Wartime Investment Insurance: The Council is recommended to support the bill
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The draft law on insurance of investments in Ukraine against military risks was passed by the specialized committee – deputies are recommended to support it as a basis.
This was announced by the chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Danylo Hetmantsevauthor of the draft law, deputy chairman of the Verkhovna Rada Committee on Economic Development Dmytro Kysilevskyi.
It is about draft law No. 9015, which will allow the Export Credit Agency to insure investments in Ukraine against war risks.
The document was developed to create conditions for the scaling of investments in Ukraine during the war and post-war reconstruction, and should also eliminate the gaps that limit the possibility of investment insurance by the ECA in favor of Ukrainian companies.
As Kisylevsky noted, the government has been in dialogue for several months with the Miga agency, which is a division of the World Bank, and DFC – the US Federal Development Agency. Although these structures provide insurance against war risks of investments worldwide, their policy provides for the insurance of foreign investments in Ukraine only.
“Domestic companies do not have access to such an instrument. Adoption of the law will create legal grounds for the Export Credit Agency to insure investments against military risks of Ukrainian companies in Ukraine,” explained the People’s Deputy.
According to Kisylevsky, according to the international experience of insurance of military risks, such a policy should cost a business an average of 1-3% of the volume of investments. Policyholders can usually count on compensation for up to 90% of war-related project losses.
Hetmantsev notes that the adoption of the draft law will contribute to the support of economic activity in Ukraine and the strengthening of the industrial, in particular – the defense-industrial sector, as well as the creation of new jobs and the filling of budgets at all levels with funds from tax payments.
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