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Adopted law on investment insurance against war and political risks will help attract domestic investors and support Ukraine’s economy, - Yuliia Svyrydenko

The Verkhovna Rada has adopted in full the draft law No. 9015 on insurance of investments in Ukraine against war risks. This will allow the Export Credit Agency (ECA) to insure and reinsure investments of both international and Ukrainian companies even before the end of martial law. Ukrainian export-oriented business will be able to use war risk insurance instruments.

“One of the obstacles to attracting private investment into the Ukrainian economy during the war is the lack of effective war risk insurance mechanisms. And without attracting private capital, a full-scale post-war reconstruction of Ukraine is impossible,” Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine, explained.

Today, various types of war risk insurance are offered to international private investors by national export credit agencies of these countries. Individual war risk insurance is also offered by specialised organisations such as the U.S. International Development Finance Corporation (DFC), which is ready to insure Ukrainian investments, or the Multilateral Investment Guarantee Agency (MIGA), a division of the World Bank Group. In addition, the Government expects the European Bank for Reconstruction and Development to set up a property risk insurance fund.

At the same time, the domestic ECA has been legally deprived of the ability to provide domestic investment insurance services. According to the State Statistics Service of Ukraine, 69% of all capital investments in 2021 were made at the expense of enterprises’ and organisations’ own funds.

“The law adopted by the Verkhovna Rada actually restores justice. It aims to extend the ECA’s ability to insure investments in Ukraine (both foreign and domestic), including against war risks. From now on, Ukrainian domestic investors will also be able to use the national mechanism for insuring non-property war and political risks. I am sure that this will help attract domestic investment, support the Ukrainian economy, stimulate the recovery of industrial production and create new jobs,” Yuliia Svyrydenko said.

It is important to note that this legislation does not change the purpose of the Ukrainian Export Credit Agency (ECA), which is to promote the export of goods, works and services of Ukrainian origin to global markets. It is therefore about insuring investments in export-oriented companies.

The Ministry of Economy expects the initiative to stimulate investment lending during the war. In fact, the National Bank has already included ECA insurance in the list of acceptable loan collateral. To this end, the Ministry plans to increase the financial capacity of the ECA.


PJSC Export Credit Agency was established in 2018. The sole founder and shareholder of the ECA is the state, represented by the Cabinet of Ministers of Ukraine. The corporate rights of the state in the authorised capital of the ECA are managed by the Cabinet of Ministers of Ukraine through its authorised management body – the Ministry of Economy of Ukraine.

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