The Swedish government is proposing to allocate SEK333 million (about $30 million at the current exchange rate) for special export credit guarantees for companies trading with Ukraine, the Ministry of Economy announced on Tuesday.
According to the release, Swedish officials have included the relevant initiative in the draft budget for 2024, and the document is awaiting approval.
“The fact that Sweden will insure against risks in Ukraine starting next year is an important signal. This means that the investment insurance market in our country, despite all the security challenges, is starting to work. We are very grateful to the Swedish government and hope that this decision will be supported by the Riksdag,” First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko said.
The ministry clarified that the guarantees will be covered by the Swedish Export Credit Agency. They will apply to exports by Swedish companies of goods that can be classified as development assistance and will be applied to transactions for up to three years, but no later than the end of 2026.
The Ministry of Economy reminded that earlier, the export credit agencies of Germany, France, Italy, the United Kingdom, and Japan had already confirmed their participation in political risk insurance for their companies’ operations in Ukraine. The Polish state-owned Export Credit Insurance Corporation (KUKE) is also ready to insure Ukrainian and international investors.
