Norway contributed NOK 240 million (approximately USD 22 million) to the Support to Ukraine’s Reconstruction and Economy (SURE) Trust Fund, launched by the Multilateral Investment Guarantee Agency of the World Bank (MIGA) in February 2023. to insure investments in Ukraine. This is reported by MIGA.
“The post-war reconstruction of our country will take place at the expense of private investments, therefore it is important for us to ensure maximum security for investors’ money. We would like to thank Norway for the funds they sent to the Support to Ukraine’s Reconstruction and Economy (SURE) Trust Fund. This will make it possible to support individual projects in the real sector that will have a positive impact on the country’s economy,” First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yuliia Svyrydenko emphasized.
MIGA established the SURE Trust Fund to help deploy a two-pronged strategy to assist Ukraine deal with the impact of the ongoing conflict. In the immediate term, MIGA will provide guarantees to finance trade and essential goods, maintain credit and liquidity for small businesses. In the longer-term, MIGA will also provide political risk insurance for real sector projects at scale. The Fund aims to meet current and anticipated needs, with a commitment to supporting post-war reconstruction.
“Norway’s contribution represents a substantial and welcome addition to the SURE Trust Fund for Ukraine. It will allow us to expand the assistance we are already providing to the country,” Hiroshi Matano, Executive Vice President of MIGA, said.
Norway’s support to the SURE Trust Fund is part of the Norwegian multi-year Nansen Support Programme for Ukraine and compliments other funding to Ukraine channelled through the World Bank.
“Mobilizing the private sector will be vital to the recovery and reconstruction of Ukraine. Norway’s support to SURE will enable MIGA to better respond to the large demand for war insurance in the active war phase and reduce the risks for foreign investors to take part in Ukraine’s recovery and reconstruction efforts in the longer term. Norway remains steadfast in our support for Ukraine’ freedom and recovery,” Norway’s Minister of Foreign Affairs Espen Barth Eide said.
The Multilateral Investment Guarantee Agency (MIGA) was created in 1988. It is a member of the World Bank to promote foreign direct investment in emerging economies. MIGA activities has to mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, war and civil disturbance. One of the agency’s main missions is offering credit enhancement to private investors and lenders. Since its creation, MIGA has issued over USD 76 billion in guarantees across 123 developing countries. The funds were used to support more than 1,000 projects.