Poland intends to launch an investment fund for the development of Polish and Ukrainian entrepreneurs in Ukraine with the possibility of insuring investments, Government Plenipotentiary for Polish-Ukrainian Development Cooperation Jadwiga Emilewicz said at a recent meeting with entrepreneurs at the Kyiv office of the Polish Investment and Trade Agency.

"By the end of the year, together with the Polish Development Fund, we are preparing to launch an investment fund that will finance the development of small- and medium-sized Ukrainian and Polish companies in Ukraine," Emilewicz said.

According to her, for the implementation of this and other projects, the Polish Ministry of Finance agreed on an increase in government funding for cooperation programs with Ukraine from 2024, but she did not provide details.

She said that investment insurance will be provided by the Polish export credit agency (KUKE), which, after changes in legislation, has expanded its scope of activity and since September has been insuring and reinsuring investment and export contracts not only of Polish, but also international companies, including Ukrainian ones.

"KUKE is the only insurer in the world that takes on the risks associated with payment for delivered products and their transportation to customers in Ukraine. Now, KUKE is implementing the first contract in the interests of a company outside Poland – this is insurance against the risks of a German company that invests in Ukraine," Emilewicz said.

She named the opening of an office of the United Nations Office for Project Services (UNOPS) in Poland as another opportunity to attract investment in the reconstruction of Ukraine; a corresponding agreement was signed with the UN in September.

"The UNOPS office will work closer to the borders of Ukraine, and this will allow us to receive more international funding for the implementation of restoration projects. We are organizing trainings for Polish entrepreneurs to prepare for UNOPS tenders, and Ukrainian businessmen will soon receive this opportunity," the government representative said, explaining the new opportunities authorized.

She recalled that UNOPS implements projects of the UN system, international financial institutions and governments in the areas of infrastructure, procurement, project management, financial management and human resources.

The Polish Development Fund unites six government agencies that provide financing, insurance, and support for the activities of Polish enterprises on the domestic and international markets. The total amount of financing for the development of Polish enterprises is PLN 21.6 billion (about $5.2 billion at the current exchange rate). Part of the fund is the Polish Investment and Trade Agency, which represents the interests of Polish businesses in 70 regions. Since the full-scale invasion, a representative office of Diia.Business and a co-working space for Ukrainian entrepreneurs have been opened at the agency's central office in Warsaw.