Govt amends ECA charter to insure investments against war risks
The government has taken another step towards launching insurance for Ukrainian enterprises against military risks by making corresponding amendments to the charter of the Export Credit Agency (ECA).
"Changes have been made to the charter of the Export Credit Agency. This is the second of two subordinate government regulations without which this mechanism will not work. Earlier, the Cabinet of Ministers of Ukraine approved a list of military and political risks and the procedure for ECA insurance," said Deputy Chairman of the Parliamentary Committee on Economic Development Dmytro Kysylevsky, as quoted on the website of the Verkhovna Rada.
He also emphasized that the government has completed its part of the work, and now it is up to the ECA, which shall register a new charter with changes, approve tariffs, a model contract, and a new product – insurance policy against military risks. According to the plan, this will take several weeks. If nothing interferes, ECA will start offering this service to Ukrainian enterprises already in the second half of May.
According to Kysylevsky, the existing capital of ECA will be sufficient for a small number of such insurance policies. Therefore, the question of increasing the charter capital is quite acute.
The introduction of the mechanism for insuring investments against military risks is an important component of the state economic policy "Made in Ukraine" and is provided for in the plan for the development of the processing industry, said Kysylevsky.