J.P. Morgan representatives conduct training for Sanoat Qurilish Bank employees

On June 20, JSCB Sanoat Qurilish Bank (Uzbekistan Industrial and Construction Bank) in cooperation with Russian regional representative office of the bank, J.P. Morgan organized educational and practical training on the principles of operation of export credit agencies and mechanisms of financing under their guarantee.

At the event, J.P. Morgan experts – Executive Director for Export Finance Richard Wilkins and Vice President for Export Finance Youngha Kim introduced participants to various approaches to defining the essence, principles and mechanisms for implementing projects under the cover of ECA, as well as presented financing schemes for transactions carried out through agencies.

It should be noted that export credit agencies provide a wide range of services, including lending to foreign trade operations, provision of state guarantees for export credits, insurance of export credits and transactions against political and other types of risks.

Only in the example of the largest export insurance contract organization in the world Euler Hermes, the economy of Germany increases exports by 18%, the number of jobs increases by 90 thousand annually, 60% of jobs in mechanical engineering are organized, providing 40% of new export directions in mechanical engineering and chemical industry.

For reference: there are 100 export credit agencies in the world, of which 80 are members of the Berne Union, the key organization of insurers of export credits and investments. According to the organization, ECA, members of the Berne Union contributed to the growth of exports in the world by 12%, insured export contracts and foreign direct investment worth 2 trillion US dollars, which accounted for 10% of world trade, paid exporters and investors 5 billion USD in losses related to non-fulfillment of contractual obligations.

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