• Українською
  • Ministry of Economy and international partners work on guarantee programme to revive insurance and reinsurance market for Ukraine’s recovery
    Ministry of Economy of Ukraine, posted 22 June 2023 11:58

    The Ministry of Economy, together with international partners, has agreed to launch the Ukraine Recovery Guarantee Facility, which will help provide war risk insurance to the private sector. The programme will initially focus on trade insurance, but will later be expanded to include investment insurance.

    This was stated in a multilateral letter of intent signed by First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko, as well as representatives of the European Bank for Reconstruction and Development (EBRD), the European Commission, Switzerland, Norway and other countries during the Ukraine Recovery Conference 2023 (URC-2023) in London.

    “The Government of Ukraine is committed to launching a large-scale reconstruction of the country without waiting for the end of the war. We understand that the basis for this reconstruction should be private capital, which in turn needs reliable protection from war risks. We therefore welcome our partners' efforts to create guarantee mechanisms that will help restore the private insurance market in Ukraine. This, in turn, will help attract investors to the reconstruction effort now and ensure the country's long-term recovery,” said Yuliia Svyrydenko.

    The parties agreed to explore the possibilities of attracting donor support, including grants and other risk-sharing instruments, and to make best use of the existing insurance industry infrastructure to support the establishment of the Ukraine Recovery Guarantee Facility and its further expansion.

    The possibility of creating a dedicated platform for dialogue and information exchange among key insurance market players will also be discussed.