On the occasion of the Ukraine Recovery Conference taking place in Berlin, and at Germany's initiative, leading export credit agencies and investment insurers signed a Memorandum of Understanding on Cooperation for the support of Ukraine.
June 12, 2024

Germany signs agreement to strengthen Ukraine's economy

Press release BMWK

On the occasion of the Ukraine Recovery Conference taking place in Berlin, and at Germany's initiative, leading export credit agencies and investment insurers signed a Memorandum of Understanding on Cooperation for the support of Ukraine.

Federal Minister for Economic Affairs Habeck: “Germany is a pioneer in covering commercial and political risks for German exporters and investors in Ukraine. However, it is important to coordinate the commitment internationally. At URC 2024, we have therefore reached an agreement between 13 export credit agencies and investment insurers from various countries to establish a dialogue format and a culture of risk sharing. This will improve the respective countries' foreign trade and investment promotion instruments. It is a strong, united commitment to solidarity and economic cooperation with Ukraine that helps to mobilize private capital and leverage the potential of Ukraine's economy.”

The Memorandum aims to intensify bilateral trade and German investment in Ukraine and thereby support Ukraine's reconstruction. Ukraine is to be promoted internationally as an attractive trade and investment partner. Through the Memorandum, the signatories underscore their ambition to pioneer the economic, social, infrastructural, and ecological reconstruction of Ukraine.

The first signatories are Atradius Dutch State Business (Netherlands), EDC (Canada), EGAP (Czech Republic), EKN (Sweden), Euler Hermes (Germany), EIFO (Denmark), Finnvera (Finland), KUKE (Poland), PricewaterhouseCoopers (Germany), NEXI (Japan), SACE (Italy), UKEF (UK) and US-EXIM (USA).

The Signatories have agreed to continue their support for Ukraine through joint cooperation and to establish a format for exchanging experiences."

The Memorandum's operational focus is on facilitating contact between experts and practitioners from the respective institutions. The aim is to exploit existing flexibilities in cover policy, optimize funding instruments based on best-practice solutions, and share risks among the participants of the Memorandum. They expect the funding instruments to be substantially strengthened for the benefit of Ukraine.

The first signatories call for more countries to join the support network for Ukraine in the future. The aim is to gain a broad and strong coalition of financial institutions for Ukraine.

Ukraine Recovery Conference - Signing Memorandum of Understanding - Leading Export Credit Agencies

Ukraine Recovery Conference - Unterzeichnung des Memorandum of Understanding

Ukraine Recovery Conference - Leading Export Credit Agencies

Ukraine Recovery Conference - Gruppenbild führender Exportkredit-Agenturen

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