Brussels – Investing in Ukraine, more and better: The European Union is extending its strategic investment program investEU to the accession candidate country, through an agreement with the European Investment Bank (EIB) and the European Investment Fund (EIF) to support European small and medium-sized enterprises exporting goods and services to Ukraine. A €300 million credit guarantee facility is available for SMEs.
The initiative, signed on the sidelines of the ECOFIN Council proceedings, aims to revitalize the warring country’s economy and trade. Through the reduction of financial risks, it is intended to encourage European companies to do business with the partner country. Today’s agreement, stressed Economy Commissioner Paolo Gentiloni, “is good news for Ukraine at this critical moment and a vote of confidence on its path to EU membership.” With the extension of InvestEU, he stressed, “We reaffirm our strong support for Ukraine’s economic recovery and reconstruction.” Therefore, a political as well as economic decision.
Nadia Calviño, President of the EIB, is also pleased. This agreement will be of practical use to the extent that, she explains, “it will provide essential services and goods in support of resilience and reconstruction, such as materials, machinery, technologies and vehicles,” to the country system Thus, the most urgent need is being met, and it is also this element that makes the agreement “an important step” in respect of Kyiv.
The policy decision will become operational in the coming weeks when the European Investment Fund will open the application for expressions of interest. That’s when it will start offering guarantees to export credit agencies in the EU and beyond. The program is also open to Norway and Iceland, members of the European Economic Area.
English version by the Translation Service of Withub
