The UK has signed a statement of intent on a European Bank for Reconstruction and Development war-risk insurance scheme for Ukraine. The aim is that the EBRD’s effort, along with complementary backing by other international financial institutions, will help UK companies to do business in Ukraine and support its reconstruction.

Ukraine is facing a major challenge to rebuild following Russia’s invasion, with the World Bank estimating it will cost in the region of US$411bn. Private sector companies, including architects, engineers, and construction companies, are likely to be involved in rebuilding projects but many currently struggle to get the insurance they need to be able to operate in the country.

Speaking ahead of yesterday’s signing, Business and Trade Minister The Earl of Minto, said: “UK businesses have the expertise and desire to help Ukraine rebuild. But too often a lack of insurance prevents our world-class architects, engineers or lawyers, from doing that, and hinders Ukraine’s recovery.

“We are committed to breaking down the barriers that get in the way of UK companies offering their expertise. Today’s signing is another step forward in our ongoing support for Ukraine on this issue.”

The EBRD’s scheme development aims to provide new support for boosting the provision of insurance against war-related risks in Ukraine. It is intended to kick-start insurance, firstly for the transport of cargo vital via trucks to keeping trade flowing, with a view to expanding it to cover more sectors as the scheme matures.

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