Ukraine’s IBcontacts has signed a collaboration agreement with Estonia’s export credit agency (ECA) KredEx.

The agreement will help Ukrainian exporters and firms from other European and CIS countries get trade and project financing from Estonia.

Under the contract’s clauses, IBcontacts will implement credit checks and assign credit ratings for European borrowers in order to facilitate KredEx financing.

“All the examples of business partnerships between Ukrainian and Estonian companies testify to the fact that trade and investment co-operation between our countries has a huge potential for further growth and development. This agreement between our company and the Estonian ECA will help Ukrainian and foreign companies attract financing for their projects and will increase the number of international trade operations with the insurance coverage,” says IBcontacts managing director Kateryna Barabash.

Ukraine increased export volumes to Estonia by 83.3% during the first nine months of 2012, mainly in metals, fuel and railway locomotives. Import volumes from Estonia decreased slightly, but the country is still an important trade partner for Ukraine, supplying fish, household chemicals, mineral fertilisers, plastics, cement, stone and plaster products, textiles, electrical machinery and equipment.