KUKE covers Russian contract of PMG SA
Polish PMG SA (Famur Group) is the supplier of mining machinery worth EUR 20.76m to the Russian ZAO Shahtoupravlyene Taldinskoe-Kyrgajskoe. The funding for this export contract is provided by Bank Gospodarstwa Krajowego (Polish Development Fund - PDF Group). The buyout of export receivables is covered by KUKE’s insurance policy.
PMG SA belongs to the Famur Group – one of the largest global manufacturers of mining machines and equipment. The core activities of the Group include underground mining, opencast mining, and handling and transportation of bulk goods. The sale contract covers the supply of powered support sections, a longwall searer, a face conveyor, beam stage loaders, along with an advancement system, accompanied by assembly training, supervision and checking, inclusive of works connected with the installation and deployment of equipment for exploitation.
BGK- and KUKE-backed contract funding involves the purchase of 70 percent of the trade receivables under the export contract. The repurchase price is EUR 14,532m, with a repayment period of 5 years.
Bank Gospodarstwa Krajowego initiates and implements programmes facilitating the economic growth of Poland. According to government plans, it will operate within the Polish Development Fund Group, developing guarantee schemes to promote entrepreneurship. One of the Bank’s strategic tasks is supporting the international entrepreneurship of Polish businesses. BGK also manages European programmes and distributes EU funds on a national and regional scale. It is also involved in programmes fostering improvement in the housing market and greater access to housing for Polish citizens.
The Export Credit Insurance Corporation has been insuring the commercial transactions of Polish entrepreneurs since 1991, offering services ensuring secure trading both within the country and abroad. It is the only institution in Poland to also provide export insurance guaranteed by the State Treasury. The solutions offered by KUKE secure long-term investment projects implemented by Polish exporters.
The Polish Development Fund Group, in line with the Action Plan towards Responsible Development adopted by the Polish Government, integrates - within a coherent structure and professional management standards: The Industrial Development Agency, Bank Gospodarstwa Krajowego, the Export Credit Insurance Corporation, the Polish Information and Foreign Investment Agency, and the Polish Agency for Enterprise Development. The strategic hub of the established Group is the Polish Development Fund (PDF). The objective of the PDF is ensuring efficient tools for the effective implementation of the development policy and enhancing the investment and economic potential of Poland on a common platform comprised of development instruments for entrepreneurs, local governments and individual customers. The PDF operates in accordance with the best international standards.