Zelensky signs bill on investment insurance against war risks
Kyiv • UNN
President of Ukraine Zelenskyy signs a bill on insuring investments against war risks through the Export Credit Agency, aimed at attracting investment and stimulating economic recovery
President of Ukraine Volodymyr Zelenskyy has signed Bill No. 9015 on insuring investments in Ukraine against military risks at the expense of the Export Credit Agency (ECA), according to the parliament's website, UNN reports.
Details
"21.12.2023 - returned with the signature of the President of Ukraine," the document's status report reads.
As reported by the Ministry of Economy, 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 businesses will be able to use war risk insurance instruments.
The Ministry of Economy is confident that this will help attract domestic investment, support Ukraine's economy, stimulate the recovery of industrial production and create new jobs.
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Prior to that, various types of war risk insurance for international private investors were offered by national export credit agencies in different countries. Individual war risk insurance is also offered by specialized organizations, such as the US-based Development Finance Corporation (DFC), which is also ready to insure Ukrainian investments, or the Multilateral Investment Guarantee Agency (MIGA), a division of the World Bank Group. In addition, the government expects to launch a property risk insurance fund from the European Bank for Reconstruction and Development.
At the same time, the domestic ECA was legally deprived of the opportunity to provide domestic investment insurance services.
