From mid-May, the Austrian Ministry of Finance and the Austrian export credit agency OeKB (Oesterreichische Kontrollbank Aktiengesellschaft) will start accepting applications for export and investment insurance in Ukraine at the expense of a special fund for Ukraine created by the Ministry of Finance in OeKB through the budget law.
According to the Austrian agency’s press release, it is expected that EUR500 million will be allocated to cover operations in Ukraine over the next five years, and the attraction of funds from international financial institutions could make it possible to receive up to EUR1 billion.
“Approximately EUR100 million per year is earmarked for new business. This will also open up opportunities for Austrian exporters in the process of Ukraine’s recovery,” the Ministry of Finance said in a release.
It is indicated that as part of the existing and proven export promotion procedure, the Ministry of Finance is already facilitating export transactions worth EUR 3-5 million in Ukraine with payment terms of up to three years through OeKB.
It is noted that since funds are limited and the goal is to achieve a wide diversification of risks, in particular in the supported sectors, small and medium-sized public sector transactions based on a state guarantee will be possible at the first stage.
“This will allow us to make vital investments for Ukraine. These include the supply of drinking water and heat, the provision and rehabilitation of the transport sector with roads, bridges and rail infrastructure, as well as supply agreements and investments such as joint repair shops for buses, trams and trains,” commented Finance Minister Magnus Brunner.
