Representatives of Bank Gospodarstwa Krajowego (BGK) signed with Feerum JSC contract for the purchase of claims regarding Polish exports to Ukraine. It is the largest in the history of the government program Financial Support for Exports, the use of debt purchase as an instrument financing the delivery abroad. The amount to which the transaction relates is 30.25 million EUR.
Feerum JSC is one of the largest producers of comprehensive drying and storage units in Poland. The company has signed an export contract for the delivery of silos with the Ukrainian company Epicentr K LLC. The contract signed with BGK concerns the purchase of claimss under the abovementioned contract. This is the first such transaction on the Polish market regarding exports to Ukraine.
– We help Polish exporters develop business, we are with them in 62 countries on 6 continents. We are all the more happy to sign, for the first time in the history of the government program, Financial Support for Export, a contract for the purchase of claims financing exports to Ukraine. In addition, for such a large amount – 30.25 million EUR. This is the largest export buy-outs made so far. The export support instrument offered by BGK gives the beneficiary the opportunity earmarking funds to increase turnover, allows the importer to offer better payment terms and eliminate the financial risk related to the importer’s default. – says Karol Rozenberg, an expert on the sale of trade finance in BGK.
The purchase of a debt reduces the risk of non-payment by the contractor for the goods received or the service provided. The money does not cross the border and BGK pays the funds directly to the account of the Polish exporter.
– Signing a contract with BGK enables us to finance the entire contract and significantly facilitates the export business and cooperation with our Ukrainian partner. Thanks to the purchase of claims, the importer obtains easy access to attractive financing in the form of a long-term trade commitment, which in comparison with the loan is a simpler and more advantageous solution. We are very pleased with the cooperation, the more so because this is the first transaction of its kind on the market. – comments president of Feerum JSC Daniel Janusz.
Feerum is a company that on a global scale practically does not have a competition that is so comprehensive in its industry. Importantly, almost 100% of their products are made by themselves. It is located in the Lower Silesia Voivodship.
– I am glad that Polish companies operate in the Lower Silesian Voivodeship, which have gained and strengthen their export position on the European and Eastern markets. By supporting them, we help them to develop, but we also contribute to improving the economic situation of our region and its inhabitants. – adds Ewa Nowak-Iskra, director of Bank Gospodarstwa Krajowego, Lower Silesia Region.
The claims are insured by the Export Credit Insurance Corporation (KUKE). There are no other collateral required from the exporter, which is a great help for the Polish entrepreneur.