In Berlin, leading export credit agencies (ECAs) signed a Memorandum of Support for the Ukrainian economy
The Ukraine Recovery Conference-2024, held on June 11-12 in the German capital, has become a platform for important discussions and agreements of global importance.
In particular, during the event, leading export credit agencies (ECAs) from twelve countries signed a Memorandum of Understanding on cooperation in support of Ukraine, a document that is an expression of solidarity and a common vision of further economic cooperation that will help launch the Ukrainian economy.
The purpose of the framework cooperation agreement is to boost bilateral trade and investment in Ukraine. This step is extremely important as it will unblock export financing and open access to the European market for Ukrainian borrowers, as ECAs provide insurance coverage for military and economic risks associated with doing business in Ukraine. In our opinion, this is what will allow large projects to be insured by syndicates of insurers in the future.
The first signatories of the Memorandum are Atradius Dutch State Business (Netherlands), EDC (Canada), EGAP (Czech Republic), EKN (Sweden), Euler Hermes (Germany), EIFO (Denmark), Finnvera (Finland), KUKE (Poland), PricewaterhouseCoopers (Germany), NEXI (Japan), SACE (Italy), UKEF (UK), and US-EXIM (USA).
The ECA collaborators also call on other countries to join the strong coalition of financial institutions and thus support Ukraine.
GOLAW has been effectively working with leading European ECAs for more than 15 years, providing them with legal support both at the underwriting stage and at the stage of debt restructuring and bad debt.
Do you have any questions regarding export credit financing or restructuring of existing debt? Please contact us by filling out the form below.
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