Romania partners with EU on initiative aimed at increasing exports to Ukraine via trade support program
The European Investment Fund (EIF) and the European Commission have joined forces to launch the InvestEU Ukraine Export Credit Guarantee Facility, a strategic initiative aimed at strengthening economic ties between the EU and Ukraine. Ten EU Member States, including Romania, have joined the program, with Romania committing EUR 43.75 million to the effort.
Exim Banca Romaneasca, the country's national export credit agency, has pledged its support for the program. The Executive President of Exim Banca Romaneasca, Traian Halalai, believes that the support provided will facilitate exporters' access to the Ukrainian market, aiding in the country's recovery and reconstruction.
The program offers export guarantees to small and medium-sized enterprises (SMEs) and mid-sized companies doing business with Ukraine. This initiative is expected to benefit around 25 exporters from Romania, providing a crucial lifeline for these businesses during the ongoing conflict with Russia.
The facility aims to deepen Ukraine's integration into the European single market as part of its EU accession process. Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, has emphasised the importance of real economic partnerships based on trade and industrial cooperation.
The program has been backed by the EIF with a total of EUR 300 million, with each participating EU country receiving a share of this backing. Latvia is the most recent to join, with its development finance institution Altum signing onto the facility, receiving €7.2 million of the EIF guarantee allocation.
The program was launched in mid-2024 and has quickly attracted interest from exporters across the EU. Exim Banca Romaneasca is one of ten national export credit agencies across the EU participating in the facility.
The initiative is part of broader EU efforts, including the Ukraine Investment Framework and other financial instruments, aiming to mobilize significant investments for Ukraine’s recovery and reconstruction. Key EU officials have emphasised the facility’s importance in strengthening economic ties, boosting Ukraine’s recovery, and facilitating the country’s EU accession process.
[1] European Investment Fund (EIF). (2024). InvestEU Ukraine Export Credit Guarantee Facility. Retrieved from https://www.eif.org/what_we_do/where/ukraine/ [2] European Commission. (2024). InvestEU Ukraine Export Credit Guarantee Facility. Retrieved from https://ec.europa.eu/info/business-economy-euro/support/access-finance/funding-and-financial-instruments/investeu-ukraine-export-credit-guarantee-facility_en [3] European Investment Bank (EIB). (2024). InvestEU Ukraine Export Credit Guarantee Facility. Retrieved from https://www.eib.org/en/projects/investeu/ukraine-export-credit-guarantee-facility [4] European Commission. (2024). Ukraine Investment Framework. Retrieved from https://ec.europa.eu/info/business-economy-euro/support/access-finance/funding-and-financial-instruments/ukraine-investment-framework_en
- The Executive President of Exim Banca Romaneasca, Traian Halalai, recognizes that the support provided by the InvestEU Ukraine Export Credit Guarantee Facility will not only aid Romanian exporters in accessing the Ukrainian market but also play a significant role in the country's recovery and reconstruction.
- The InvestEU Ukraine Export Credit Guarantee Facility, a strategic initiative of the European Investment Fund (EIF) and the European Commission, is expected to have a profound impact on the business sector, politics, and general news, as it aims to deepen Ukraine's integration into the European single market, boost economic ties, and support Ukraine's EU accession process.
