Norway announces 22 million USD million for political risk insurance via the World Bank to support reconstruction of Ukraine
News story | Date: 14/10/2023 | Ministry of Foreign Affairs
Minister of International Development Anne Beathe Tvinnereim is taking part in the Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakesh on 11–13 October. Norway announced at the meetings that it will provide 22 million USD (NOK 240 million) to the World Bank’s Multilateral Investment Guarantee Agency (MIGA), which supports private investment in the reconstruction of Ukraine by providing political risk insurance guarantees.
‘The private sector has a vital role to play in the reconstruction of Ukraine. At the same time, it is clear that investing in Ukraine entails a high degree of risk. It is therefore important that we have good mechanisms in place to mitigate the risks, and Norway pledged to support these efforts at the Ukraine Recovery Conference in June this year,’ said Minister of International Development Anne Beathe Tvinnereim.
Norway will provide NOK 240 million in funding via the Support to Ukraine’s Reconstruction and Economy Trust Fund (SURE TF), which is administered by MIGA. The funding from Norway will be used to maintain economic activity in Ukraine by providing guarantees to enable international banks to continue their lending activities. The funding will also directly help to attract foreign investment for the reconstruction of Ukraine.
‘Ukraine will need our help for a long time to come. Funding will be needed to support both the public and private sectors and civil society. Norway’s support for MIGA’s guarantee scheme for the private sector will supplement other Norwegian funding for Ukraine that is being channelled via the World Bank,’ said Ms Tvinnereim.