Denys Shmyhal holds meeting on credit mechanisms for Ukrainian defence production

Minister of Defence of Ukraine Denys Shmyhal convened a meeting with representatives of the banking sector, the Ministry of Finance of Ukraine, and the National Bank of Ukraine to discuss credit support for domestic defence manufacturers.

“The President of Ukraine has set the goal that at least 50% of our weapons, military equipment, and all defence assets should be produced in Ukraine. We are taking the necessary steps to achieve this,” stated Denys Shmyhal.

The meeting focused on developing effective credit mechanisms for defence manufacturers to ensure the full implementation of state defence contracts.

The Minister of Defence noted that a consortium of state-owned banks is already operating, capable of accumulating and allocating funds to provide credit financing for defence companies. The meeting participants discussed the advantages of providing support to Ukraine’s defence industry, noting that such initiatives may attract interest from private banks, including those with foreign capital.

To attract such investments, the state is developing a war risk insurance mechanism.

“Part of the mechanism has already been launched, and the next task is to scale it across the entire country. Furthermore, agreements have been reached with our partners regarding war risk insurance, and they are prepared to extend such guarantees to their companies,” said Denys Shmyhal.

Based on the meeting’s outcomes, a working group was set up to prepare, within the shortest possible timeframe, proposals to enhance credit financing mechanisms.