The European Commission is working to launch a pilot facility to counter-guarantee Export Credit Agencies so that they can continue on-cover for exports of the EU companies to Ukraine, as well as on solving the problem of war risk insurance, European Commission Vice President Valdis Dombrovskis said in the European Parliament on Tuesday at the debate about Ukraine.

"The lack of war insurance in most EU Member States is seen as one of the barriers to engaging private business in Ukraine's reconstruction," he said.

According to Dombrovskis, the European Commission is currently in talks with several partners, including the UK and the European Bank for Reconstruction and Development (EBRD), about a potential scheme to incentivise the insurance industry to launch war insurance policies for Ukraine.

In addition, the European Commission is discussing with the World Bank the possibility of providing a loan of EUR 40 million under European guarantees for micro-, small- and medium-sized enterprises in Ukraine, Dombrovskis said, stressing the importance of restoring the private sector in Ukraine.

Swedish Minister for EU Affairs Jessika Roswall during the debate expressed confidence that the third meeting of the Steering Committee of the Multi-agency Donor Coordination Platform held on May 26 confirmed the platform's vital role as a catalyst for mobilising international commitments to respond to Ukraine's priority needs in 2023.

According to her, the next Steering Committee meeting will take place in person in the margins of the Ukraine Recovery Conference 2023 in London on June 21-22.