On August 18, a government meeting adopted a resolution that creates conditions for the proper and efficient functioning of the Export Credit Agency and expands the scope of support for Ukrainian exporters.

This was reported by the press service of the Ministry of Economy of Ukraine.

“Today the government adopted a resolution  “On amendments to the Statute of the private joint-stock company “Export Credit Agency,” which was initiated by the Ministry of Economy - the authorized governing body of JSC “Export Credit Agency”.

This decision is key in the process of recapitalization of the authorized capital of ECA to 2 billion hryvnias, which we plan to complete in September this year, approving the report on the results of the emission of the National Commission on Securities and Stock Market ,”-  said Mykhailo Lev, Deputy Minister of Economy of Ukraine.

It is noted that the decision to increase the authorized capital of ECA to 1,8 billion hryvnias was made by the Cabinet of Ministers of Ukraine in March 2021 in order to increase the efficiency of ECA in the direction of financial support for exports.

“ECA’s financial capacity with a capital of UAH 2 billion will allow it to more effectively fulfill the assignments set by the Law of Ukraine “On Ensuring Large-Scale Expansion of Export of Goods (Works, Services) of Ukrainian Origin by Insurance, Guaranteeing and Cheaper Export Credit.”. We hope that the new financial opportunities will allow ECA to establish effective activities of the agency for the benefit of Ukrainian exporters, ” - the official emphasizes.

It should be mentioned that the authorized capital of the Export Credit Agency in the amount of 1,8 billion hryvnias was increased by issuing 1,8 million additional shares of the existing nominal value while retaining 100% of such shares pursuant to Article 31 of the Law of Ukraine “On the State Budget of Ukraine 2021” and the resolution of the Cabinet of Ministers of Ukraine of March 29, 2021 №268 “On increasing the authorized capital of the private joint-stock company “Export Credit Agency”.

 It should be mentioned that businessmen will be able to receive online all permission documents to start a business.

Reference source: Agravery.com