EXPORT CREDIT FINANCING IN UKRAINE
Ukraine presents a compelling business and investment opportunity, driven by its large-scale reconstruction needs and long-term growth potential. According to the World Bank-led RDNA4, Ukraine’s recovery needs are estimated at $524 billion over the next decade, spanning key sectors such as energy, transport, housing, agriculture, and critical infrastructure.
To foster greater private sector participation in Ukraine’s recovery, members of the Ukraine Donor Coordination Platform and several EU Member States are mobilizing risk mitigation tools through their national Export Credit Agencies (ECAs). These agencies offer a range of instruments, including guarantees, insurance, and in some cases, direct lending. Many ECAs have adapted or introduced new products tailored to Ukraine’s high-risk, high-need context, with a focus on reconstruction-aligned investments.
ABOUT THIS FACTSHEET
This factsheet consolidates responses from 24 ECAs, collected in April 2025 through a structured questionnaire shared via the Donor Coordination Platform, in collaboration with the Kyiv School of Economics. It provides a comparative country-by-country overview across three categories:
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Export Credit Instruments:
An overview of de-risking instruments in the context of trade facilitation. The focus is on buyer’s credit, a scalable mechanism for capital-intensive and infrastructure-linked deals that directly benefit Ukrainian buyers.
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Investment Derisking:
A discussion of instruments that encourage equity and long-term capital flows into Ukraine with a primary focus on investment guarantees covering political and war-related risks.
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Notes:
Insights into additional de-risking measures, participation in multilateral initiatives (e.g., the €300 million EIF/InvestEU export credit pilot), and collaboration with IFIs (EIB, EBRD), DFIs, and donor programs.
ECA Financing for Ukraine: Constraints and Opportunities
ECA financing for Ukraine remains constrained by several structural challenges. Under the OECD Arrangement, Ukraine is classified at the highest risk category, resulting in steep premiums. The framework also requires 15% upfront payments with strict eligibility rules (e.g., 3+ years of audited financials, AML and ESG due diligence) that may deter some buyers. In addition, coverage often remains limited (typically 80–90% of contract value).
Despite these challenges, ECAs have successfully supported flagship transactions, including a £26.3 million UKEF-backed loan for the reconstruction of six bridges in Kyiv (June 2023) and KUKE’s $45 million war-risk insurance for a Polish production facility, in partnership with MIGA (September 2024).
As Ukraine advances on its recovery and EU integration path, this factsheet offers a snapshot of current ECA support and a foundation for scaling future solutions that unlock capital, mitigate risk, and accelerate high-impact reconstruction.
Structured ECA support for Ukraine
Country
Program Limit
Signed MoU in Berlin
Participates in EIF/Export Credit Pilot
Instruments offered
Coverage
Tenor
Transaction Limits
Local Content
Austria (OeKB)
€500 MILLION
Yes
Yes
Provides export credit guarantees for goods & services e.g., supplier & buyer credit guarantees
up to 100% for public sector; up to 90% for private sector transactions
SMT (≤3 years for private sector); MLT (≤10 years for public sector)
€10 million (public sector); €3- 5 million (private sector)
50% (minimum)
Provides investment guarantees ("G4") covering equity or assets in Ukraine against political risks (expropriation, war, transfer restrictions, etc.)
up to 100% for public sector; up to 90% for private sector transactions
SMT (≤3 years for private sector); MLT (≤10 years for public sector)
€10 million (public sector); €3- 5 million (private sector)
The investor must be Austrian and the investment must benefit the Austrian current account
Belgium (Credendo)
€100 MILLION
No
Yes
Provides supplier & buyer credit guarantees and insurance, incl. short-term and medium/long-term solutions
up to 98% (MLT); up to 95% (ST)
ST (≤1 year); MLT available upon ad hoc assessment
€15 million per transaction
40% (minimum)
Provides Political Risk Insurance (PRI) for outbound investments in Ukraine that protects investments (equity, loans) vs. expropriation, war damage, currency inconvertibility, etc.
up to 90%–95% (typically)
MLT (up to 15 years)
No fixed limit per project; underwritten case-by-case
The investor must be Belgian or have substantial Belgian share
Canada (EDC)
None published
Yes
No
Provides a comprehensive suite of instruments, incl. export credit insurance, buyer/supplier credit guarantees, working capital guarantees and some direct financing
up to 100%
ST (≤2 years); MLT available upon ad hoc assessment
No specific transaction limits; each project assessed ad hoc
No strict percentage, but the product/service should be substantially Canadian in origin or expertise
Provides a wide range of solutionsfor inventory or capital expenditures abroad e.g., direct lending, buyer & acquisition debt financing or guarantees to banks
up to 100%
MLT
No fixed limit per project; underwritten case-by-case
The respective solutions are offered to Canadian investors looking at doing business in Ukraine
Czechia (EGAP)
CZK 639 MILLION
Yes
No
Provides export credit insurance and guarantees incl. supplier credit insurance, buyer's credit guarantees and performance bond guarantees
up to 95%
ST (≤2 years); MT (≤5-7 years)
€5 million per foreign buyer/borrower
50% (minimum)
Provides Political Risk Insurance (PRI) for investments abroad that protects investments against against risks like expropriation, war damage, and inability to convert currency
up to 90% (typically)
MLT (up to 15 years)
No fixed limit per project; underwritten case-by-case
The investing entity must be Czech (or substantially Czech-owned)
Denmark (EIFO)
DKK 2.8 BILLION
Yes
Yes
Provides direct lending and export credit guarantees and insurance, incl. a short-term reinsurance scheme
up to 100%
ST (≤180 days); MLT (≤15 years; 22 years for renewables projects)
No specific transaction limits; each project assessed ad hoc
30% (minimum)
Provides guarantees but also co-invests in projects involving Danish companies in Ukraine
up to 100%
MLT
No fixed limit per project; underwritten case-by-case
A Danish company or strategic interest must be present.
