The Ministry of Economy, together with international partners, has agreed to start the creation of the Ukraine Recovery Guarantee Facility, which will help provide war risk insurance to the private sector. The program will initially focus on the insurance of trade operations, but will later extend to investment insurance.

This was stated in a multilateral letter of intent signed by First Deputy Prime Minister – 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 recovery 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 engage investors in the reconstruction now and ensure the country's long-term recovery,” said Yuliia Svyrydenko.

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

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