Financial sector news

Ukrgazbank became the largest creditor of Ukrainian exporters under the portfolio insurance program implemented by the Export Credit Agency (ECA). This is reported by the bank's press service. 

According to the results of 2023, Ukrgasbank became the leader in terms of the amount of export credits provided within the portfolio insurance program, having provided UAH 363.5 million in credits to exporters. By the amount of supported exports (1.7 billion UAH), the bank took second place. Such data was published by the Export Credit Agency.

Ukrgasbank financed 63 agreements of exporter clients from 13 regions of Ukraine within the framework of cooperation with EKA. Participation in the program enabled companies to export their products to 17 countries in Europe, Asia, as well as the USA and Israel.

The range of products exported abroad is wide: these are food products, cosmetic products, clothing, products made of paper, wood, rubber, rubber, ferrous metals, industrial equipment and equipment, toys, smart fireplaces, optical and medical devices, etc.

The portfolio insurance program is a joint project of EKA and the Ministry of Finance of Ukraine, which is aimed at supporting small and medium-sized exports. Under the program, EKA insures the risks of non-repayment of loans granted by banks to exporters. This allows banks to reduce the cost of lending and increase the volume of export financing.

For data  of the NBU, as of December 25, 2023, PRJSC "EXPORT-CREDIT AGENCY" concluded 22 insurance contracts, including the portfolio method, which supported 85 foreign economic agreements, of which :

insurance of foreign economic contracts - 6;

credit insurance - 13;

credit insurance (portfolio, within the state program "5-7-9") - 66.