China Export and Credit Insurance Corporation to cooperate with Ukrgasbank on green financing

China Export and Credit Insurance Corporation, or Sinosure, has announced its intention to cooperate with Ukrgasbank on green finance projects.

Sinosure will provide insurance coverage and financing for Chinese companies that want to participate in green projects in Ukraine. Sinosure is also considering the possibility of allocating credit limits for Ukrgasbank’s projects in Ukraine.

The National Bank of Ukraine (NBU) and the People’s Bank of China have recently renewed a bilateral currency swap agreement for another three years. The maximum amount of the currency swap remains unchanged at CNY 15bn (UAH 62bn or USD 2.2bn). The agreement was signed by the NBU head, Yakiv Smolii, and governor of the People's Bank of China, Yi Gang, during NBU’s working visit to Beijing.

The Ukrainian government owns 94.94% of Ukrgasbank. Since 2015, Ukrgasbank is on the list of state-owned objects that are of strategic importance to the state's economy and security. For the first 11 months of 2018, Ukrgasbank has reported net profit of UAH 688m (USD 25m), which has already exceeded the bank’s annual profit target.

12.12.2018