The Ministry of Economy, together with partners, is developing an architecture for war risk insurance, including investment insurance. This was announced by Deputy Minister of Economy of Ukraine Oleksandr Gryban at the opening of the First Ukrainian-Scandinavian Economic Forum. The event, organised by the Ukrainian Chamber of Commerce and Industry, brought together more than 250 business representatives from Denmark, Norway, Finland, Sweden, and Ukraine.

“Together with international financial institutions and representatives of partner countries, primarily the G7, we are working on the creation of a dedicated Trust Fund to ensure that the private reinsurance market in Ukraine becomes active again. This, in turn, will activate the private capital market,” said Oleksandr Gryban.

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, is already considering applications from foreign investors to cover investment risks. The Government of Japan recently announced that it has already contributed the first tranche of USD 23 million to the Trust Fund to cover war risks for investments in Ukraine.

Speaking about the business environment and opportunities for expanding cooperation, the Deputy Minister of Economy noted that the Scandinavian countries had traditionally been very important partners for Ukraine.

“Companies from the Nordic countries have always been active in Ukraine, and we would like to open the way for them to financially expand their business in our country and restore business relations. With all the current challenges, we also have the opportunity not only to restore Ukraine, but also to change it for the better. That is why we urge all international partners and investors to consider the country as a potential for business development. Indeed, Ukraine has many advantages that deserve attention: we have qualified specialists who can cope with numerous challenges and tasks. We offer ready-made solutions for business, including the industrial sector. After all, industrial parks in Ukraine offer not only turnkey facilities, but also a number of tax benefits to their residents,” added Oleksandr Gryban.

Today, a number of export credit agencies (ECAs), including the British and German ECAs, are taking a proactive stance and are ready to provide insurance for their investors. Oleksandr Gryban urged the representatives of Scandinavian businesses to engage their ECAs to review and extend the limits for Ukraine. In addition, he reminded that the U.S. International Development Finance Corporation (DFC) had a special mandate to support not only US companies, but also any investor willing to invest in Ukraine. Currently, the investment banking team of Advantage Ukraine, supported by the USAID Competitive Economy Program in Ukraine, selects investment applications, verifies them, provides the necessary assistance in project preparation, and advises potential investors. Those who decide to invest will further be accompanied by the UkraineInvest government office.