Export Credit Agency (ECA) and export credit agency KUKE S.A. (Poland) have signed a memorandum of cooperation to support and facilitate trade and foreign investment between Poland and Ukraine, according to the ECA website.
According to the memorandum, companies can propose joint projects, hold meetings and exchange general information on business development, new products, structural changes, country policies and insurance standards.
“Ukraine is becoming an increasingly important economic partner for Poland: it ranks third among the largest Polish export destinations covered by KUKE and is still growing dynamically. The agreement recently signed by our agencies will allow exporters from both countries to cooperate, including under joint projects in third markets. At the same time, the agreement gives KUKE an opportunity to share with our Ukrainian partner 30 years of export support experience, becoming an important factor in the stable economic development of Ukraine,” President and Managing Director of KUKE Janusz Władyczak said.
ECA is an agency authorized by the government, the purpose of which is to stimulate the export of Ukrainian goods and services, and the main task is to protect Ukrainian exporters from the risk of non-payment and financial losses associated with the implementation of foreign economic agreements (contracts) through insurance, reinsurance and collateral.
KUKE S.A. was established in 1991 by the State Treasury of Poland to support the export activities of Polish enterprises. As the official export credit agency of Poland, KUKE is authorized to provide export insurance with the support of the state treasury, helping Polish companies to develop abroad. KUKE currently operates in 120 export markets.
The Economic Development and Trade Ministry of Ukraine continues working on the creation of a supervisory board of the Export-Credit Agency (ECA) required for the launch of the agency, First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv has said.
“We have carried out some work and consultations on this issue. I think we will hold another meeting if necessary. We will resolve this issue,” he said at a government meeting in Kyiv.
Prime Minister Volodymyr Groysman reiterated the importance of launching the ECA as soon as possible. At the same time, he added that the delay was due to the fact that the government is launching such a project for the first time.
In addition, Groysman said that the agency will work not so much with its own resources as with tools for attracting resources.
“It is necessary to fill it not with a financial resource, but with tools for access to broad resources, since this is not a question of millions, it is a question of billions, perhaps dozens of billions, to support Ukrainian exports,” he said.
As reported, in February 2018, the Cabinet of Ministers approved the creation of ECA in the form of private joint-stock company and instructed the Economic Development and Trade Ministry to conduct a private placement of its shares.