The U.S. International Development Finance Corporation (DFC) will send a special representative to Ukraine to speed up the process of obtaining insurance for investors. This was discussed during a meeting between Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, and Scott Nathan, CEO of the U.S. International Development Finance Corporation (DFC).
“One of the main tasks of the Government this year and next year is to support private sector investment. Therefore, we encourage strategic investors to apply for insurance either through the Ministry, directly to DFC, or through the future special representative. The instrument of investment insurance in Ukraine is already available and DFC plans to intensify its work in this area,” said Yuliia Svyrydenko at a press briefing with Scott Nathan, answering questions from The Wall Street Journal.
Currently, DFC is interested in financing and insurance in key sectors of the economy, including energy projects. The U.S. corporation already has experience in supporting similar projects in other countries, so it is ready to help implement such projects in Ukraine.
In total, DFC has already supported a number of projects in Ukraine worth USD 400 million. In particular, USD 250 million has been allocated to support the efforts of Ukrainian poultry and grain producers to mitigate the effects of russia’s war against Ukraine.
The DFC also announced two separate agreements totalling USD 60 million with Ukrainian banks to mobilise capital to provide sustainable support to small and medium-sized businesses by facilitating their access to finance in Ukraine.
The fourth project is a USD 50 million guarantee provided for the International Finance Corporation’s (IFC) Global Trade Finance Program, which has increased access to international trade finance for Ukrainian banks.
DFC has also announced that it is providing USD 25 million of political risk insurance to the Superhumans Center, a non-profit centre that provides prosthetics and rehabilitation to people wounded in the war in Ukraine.
“By the end of the year, DFC promises to begin funding several other important projects. The corporation also plans to send a special representative to Ukraine to speed up and facilitate the insurance and financing of investment projects. The representative will advise both Ukrainian and international companies on cooperation with DFC. We hope that the corporation’s intention to mobilise USD 1 billion of investment in Ukraine will soon lead to the implementation of new projects, including those involving state companies,” concluded Yuliia Svyrydenko.
