The European Investment Fund (EIF) and the Danish Export Credit Agency EIFO have signed the first agreement under the European Union’s export credit guarantee program for Ukraine. This initiative aims to support European companies working with Ukraine and to strengthen Ukraine’s economic integration with the EU.
The signed guarantee — the first of 13 similar agreements being prepared in EU member states — provides financing of up to €20 million for export credit operations, enabling about 40 Danish companies to strengthen their presence in the Ukrainian market.
The EIF guarantee mechanism is implemented within the innovative “export credits” program supported by the InvestEU initiative of the European Commission.
“This export credit agreement — the first of thirteen — underscores the European Union’s commitment to a strong Ukraine within the European family. Securing trade links between the EU and Ukraine is a key factor in supporting the Ukrainian economy and deepening bilateral relations on Ukraine’s path towards future EU accession,” commented Nadia Calviño, President of the EIB Group.
“In 2024, according to Eurostat, exports from the EU to Ukraine amounted to €42.8 billion — 9.4% more than in 2023. This indicates that Ukraine remains a stable and important market for European goods, ranging from machinery and transport to pharmaceuticals and clean technologies. The export credit guarantee mechanism, implemented by the European Investment Bank Group and the European Commission, helps reduce risks for European companies. Through national export credit agencies, this instrument gives businesses confidence to work with Ukrainian partners and develop trade. This initiative supports Ukraine’s economy and facilitates our gradual integration into the EU single market. We appreciate this support and consider it an important contribution to recovery and development,” said Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.
“I welcome the signing of the first €20 million agreement under the export credit guarantee mechanism for Ukraine — between the Danish Export-Import Fund and the European Investment Fund. Supported by the EU budget, this mechanism helps European businesses maintain and expand trade links with Ukraine. It is an important step forward toward deeper integration of the EU and Ukrainian economies — a key element of Ukraine’s EU accession process. We expect other member states to take advantage of this mechanism and contribute to the success of this important initiative,” stated Valdis Dombrovskis, European Commissioner for Economy, Productivity, Implementation, and Simplification.
This first agreement with EIFO launches a series of approximately 13 similar agreements across EU member states. Overall, the export credit program, which provides about €300 million in guarantees to support European small and medium-sized enterprises (SMEs) and mid-cap companies from the EU, received an application volume significantly exceeding the available funding just weeks after its launch in July 2024. This demonstrates high interest from European businesses.
“Ukraine’s fight for freedom is also our fight for freedom. Ukraine’s future lies in the West. Even closer economic integration is a powerful step in the right direction. Danish businesses have repeatedly demonstrated their leading role in Ukraine’s reconstruction process. This initiative paves the way for even deeper cooperation between Danish and Ukrainian companies. It provides real support to Danish companies wishing to work in Ukraine, while also extending a helping hand to their Ukrainian partners. This is an important contribution to shaping Ukraine’s future,” said Morten Bødskov, Denmark’s Minister for Industry, Business, and Financial Affairs.
Background
The European Investment Fund (EIF) is part of the European Investment Bank (EIB) Group. It supports small and medium-sized enterprises (SMEs) in EU countries by providing access to finance through a wide network of authorized financial intermediaries. EIF develops and implements equity and debt financing instruments that promote entrepreneurship, innovation, green and digital transitions, and job creation.
The InvestEU program provides long-term EU financing by mobilizing public and private investments. The program unifies EU financial instruments into a single architecture, simplifying access to financing and increasing its effectiveness. It consists of three components:
- The InvestEU Fund (EU budget guarantee — €26.2 billion);
- InvestEU Advisory Hub;
- InvestEU Portal.
Its overall goal is to mobilize over €372 billion in investments between 2021 and 2027.
EIFO is Denmark’s national development bank and export credit agency. It operates in over 100 countries, with transactions exceeding €20 billion. EIFO offers financial solutions to support Danish companies, promotes the green transition, and invests in technology and Denmark’s defense industry. The agency actively cooperates with partners worldwide, including in Ukraine.
