Taiwan joins EBRD insurance initiative to support Ukraine’s recovery

Taiwan’s Ministry of Foreign Affairs (MOFA) reported which has joined a project led by the European Bank for Reconstruction and Development (EBRD) to relaunch the private insurance market in Ukraine.

The FTaiwanBusiness-EBRD Technical Cooperation FundNorway, Switzerland, Ukraine, the European Commission and the EBRD signed a declaration of intent to create a Ukrainian Recovery Guarantee Facility tasked with facilitating private sector insurance provision for war-related risks.

They will also explore the possibility of harnessing donor support to re-engage Ukraine’s domestic insurance and reinsurance industries, as well as their global counterparts, in this market, the bank added.

According to MOFA, the signatories agreed that the Russian invasion had disrupted the Ukrainian economy and adversely affected the country’s business operations and investment opportunities.

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Making insurance available to private investors is key to ensuring wartime resilience and post-reconstruction success, MOFA added.

Taiwan joined the EBRD’s assistance programs just after the outbreak of the Russia-Ukraine war, and its participation in the latter project demonstrates its continuous and unremitting efforts to support Ukraine, the MOFA stated, adding that as a member of the democratic community and a force for good in the world, the Government will continue to work with like-minded partners and international organizations to safeguard regional and global peace and stability.

Created in 1991, the EBRD takes its mission of promoting the transition towards market-oriented economies and promoting private and business initiatives very seriously, investing to date more than 180,000 million euros in more than 6,500 projects on three continents. Taiwan has participated in multiple co-financing initiatives and more than 400 bank technical cooperation projects, MOFA said.