Ukraine's Ministry of Economy announced on 18 August that it was reinforcing its export credit agency with a further UAH1.8 billion (USD66.9 million) as part of efforts to increase the country's export capabilities.
Funding for the move is coming from the country's budget, with the Ukrainian cabinet of ministers approving the funding increase at the end of March. As a result, the agency now has a total capitalisation of UAH2 billion.
The Ukrainian government has substantially increased the capitalisation of its export credit agency. (Getty Images)
Ukraine first established its export credit agency in July 2018, with a capital value of UAH200 million. The agency's aim was to provide insurance, reinsurance, and guarantees to Ukrainian manufacturers in undertaking export orders.
The formation of the agency was a component of Ukraine's 2017–21 export strategy, which sought to promote sectors that would provide high added value to the country, the potential to support development of small and medium-sized enterprises, and those in high demand. As a result, support for information and communication technology; creative industries; tourism; aircraft maintenance and repair; aerospace and aircraft component manufacturing; engineering; and food and food processing industries was prioritised.
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