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Ukraine and MIGA implementing $30 mln pilot project of war insurance – Economy Ministry
KYIV. Sept 16 (Interfax-Ukraine) – Ukraine has agreed with the Multilateral Investment Guarantee Agency (MIGA) to launch a mechanism for insuring investments during hostilities: a $30 million pilot project will be launched in the near future, Deputy Economy Minister Oleksandr Hryban said.
"MIGA, owned by the World Bank Group, is ready to offer a $30 million pilot project for Ukraine. This amount has already been allocated, and they are ready to cooperate with us even today," he said.
According to him, to begin with, one investment project will be taken, on which all the nuances of providing guarantees to foreign investors will be worked out.
He clarified that MIGA already has such a tool as Political Risk Insurance, and within its framework there is War Risk Insurance.
"The positive thing is that their insurance products are suitable for Ukraine, that is, it will not be necessary to invent something new from scratch," he said.
The deputy minister added that next year the amounts for coverage will be increased. It is assumed that after the completion of the structuring of the World Bank trust fund, which is planned to attract $17 billion to restore Ukraine and stimulate economic development, part of this amount will be directed specifically to insuring the risks of investors.
"Now we will start with $30 million, and the amount of allocated funds for the next year will depend on how we implement this pilot project. I think that the amount can be increased to about $1 billion in 2023 or even more if such an instrument is in demand among investors, while the amount of insurance coverage will be at least 90% of the investment amount," Hryban said.
