![](https://news.europawire.eu/wp-content/uploads/2023/05/EBRDs-Trade-Facilitation-Programme-wins-Best-Deal-of-2022-Award-for-Ukraine-Agricultural-Machinery-Import.jpg)
EBRD’s Trade Facilitation Programme wins Best Deal of 2022 Award for Ukraine Agricultural Machinery Import
(IN BRIEF) The European Bank for Reconstruction and Development’s (EBRD) Trade Facilitation Programme (TFP) has been awarded the Best Deal of 2022 by Global Trade Review for its deal supporting the import of agricultural machinery in Ukraine. The EBRD rolled over a €4m guarantee in May 2022, allowing LLC Technotorg, a distributor of agricultural machinery in Ukraine, to import goods into the country. The deal helped Ukraine maintain vital food exports and address global food security during wartime. Ukraine’s agricultural sector accounts for 11% of the country’s GDP, nearly 20% of its labour force and almost 40% of total exports.
(PRESS RELEASE) LONDON, 5-MAY-2023 — /EuropaWire/ — The EBRD’s Trade Facilitation Programme (TFP) has won Global Trade Review’s Best Deal of 2022 Award for a deal supporting the import of agricultural machinery in Ukraine. The transaction was part of the Bank’s commitment to helping Ukraine, a major food producer, maintain its vital exports and address global food security in wartime.
Global Trade Review is an important news source, publisher and event organiser for the global trade, commodity, export and supply-chain finance industries.
In May 2022, the EBRD rolled over a €4 million guarantee, allowing LLC Technotorg, a key distributor of agricultural machinery in Ukraine, to continue importing goods into the country. The guarantee was issued in favour of ING Bank, the confirming bank, in support of Ukrgasbank, the issuing bank, covering 100 per cent of the political and commercial payment risk of the issuing bank. The deal is included in the portfolio of transactions covered by the EBRD Shareholder Special Fund. It was completed and extended in the face of significant political and economic trade barriers.
Benefits of the deal included: meeting the supply needs of Ukrainian farmers at the peak of Russia’s invasion of Ukraine; ensuring that Ukrainian farmers were equipped to farm and harvest; removing bottlenecks so that Ukraine could supply vital commodities to economies where food security issues persisted; maintaining key imports into Ukraine; and indirectly helping the economy to generate continued capital inflows during the war.
Ukraine’s agricultural sector accounts for 11 per cent of the country’s gross domestic product (GDP), nearly 20 per cent of its labour force and almost 40 per cent of total exports. The war has impacted the country’s ability to harvest and export produce to its trading partners globally. In response to the war, in April 2022, the EBRD increased its financing envelope for Ukraine under the TFP by 40 per cent to €316 million.
The TFP, launched in 1999, aims to promote foreign trade to, from and between the economies where the EBRD invests. It currently encompasses 123 local banks in 27 economies where the EBRD invests, with limits exceeding €5 billion in total and more than 800 confirming banks worldwide. Through the TFP, the EBRD provides guarantees to international confirming banks and short-term loans to selected local banks and factoring companies for on-lending to local exporters, importers and distributors.
In 2022, the EBRD provided Ukraine with €459 million of trade finance, out of a total of €3.6 billion.
The Bank has committed to investing €3 billion in Ukraine in 2022-23. In 2022, with the support of donors and shareholders, it deployed €1.7 billion and mobilised a further €200 million from partner financial institutions. Its priorities in supporting the country’s real economy are food and energy security, trade, vital infrastructure and the private sector.
Media Contact:
Tel: +44 207 338 7805
Email: press@ebrd.com
SOURCE: EBRD
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