The Swedish Export Credit Agency (EKN) has started accepting applications for special credit guarantees for exports to Ukraine since March 1. The total limit of guarantees according to the country’s budget for 2024 is SEK333m ($32.1m at the current exchange rate).
According to EKN, this became possible after the Swedish government adopted a relevant decree on February 29.
In addition to the new export credit guarantees, the government also decided to open a trade secretary’s office in Kiev and appoint a new trade secretary, the press release said.
“The export credit guarantees and the opening of a new trade office in Kiev will make it easier for Swedish companies to invest in Ukraine. It is also a concrete example of how the government is working to increase synergies between aid, trade and business promotion,” the statement quotes the Minister for Development Cooperation and Foreign Trade Johan Forssell as saying.
It is indicated that guarantees will be provided for exports that can contribute to the development and welfare of Ukraine.
Sweden is donating 1.4 billion kronor ($133 million) to Ukraine, which will be used, among other things, to support the population in the winter.
According to the website of the Swedish public broadcaster SVG, the new support package was presented by Prime Minister Ulf Kristersson and Aid Minister Johan Forsell on Monday.
“This is the largest support so far in Sweden’s bilateral assistance to Ukraine,” Kristersson said at a press conference.
Of this package, 900 million kronor will go to the World Bank’s Ukraine Recovery Fund, which supports Ukraine’s energy, housing, healthcare and transportation infrastructure. In addition, money taken from Sweden’s aid budget will be used to purchase heaters and energy equipment. According to Forsell, this was the request made by the Ukrainian side to Sweden.
He also accused Russia of conducting “energy terrorism” against Ukraine. “Russia is deliberately targeting civilian infrastructure to ensure that civilians, who are already under severe pressure, will have an even harder time. With this package, we want to help Ukraine both build new and rebuild what has been destroyed,” Forssell said.
At the same time, Kristersson warned of the consequences if the EU countries fail to agree on an expanded long-term budget at this week’s summit in Brussels. “I still hope that everything will work out. But I want to emphasize that we are not talking about the usual European disagreements that we sometimes have, because then you just have another meeting later, and that would have huge consequences if we don’t agree,” he said.
Sweden will support the Grain from Ukraine initiative to ensure food security by providing an additional SEK 100 million (approximately $9.6 million) through the UN World Food Program (WFP), Swedish Prime Minister Ulf Kristersson said in a live webcast of the initiative’s summit in Kyiv on November 25.
For his part, Swiss President Alain Berset, who attended the summit, announced that Switzerland would contribute to the relief effort by providing CHF 3 million (about $3.4 million) to the World Food Program.
“As a result of Russia’s military aggression, agricultural production in Ukraine has fallen by 45%; about 11 million people in the country are dependent on food aid,” the Swiss Embassy in Ukraine said in a Facebook post.
“It is admirable how Ukraine is defending its country against Russia’s ongoing aggression and at the same time contributing to the global food supply. We support Ukraine’s efforts to export grain and other agricultural products to world markets and to the most vulnerable countries,” the Swedish government’s website quoted the Prime Minister as saying.
It is specified that since Russia’s full-scale invasion of Ukraine in February 2022, Sweden has allocated more than SEK 28 billion for various efforts to support Ukraine.
Lithuanian Prime Minister Ingrida Šimonite announced an additional EUR 2 million at the summit. Another EUR 3 million was provided by Finland.
Following the summit, President of Ukraine Volodymyr Zelenskyy said that last year, the Grain from Ukraine program managed to attract about $180 million, while this year it has raised more than $100 million.
“This is support for other countries and support for Ukrainian exports and farmers. This is very important. I think we will be able to double this figure,” the President of Ukraine said.
The Stockholm Environment Institute (SEI) is launching a project to develop a roadmap for Ukraine to achieve climate neutrality by 2050, said Bernardas Padegimas, head of the institute’s environmental policy and strategy team.
“We will start actively working on the project, discussing it at different levels. The goal is to help Ukraine achieve climate neutrality through a green transition and recovery,” Padegimas said at the United for Justice United for Nature high-level international conference in Kyiv.
According to him, the project is funded by the Swedish government.
According to his presentation, the roadmap, in particular, should be developed by June 2025.
According to Padegimas, the roadmap will be followed by “the development of a number of specific projects with the participation of specific donors,” and this process is scheduled to be completed in March 2026.
Padegimas noted that the development of a roadmap for Ukraine will be based on the principles of green transition adopted in Europe, and it will contain Ukraine’s goals and mechanisms for achieving them in the short, medium, and long term.
He added that many experts will be involved in the development of the map, particularly in the area of “green” development.
As reported, the head of the Presidential Office, Andriy Yermak, speaking at the international conference “United for justice. United for nature”, said that Ukraine’s plan to restore the environment affected by Russia’s full-scale aggression should be reflected in a resolution of the UN General Assembly.
At the same conference, the Minister of Environmental Protection and Natural Resources Ruslan Strilets noted that law enforcement agencies are investigating more than 2,500 crimes against the environment as a result of Russia’s military aggression, with total environmental damage amounting to EUR 55 billion.
Sweden will provide Ukraine with a new military aid package worth 2.2 billion kronor (approximately $199 million), which will consist mainly of ammunition and spare parts for previously transferred systems, Reuters reports, citing a statement by Swedish Defense Minister Paul Johnson.
In addition, according to the minister, the Swedish government has instructed the armed forces to analyze whether Sweden will be able to transfer Jas Gripen fighters to Ukraine.
It is noted that the new aid package will be the 14th since the beginning of Russia’s full-scale invasion of Ukraine, with the total amount of aid from Sweden amounting to more than 22 billion kronor (about $2 billion).
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.
