The Export Credit Agency (ECA) could issue first pilot products at the end of this year, Deputy Economic Development and Trade Minister, Trade Representative of Ukraine Natalia Mykolska has said.
“We hope that by the end of this year ECA could issue first pilot products. I want to pay attention that any new company requires some period of operation in the pilot mode, especially if it provides services that were not presented on the market previously,” she told reporters after a government meeting where the decision to approve the creation of the ECA was made.
Mykolska recalled that UAH 200 million provided in the 2018 budget will not provide for the full-featured operation of the institution. Therefore, the Ministry of Economic Development and Trade hopes to increase budgetary financing and raise funds from international sources.
“At the same time, we see an understanding on the part of lawmakers, the government, that if we take the steps necessary to create a legal entity for ECA, we can talk about increasing, including budget financing. Possibly this year or the next it would be the sums which would provide the necessary tools to support Ukrainian exporters,” the trade representative said, recalling that the initial application for financing ECA was at the level of UAH 364 million.
According to her, to attract funding from abroad, it will be necessary to amend the legislation on corporate governance.
Mykolska said that the attraction of funds from financial institutions is possible through loans, entry into authorized capital or joint programs, when ECA will be an agent of a concrete international institution, providing some services. Another type is the agency’s cooperation with an institution abroad.
“We have established a working group with authors of the bill from the deputy corps and experts. We are working to create a general bill [with the necessary amendments to the current legislation on ECA]… It will not be the last one. When ECA starts operating the necessity of making changes could appear,” Mykolska said.