and exchange of messages between the leaderships of the two countries are just some of the moments that reflect the positive in our relations with Ukraine,” he said.
The Ambassador emphasized his country’s unwavering position in support of Ukraine’s territorial integrity and sovereignty
“We wish and want to see full peace return to Ukraine as soon as possible. Pakistan has been and will always be happy to play a constructive role in resolving the conflict,” the diplomat emphasized.
A message from the President of Pakistan, Mr. Asif Ali Zardari, was also read out.
The ceremony concluded with a prayer for the well-being and prosperity of the people of Pakistan, the Muslim Ummah and humanity, as well as for the return of peace and prosperity to Ukraine.
The Islamic Republic of Pakistan recognized Ukraine’s independence on December 31, 1991. On March 16, 1992, diplomatic relations between Ukraine and Pakistan were established. The Embassy of Pakistan has been operating in Kyiv since October 1997.
