"We brought 2.5 billion from the UK": Zelenskyi revealed extra details about the visit to London
Photo: the President's Office
In the presence of Ukrainian President Volodymyr Zelenskyi, who is on an official visit to the United Kingdom, Her Majesty's Secretary of State and the Cabinet of Ministers represented by the Minister of Finance of Ukraine signed a Memorandum of Understanding. The Secretary is acting through the Export Credit Guarantee Department called UK Export Finance.
The Office of the President reports.
According to the Memorandum, UKEF resumes work in the Ukrainian market to support British exports.
UKEF will be able to provide credit guarantees of up to 2.5 billion pounds for British-Ukrainian trade contracts.
"We have brought two and a half billion pounds from Great Britain. This is a new page of Ukrainian-British cooperation and an unprecedented event for Ukraine," Volodymyr Zelenskyi said.
UKEF support will be able to attract specific areas identified in the Memorandum of Understanding with the Government of Ukraine.
"We can use these funds to implement investment projects in such priority areas as security and defense, agriculture, infrastructure, energy, and health care. But we don't limit ourselves," the President added.
UKEF supports exporting any type of goods and services from the UK and can help businesses of every size fulfill an export contract successfully. They will issue loans for 10 years at a very attractive rate of 2.5% in euros and 3.5% in pounds sterling. The grace period of the credit, when you don't pay interest, is three years. The level of localization of the UK share of production is 20%, and it's the lowest similar requirement among other export credit agencies in the West. This means that the credit can be issued subject to involving British manufacturers only for one-fifth.
"The decision to attract UK Export Finance to the Ukrainian market and sign this Memorandum is a sign of confidence and support from the United Kingdom for the transformational changes that are taking place in Ukraine. I am convinced that it will open new opportunities for partnerships between our economies, especially defense and security, renewable energy sources, and transport infrastructure," Finance Minister Serhii Marchenko said.
