The Export Credit Agency (ECA) received its first application for insurance of investments of a Ukrainian company against war risks and is now actively processing it. This was announced by the chairman of the EKA board, Ruslan Hashev.
"This year's key innovation was the initiative on insurance against military and political risks. We have already introduced these products and are offering them to potential customers. We even have the first application for investment insurance from a Ukrainian company, which we are currently actively processing," Hashev noted.
According to him, the agency also received several other similar applications.
"We are ready to cooperate with both Ukrainian and foreign investors within the framework of this program. We are already providing consultations on these products. We see certain aspects that require attention for successful implementation, and we are preparing proposals for amendments to regulatory documents to facilitate access for Ukrainian investors, foreign investors and Ukrainian banks that provide financing for investment projects in connection with the risks of war," he added. .
Hashev also explained that among the military risks, such examples as an attack by drones or missiles on an enterprise can be highlighted, which can lead to damage to production equipment and temporary stoppage of operations. He also pointed to political risks that could include revoking the company's licenses, which could lead to its shutdown.
EKA, founded in 2018, aims to protect Ukrainian exporters from the risks of insolvency and financial losses. The Agency is a state enterprise, the founder and shareholder of which is the Cabinet of Ministers of Ukraine.
The government approved the list of military and political risks, as well as the conditions and procedure for insurance of these risks by the EKA on April 9, 2024.
