Ukraine and a pool of British insurance companies have created a mechanism to ensure access to the Black Sea corridor for exporters
Ukraine is cooperating with key global institutions that can provide guarantees for investors to invest in Ukraine right now. This was stated by Prime Minister Denys Shmyhal during a Government meeting on November 14.
"Since the beginning of the full-scale war, the Multilateral Investment Guarantee Agency (MIGA) has already provided insurance coverage worth more than USD 166 million. This is assistance to both the financial and real sectors of the economy. Negotiations are underway to launch new projects. The US International Development Finance Corporation (DFC) has recently approved five new projects worth USD 380 million. They will focus on food security, small business, healthcare and international trade," the Prime Minister said.
According to Denys Shmyhal, negotiations with the EBRD on trade insurance are ongoing, with the prospect of scaling up cooperation to include investment insurance.
In addition, export credit agencies of partner countries are willing to cover investment risks for their businesses. Such opportunities exist, in particular, in Japan, Germany, France, Denmark, Italy, Sweden, the United Kingdom, and Poland.
Another strategically important area, according to the Prime Minister, is free navigation in the Black Sea. He thanked the Ukrainian Defence Forces for keeping this corridor open.
"Following the agreements between President of Ukraine Volodymyr Zelenskyy and Prime Minister of the United Kingdom Rishi Sunak, Ukraine and a pool of British insurance companies have set up a special mechanism. It will allow for a discount on the cost of war risk insurance for exporters of all products from Ukraine. This will make the Black Sea corridor more accessible to a wider range of exporters," said Denys Shmyhal.
The Prime Minister emphasised that the Government had allocated funds to guarantee the coverage of losses in case of their occurrence. The mechanism involves the Export Credit Agency, Ukrgasbank, Ukreximbank and a pool of 14 insurers.