Finland (Finnvera)
€100 MILLION (2025)
Yes
Yes
Provides export credit guarantees incl. short-term credit insurance and buyer credit guarantees
up to 95% (MLT); up to 90% (ST)
ST (≤1 year); MT (≤5 years)
No specific transaction limits; each project assessed ad hoc
33% (minimum)
N/A
N/A
N/A
N/A
N/A
France (Bpifrance Assurance Export)
€1 BILLION
No
Yes
Provides export credit insurance, bank loan guarantees for credits extended to Ukraine, and pre-financing and bond guarantees
up to 97.5%
ST (≤2 years); MLT (≤15 years)
No specific transaction limits; each project assessed ad hoc
20% (minimum)
Provides investment insurance against war and political risk to cover against losses such as destruction of assets, expropriation, or political violence
up to 97.5%
MLT (up to 20 years)
No fixed limit per project; underwritten case-by-case
The beneficiary must be incorporated under French law (or a supporting credit institution supporting such a company)
Germany (Euler Hermes / PwC)
€250 MILLION (MLT); None published for ST
Yes
Yes
Provides supplier credit guarantees, buyer credit guarantees (for bank loans), and pre-export risk cover
up to 95% (98% for renewable energy)
ST & MLT (≤15 years; 22 years for renewables projects)
€10 million (MLT only)
50% (minimum)
Provides investment guarantees covering investments against political risks (expropriation, war, etc.)
up to 95%
MLT (up to 15 years)
No fixed limit per project; underwritten case-by-case
The investing entity must be German. Typically, the investment should also benefit Germany
Italy (SACE)
€1.5 BILLION
Yes
Yes
Provides export credit guarantees (e.g., buyer and supplier credit), export credit insurance, and financial guarantees for loans to Ukraine
up to 100%
ST & MLT (≤15 years)
No specific transaction limits; each project assessed ad hoc
50% (minimum)
Provides investment insurance against political and war risks, covering equity investments and loans
up to 100%
MLT (up to 15 years)
No fixed limit per project; underwritten case-by-case
The investing entity must be Italian or a JV with a significant Italian stake
Japan (NEXI)
YEN 200 BILLION
Yes
No
Provides export credit insurance and guarantees
up to 100% (political risk); 95% (commercial risk)
ST & MLT
No specific transaction limits; each project assessed ad hoc
No strict percentage, but the product/service should have clear Japan nexus
Provides overseas investment insurance that covers equity contributions, shareholder loans, or bank loans to Japanese-owned projects in Ukraine
up to 100%
MLT (up to 30 years)
No fixed limit per project; underwritten case-by-case
The project must have Japanese company participation (as owner or lender)
Latvia (ALTUM)
None published
No
Yes
Provides export credit guarantees that cover both commercial and political risks
up to 100% (political risk); 95% (commercial risk)
ST (≤2 years)
€2 million (practical estimate)
No strict percentage, but the exported product or service should significantly involve Latvian content or value-add
N/A
N/A
N/A
N/A
N/A
Lithuania (ILTE)
None published
No
No
Provides export credit guarantees covering both commercial and political risk and guarantees for working-capital loans and performance bonds
up to 90%
ST (≤2 years)
€2 million (per exporter); €750 thousand (per buyer)
50% (minimum)
N/A
N/A
N/A
N/A
N/A
Netherlands (Atradius DSB)
€60 MILLION
Yes
Yes
Provides export credit insurance and guarantees e.g., supplier and buyer credits, counterguarantees, political risk insurance, working capital guarantee
up to 98% (political risk); 95% (commercial risk)
ST
No specific transaction limits; each project assessed ad hoc
20% (minimum)
Provides cover for political risks e.g., capital restrictions, war, expropriation, non-fulfillment of judicial decision
up to 95%
MLT (up to 15 years)
No fixed limit per project; underwritten case-by-case
There needs to be a connection with the Dutch economy.
Norway (Eksfin)
NOK 650 MILLION
Yes
No
Provides direct loans, buyer credit guarantees, supplier credit guarantees, letters of credit and short-term trade reinsurance
up to 100%
ST & MLT (≤15 years)
No specific transaction limits; each project assessed ad hoc
30% (minimum)
Provides political risk insurance (PRI) that covers expropriation, war damage, political violence, and currency transfer restrictions and investment guarantees
up to 100%
MLT
No fixed limit per project; underwritten case-by-case
The beneficiary must be a Norwegian company.
