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Taiwan joins EU bank-led initiative for Ukraine's post-war recovery

ROC Central News Agency

06/24/2023 05:43 PM

Taipei, June 24 (CNA) Taiwan has joined a global initiative led by the European Bank for Reconstruction and Development (EBRD) to help relaunch the private insurance market in Ukraine in the post-war period, according to the Ministry of Foreign Affairs (MOFA).

Taiwan was among the signatories of a statement of intent aimed at facilitating the provision of private-sector insurance against war-related risks in Ukraine, the ministry said in a press release on Saturday.

Representing Taiwan as a signatory was the TaiwanBusiness-EBRD Technical Cooperation Fund -- a joint fund established by Taiwan's government and the EBRD -- which joined the European Commission, Norway, and Switzerland in signing the statement, the EBRD said in a press release.

The agreement was signed at the Ukraine Recovery Conference, which was co-hosted by the United Kingdom and Ukraine in London June 21-22 to mobilize international support for Ukraine's economic and social recovery from the effects of war waged by Russia since February 2022.

According to MOFA, the signatories agreed that the ongoing war had disrupted the insurance market in Ukraine and thus adversely affected business operations and investment in the country.

Under the agreement, the signatories will explore the possibility of cooperating on establishing a Ukraine Recovery Guarantee Facility to facilitate the provision of private-sector insurance against war-related risks in Ukraine, according to the EBRD.

They will also explore possible measures to re-engage Ukraine's domestic insurance companies with their global counterparts, the agreement said.

The initiative marked the latest collaboration between Taiwan and the EBRD, the MOFA statement said, as the two sides have worked on more than 400 projects led by the investment bank.

According to the EBRD, Taiwan has provided over US$273 million (€250 million) in funds for its technical cooperation projects and investment co-financing since 1991.

(By Teng Pei-ju)

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