TAIPEI, Taiwan, (Taiwan Today) – Taiwan has joined a project led by the European Bank for Reconstruction and Development to relaunch the private insurance market in Ukraine, according to the ministry of foreign affairs June 24.
A statement of intent was signed by the Taiwan Business-EBRD Technical Cooperation Fund, Norway, Switzerland, Ukraine, the European Commission and the EBRD June 21 in London, the bank announced.
The signatories will cooperate to set up a Ukraine Recovery Guarantee Facility tasked with facilitating the provision of private-sector insurance against war-related risks, the EBRD said. They will also explore leveraging donor support to reengage Ukraine’s domestic insurance and reinsurance industries, as well as their global counterparts, the bank added.
According to the MOFA, the signatories agreed that Russia’s invasion had disrupted the Ukrainian economy and adversely impacted the country’s business operations and investment opportunities. Making insurance available to private investors is key to ensuring resilience in wartime and a successful reconstruction after, it added.
Taiwan signed on to the EBRD’s assistance programs right after the outbreak of the Russia-Ukraine war and its participation in this most recent project demonstrates the country’s continued, tireless efforts to support Ukraine, the MOFA said, 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.
Established in 1991, EBRD takes its mission to foster the transition to market-oriented economies and promote private and entrepreneurial initiatives seriously, investing over 180 billion euros in more than 6,500 projects across three continents to date. Taiwan has participated in multiple co-financing initiatives and over 400 of the bank’s technical cooperation projects, according to the MOFA.
In a tweet on its official Twitter account, the MOFA said: “#Taiwan continues to #StandWithUkraine. @Taiwan_in_UK Rep. Hsieh, @EBRD President @OdileRenaud & #EU, #Norway, #Switzerland officials signed a statement of intent on relaunching #Ukraine’s private insurance market to ensure a resilient recovery.”