Norway announces NOK 300 million for war risk insurance to support reconstruction of Ukraine
Press release | Date: 22/06/2023 | Ministry of Foreign Affairs
Minister of Foreign Affairs Anniken Huitfeldt is taking part in the Ukraine Recovery Conference (URC 2023) in London on 21–22 June. The purpose of the conference is to mobilise international support for Ukraine’s economic and social stabilisation and reconstruction, including through financing private sector participation. Norway announced at the conference that it will provide NOK 300 million to fund war risk insurance and guarantee schemes for the private sector.
‘Mobilisation of the private sector will be vital to the recovery and reconstruction of Ukraine. The international community must take steps to introduce de-risking measures in order to promote foreign investment in Ukraine, and Norway will do its part. In the active war phase, war risk insurance – or guarantees against political risk – will be essential to succeed in attracting international investors to Ukraine. We have not yet decided which schemes are most relevant for Norway to support, but both the World Bank Multilateral Investment Guarantee Agency and the European Bank for Reconstruction and Development are appropriate channels,’ said Minister of Foreign Affairs Anniken Huitfeldt.
At the conference, Norway gave its support to the UK’s joint statement regarding collaboration on strengthening the commercial insurance markets to support Ukraine’s fight for freedom and the reconstruction of the country.
‘Ukraine has now been at war for 16 months, and even though many of the critical government services are functioning remarkably well despite the very difficult circumstances, the country needs support maintain essential services, repair damaged infrastructure and embark on reconstruction. This conference has provided us with a unique opportunity to discuss the best way for authorities and businesses across national borders to contribute most effectively. The Norwegian authorities and the Norwegian business sector stand united in supporting Ukraine,’ said Ms Huitfeldt.