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Export Development Canada (EDC) has signed a US$15mn line of credit with State Export-Import Bank of Ukraine (Ukreximbank) to facilitate the procurement of Canadian goods and services in an East European market of growing importance to Canadian exporters and investors.

“With their strong economic growth in recent years, Ukraine has become an increasingly important market to Canadian companies interested in Central and Eastern Europe,” notes Benoit Daignault, EDC senior vice-president for business development. “Our enhanced relationship with JSC Ukreximbank will help us promote Canadian export activity in Ukraine, especially in key strategic sectors such as agricultural equipment, packaging and food processing.”

“EDC more recently concluded two important commercial financing transactions with the bank for agricultural equipment and for a grain port storage facility. Our positive experience in both cases encouraged us to expand our relationship via this line of credit,” adds Daignault. “We have worked with JSC Ukreximbank since 1992 when it began acting as financial agent for the government of Ukraine. The bank has become one of our key partners in the Ukrainian market.”

JSC Ukreximbank is a multipurpose bank with 100% of its shares owned by the State, represented by the cabinet of ministers of Ukraine.

Ukreximbank is among the 10 largest Ukrainian banks and was the sixth largest Ukrainian bank by assets at end-2004, with a network of almost 90 branches and outlets in all main industrial centers across Ukraine. In addition to its commercial banking activities, Ukreximbank is the only Ukrainian bank that acts as a financial agent of the Ukrainian government in attracting and servicing international loans to Ukrainian corporates that are extended under state guarantee.