Today, October 10, during the Annual Meetings of the IMF and the World Bank in Morocco, Minister of Finance of Ukraine Sergii Marchenko met with Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group Hiroshi Matano and Vice President of Operations of MIGA Junaid Ahmad.

The meeting was also attended by Deputy Minister of Finance Olga Zykova, Deputy Minister of Finance for European Integration Yuriy Draganchuk and Government Commissioner for Public Debt Management Yuriy Butsa.

The parties discussed further prospects for the development of cooperation in the context of attracting foreign direct investment to Ukraine through the mechanism of the war risk insurance.

The Minister of Finance of Ukraine stressed that the assistance of international partners plays a key role in maintaining the stability of Ukraine's economy. Therefore it is important to strengthen joint efforts for economic resilience. 

"Insuring investments against war risks is an important step in increasing the confidence of foreign investors in our country. I am grateful to MIGA for establishing the SURE war risk insurance trust fund, which helps to implement insurance projects in Ukraine. Since the beginning of the full-scale war, MIGA has issued guarantees to Ukraine totaling USD 196 million" said Sergii Marchenko.

The donors of the SURE Trust Fund are Japan and the United Kingdom with contributions of USD 23 million and USD 25 million respectively.

The Minister of Finance also noted the agency's role in supporting Ukrainian banks. In 2023, MIGA provided guarantees for the International Finance Corporation's Global Trade Finance Programme in the amount of USD 20 million and the EBRD's Trade Finance Programme in the amount of USD 10 million, which will support trade operations involving Ukrainian banks Ukreximbank, Ukrgasbank and Oschadbank.

Also in 2023, MIGA provided additional guarantees to:

- ProCredit Holding in the amount of EUR 47.5 million to cover an increase in equity investments;

- completion of the first stage of construction of Lviv Industrial Park in the amount of EUR 9.2 million;

- CANPACK S.A. in the amount of USD 13.96 million to increase the share capital of the company engaged in the production of light metal packaging, metal processing, etc.

The parties discussed the implementation of new war risk insurance projects in the near future. Sergii Marchenko noted that Ukraine is interested in expanding insurance programs to all priority sectors of the country's economy.

Additional information:

The Multilateral Investment Guarantee Agency (MIGA) is one of the five institutions of the World Bank Group, founded in 1988. Ukraine became a member of MIGA in 1994.