EIB Group and Finnvera launch EUR 30 million pilot project to support Finnish exports to Ukraine

The European Investment Fund, part of the European Investment Bank Group, and Finnvera, Finland's export credit agency, are launching a EUR 30 million pilot project to support Finnish exports to Ukraine. The agreement allows Finnvera to provide export credits to Finnish companies trading with Ukraine under the European Investment Fund (EIF) guarantee within the framework of the InvestEU Export Credit Guarantee Facility.

"We are excited to see the strong interest of export credit agencies from EU member states such as Finland in supporting Ukraine's recovery and strengthening economic ties. Such cooperation is exactly what both Ukraine and European businesses need. We are grateful to the European Commission and the EIB Group for creating mechanisms that open up new trade opportunities between Ukraine and the EU," said Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy of Ukraine.

The pilot project will support Finnish SMEs with fewer than 500 employees by reducing risks in finding new opportunities in the Ukrainian market despite the ongoing war. The EIF guarantee complements the national loss-sharing mechanism introduced by the Finnish Ministry of Economic Affairs and Employment, which allows Finnvera to issue export guarantees to Ukraine under exceptional conditions. This is one of 13 agreements being prepared with the national export credit agencies in EU member states under this mechanism.

The InvestEU Export Credit Guarantee Facility is a joint initiative of the European Commission and the EIB Group, which aims to provide guarantees of up to EUR 300 million to support EU small and medium-sized enterprises exporting goods and services to Ukraine. The mechanism was launched in July 2024 and is in high demand among member states.

Background information

Finnvera is a state-owned special finance company and the official export credit agency of Finland. Its mission is to promote the creation of new businesses, support growth, investment and restructuring, as well as to promote internationalization and exports through financing.

The European Investment Fund is part of the European Investment Bank Group. Its main mission is to support small and medium-sized enterprises (SMEs) in Europe by helping them access finance.

The InvestEU program provides the European Union with important long-term financing, leveraging significant private and public funds to support a sustainable recovery. It also helps mobilize private investment for European Union policy priorities such as the European Green Deal and the digital transition.