KUKE becomes a party to the agreement on guarantee mechanisms to strengthen the Ukrainian economy
Leading export credit agencies and investment insurers signed a Memorandum of Understanding on Cooperation to support Ukraine at the Ukraine Recovery Conference held in Berlin. The Memorandum aims to prepare the ground for trade and investment in Ukraine to advance Ukraine's reconstruction. Ukraine is promoted as an attractive trade and investment partner. In signing the memorandum, the signatories underline their ambition to pioneer Ukraine's economic, social, infrastructural, and ecological reconstruction.
In addition to KUKE, representatives of the following entities signed the memorandum: Atradius Dutch State Business (Netherlands), EDC (Canada), EGAP (Czech Republic), EKN (Sweden), Euler Hermes (Germany), EIFO (Denmark), Finnvera (Finland), PricewaterhouseCoopers (Germany), NEXI (Japan), SACE (Italy), UKEF (UK) and USEXIM (USA). They agree to continue supporting Ukraine in cooperation and to establish an exchange format for sharing experiences.
"We demonstrate our will to support Ukraine more actively in its efforts to rebuild and modernize the economy. Since the beginning of the war, we have advocated the creation of international guarantee mechanisms to enhance safe investments and trade with Ukraine. At KUKE, we have created a comprehensive support program for Polish companies that supply Ukrainian market, invest there or want to rebuild the country. Since the outbreak of the war, we have covered Polish exports worth nearly USD 1 billion realising only marginal loss ratio. Hence we are in a position to share our experience and provide know-how for other parties to increase safely its trade, investments and partnerships with Ukrainian businesses."
To develop practical solutions to address the challenges of applying export and investment promotion in Ukraine, the operational focus of the memorandum centers on contact between experts and practitioners from the respective institutions. The participants expect the joint commitment to use existing flexibilities in the cover policy, the possible optimization of support instruments based on an exchange of best practices, and the proactive use of risk-sharing opportunities between the participants of the memorandum to substantially strengthen the support instruments to the benefit of Ukraine.
The initial signatories call on other countries to join the network to support Ukraine in the future. The aim is to build a broad and strong coalition of financial institutions for Ukraine.