IFC expects to launch international agricultural receipts in the spring of 2019.
Farmers will be able to begin to use international agricultural receipts in the spring – IFC
This was announced by head of the IFC project "Agrarian receipts in Ukraine" Helen Fairlamb during the "round table" Biznestsentr reports with reference to Interfax-Ukraine.
"We have already conducted the first training for farmers, hope to see the first deal in the spring," – said Fairlamb.
As explained by IFC, after the entry into force of the law "About currency and foreign exchange transactions" farmers can raise funds for agrarian receipts from creditors-non-residents.
According to the international receipts, developed by IFC, such transactions will include financial agrarian receipt and credit/forward contract or the contract import.
"Agricultural receipts are particularly relevant in Ukraine, where land is still in effect a moratorium, and farmers do not have high quality collateral to attract funding. In addition, agricultural receipts are recorded in the online registry, and the lender can see how much of the receipts of the farmer and how he performs them", – said the head of regional IFC office in Ukraine, Belarus and Moldova Jason Pellmar.
According to the IFC, agricultural receipts will help farmers to establish a credit history for future financing.
According to the IFC, the project of agricultural receipts is also planned to upgrade legislation to create a secondary market for agricultural receipts (securitatii).
See also: Ministry of agrarian policy reported about the payment of subsidies to farmers 4 billion
As noted by a member of the Board, "OTP Bank" Alla Biniashvili, for the banks providing financing for agrarian receipts, the difficulty is that the national Bank considers such loans as unsecured.
The total amount of agricultural receipts in 2018 exceeded $200 million (5,24 billion UAH). Only 669 were issued agrarian receipts from 53 lenders under the screensaver 1.1 million tons of agricultural products.
Since the beginning of 2019 on February 12 104 receipts issued over $ 1 billion.
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