Ministry of Economy of Ukraine
Political risk insurance is a priority tool for attracting investments – Oleksandr Hryban
06.02.2023 | 10:51 | Section for Public and Mass Media RelationsThe Multilateral Investment Guarantee Agency (MIGA) held a capacity building seminar specifically for the team of the Advantage Ukraine investment platform which is involved by the Ministry of Economy in the process of preliminary assessment of projects and the preparation of applications for war risk insurance. The platform has already received more than 500 requests from potential investors and project initiators, including regarding risk guarantees.
“We observe an extremely high demand for the use of such a tool as political risk insurance both from potential foreign investors and domestic investors. It is this tool that opens up opportunities to attract funds which are so necessary for the recovery of the economy. After all, the guarantee of risk coverage will encourage businesses not to wait for the end of the war and to invest in Ukraine now,” emphasized Deputy Minister of Economy of Ukraine Oleksandr Hryban during the seminar of the World Bank MIGA.
“Involvement of a Ukrainian team of professionals in processing requests for political risk insurance will simplify and speed up the review by MIGA because the projects prepared with the best quality will be pre-selected. In addition, with the support of the USAID Competitive Economy of Ukraine Program, Advantage Ukraine experts will also provide consultations to companies on the preparation of projects in accordance with the criteria of the international agency,” added the Deputy Minister.
The Deputy Minister also reminded that the first meeting of the Ukraine Multi-agency Donor Coordination Platform was held on 26 January, where, among other things, further cooperation with MIGA and filling of the specialized trust fund by donors for risk reinsurance was discussed.
During the meeting, it was emphasized that it was important to launch the first pilot projects with MIGA, which will serve as an example for other investors, and it was also agreed to develop a roadmap regarding the requirements and selection of investment projects.
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