As of today, the law on insurance of investments in Ukraine against military risks has entered into force, the Verkhovna Rada of Ukraine reported, UNN reports.
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"The State Export Credit Agency has been granted the right to insure investments against war risks. Previously, foreign companies in Ukraine could receive such a service through the international financial organizations MIGA and DFC. Ukrainian companies did not have such an opportunity," the statement said.
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On January 1, 2024, the Law "On Amendments to the Law of Ukraine "On Financial Mechanisms for Stimulating Export Activities" regarding the Insurance of Investments in Ukraine against Military Risks" will come into force.
The Export Credit Agency now has the right to insure and reinsure military and political risks of financial losses of Ukrainian and foreign business entities if they are related to investments that will help the processing industry and exports of Ukrainian goods and services to develop.
According to the ECA itself, it will also be possible to insure investment loans of Ukrainian banks aimed at the above purpos.