In order to develop international trade and support key sectors of the economy of Ukraine, the State Export-Import Bank of Ukraine (Ukreximbank) and China Export & Credit Insurance Corporation (SINOSURE) entered into the Framework Agreement of Cooperation on April 17 in Kyiv. The Framework Agreement was signed by Mr. Oleksandr Hrytsenko, Chairman of the Board, on behalf of Ukreximbank, and Mr. Wang Tingke, President, on behalf of SINOSURE.
The agreement stipulates that SINOSURE will provide insurance support in relation to projects applied for by JSC Ukreximbank and contracted by Chinese enterprises in Ukraine. In particular, the support will be provided for implementation of construction projects in Ukraine and other countries in which JSC Ukreximbank participates or operates, including projects in fields of infrastructure, agriculture, power, transportation, oil and gas, chemical industry, purchase of large-scale mechanical and electrical products and whole-set equipment, etc.
The total insurance limit provided by SINOSURE for Ukreximbank will amount to USD 500 million. The loan maturity (including availability period, grace period and maturity) will be determined according to the parameters of each individual contract and may reach up to 15 years.
"The Agreement of Cooperation with China Export & Credit Insurance Corporation signed for the first time with Ukrainian bank is a significant event, as unleashes a great potential for expanding foreign financing channels of key sectors of the national economy," noted Mr. Oleksandr Hrytsenko, Chairman of the Board of JSC Ukreximbank. "As a reliable and strong partner, Ukreximbank will continue using its wide experience in support and implementation of the large-scale financial projects to promote bilateral economic, trade and investment cooperation."
SINOSURE is the only official state-funded policy-oriented insurance institution of China founded in 2001. SINOSURE strategy is based on export credit insurance business in the People’s Republic of China and its business guideline is “by means of insurance service for foreign trade and investment, fully supporting the development of foreign trade and economic cooperation and promoting the economic growth, the employment and the equilibrium of international balance of payment”.
Joint Stock Company The State Export-Import Bank of Ukraine is 100% state-owned universal financial institution. It is one of the major operators in the Ukrainian banking market and services a considerable proportion of state- and privately-owned exporting Ukrainian enterprises and has the widest amidst Ukrainian banks foreign network of correspondents world-wide. It is a partner of the International Bank for Reconstruction and Development (the IBRD), the European Bank for Reconstruction and Development (the EBRD), European Investment Bank, International Finance Corporation, other reputed international financial institution, foreign banks and agencies.