UK paves way for war risk insurance scheme to help UK firms rebuild Ukraine
UK companies wanting to help rebuild Ukraine are set to benefit from a war-risk insurance scheme to help secure reconstruction efforts.
Ministers signed a statement of intent with the European Bank of Reconstruction and Development (EBRD) in a bid to remove barriers to firms trading and investing in Ukraine.
It comes after Prime Minister Rishi Sunak hosted the Ukraine Recovery Conference earlier this year, which launched the London Conference Framework to address this issue.
“UK businesses have the expertise and desire to help Ukraine rebuild,” said trade minister and Earl of Minto, Timothy Minto, who will sign the pledge with EBRD President Odile Renaud-Basso.
“We are committed to breaking down barriers that get in the way of UK companies offering their expertise. Today’s signing is another step forward in our ongoing support on this issue.”
World Bank experts have estimated a cost of $411bn to rebuild the eastern European nation following Russian President Vladimir Putin’s illegal invasion.
Alongside this, the UK government has said the lack of available insurance is currently a major barrier to securing private sector investment, including architects, engineering and construction.
The EBRD scheme will receive backing from international financial institutions and is set to support war-risk insurance across sectors, initially the provision of cargo transport trucks.
President Renaud-Basso said: “We are very grateful for the UK’s interest in facilitating the provision of insurance against war-related risks in Ukraine.
“Relying on traditional risk-transfer mechanisms, the EBRD and its partners seek to build a sustainable solution, bring relief to the domestic economy and protect trade activities.”