Poland (KUKE)
PLN 500 MILLION
Yes
No
Provides multiple instruments e.g., buyer's and supplier's credit insurance, factoring, forfaiting and finance lease insurance and short term individual & turnover policies
up to 100% for public sector; up to 100% for (political risk) and 95% (commercial risk) for private sector transactions
ST (≤2 years) & MLT
No specific transaction limits; each project assessed ad hoc
30% (minimum)
Provides investment insurance (covers losses as a result of events referred to as political risk and force majeure) and foreign investment insurance
up to 100% for investment insurance; up to 100% for (political risk) and 95% (commercial risk) for foreign investment insurance
MLT (up to 20 years, renewable annually)
No fixed limit per project; underwritten case-by-case
The investor must be a Polish entity or foreign entity with a Polish presence.
Portugal (COSEC)
None published
No
No
Provides export credit insurance, supplier and buyer credit guarantees and bond guarantees
up to 95%
ST (≤2 years); MLT available upon ad hoc assessment
No specific transaction limits; each project assessed ad hoc
50% (minimum)
Provides political risk insurance against expropriation, war and transfer and inconvertibility risks, covering both equity and debt
up to 100% (political risk only; commercial risk not covered)
MLT
No fixed limit per project; underwritten case-by-case
Investor must be a Portuguese legal entity or individual.
Romania (EximBank)
None published
No
Yes
Provides supplier and buyer credits, pre-export financing insurance, and guarantee insurance for bank-issued tender and performance bonds "
up to 95% (buyer's credit), 85% (supplier's credit and bonds)
ST (≤2 years); MLT (≤10 years)
No specific transaction limits; each project assessed ad hoc
50% (minimum)
Provides investment insurance abroad that covers equity and loans vs. expropriation, war, currency inconvertibility/transfer restrictions etc.
up to 95%
MLT (up to 15 years)
No fixed limit per project; underwritten case-by-case
Investor needs to be a Romanian individual or company abroad.
Slovakia (EximBanka SR)
€10 MILLION
No
Yes
Provides a range of export credit and insurance products e.g., export credit insurance for short-term supplier credits
up to 95% (political risk); 90% (commercial risk)
ST (≤2 years); MLT available upon ad hoc assessment
No specific transaction limits; each project assessed ad hoc
50% (minimum)
Provides political risk insurance that covers equity, loans, and earnings and protects vs. political events such as war, expropriation, currency inconvertibility etc.
up to 95%
MLT
No fixed limit per project; underwritten case-by-case
Investor must be Slovak or establish a substantial Slovak economic link.
Slovenia (Sidbanka)
€60 MILLION
No
Yes
Provides export credit insurance for supplier credits (exporter’s receivables) and buyer/bank credits, pre-export financing insurance and other guarantees
Not disclosed
ST (≤2 years); MLT available upon ad hoc assessment
€5 million (per existing buyer); €3 million (per new buyer)
No strict percentage, but in practice a substantial portion should be Slovenian content
Provides investment insurance covering equity, shareholder loans, and related investment exposures abroad
Not disclosed
MLT
No fixed limit per project; underwritten case-by-case
Requires strong Slovene economic interest e.g., local ownership or substantial participation of Slovene firms
Spain (CESCE)
€30 MILLION
No
Yes
Provides supplier credit insurance, buyer credit guarantees, and individual policies for documentary credits
up to 99%
ST & MLT
No specific transaction limits; each project assessed ad hoc
40% (minimum); 20% for SMEs & green projects
N/A
N/A
N/A
N/A
N/A
Sweden (EKN)
SEK 888 MILLION
Yes
No
Provides buyer's credit guarantees, supplier's credit guarantees and letter of credit guarantees (L/C)
up to 95%
ST & MLT (≤10 years, until 2035)
SEK 300 million (per exporting group)
30% (minimum)
N/A
N/A
N/A
N/A
N/A
Switzerland (SERV)
None published
No
No
Provides comprehensive insurance cover for the export of consumer goods, services and capital goods
up to 95%
ST & MLT
No specific transaction limits; each project assessed ad hoc
20% (minimum)
N/A
N/A
N/A
N/A
N/A
United Kingdom (UKEF)
£3.5 BILLION
Yes
No
Provides export credit products such as buyer credit facilities and export insurance
up to 85%
ST & MLT (≤10 years)
No specific transaction limits; each project assessed ad hoc
20% (minimum)
N/A
N/A
N/A
N/A
N/A
United States (US EXIM)
None published
Yes
No
Provides loan guarantees, direct loans, and export credit insurance, including short-term insurance, and working capital guarantees
up to 100%
ST (≤1 years); MLT (≤10 years)
No specific transaction limits; each project assessed ad hoc
50% (minimum)
N/A
N/A
N/A
N/A
N/A
Read the full version of the results
