- Slovakia becomes one of ten EU countries to join the European initiative to promote trade with Ukraine.
- The Slovak Export Credit Agency EXIMBANKA SR joins the EU guarantee programme for export credits to Ukraine (Ukraine Export Credit Guarantee Facility) under the InvestEU programme.
- The initiative supported by the EIF aims to support Slovak exporters.
The European Union saw a significant shift in its efforts to facilitate exports to Ukraine today, with Slovakia joining the initiative. The Slovak export credit agency EXIMBANKA SR has joined the EU guarantee programme for export credits to Ukraine, which is under the umbrella of the InvestEU programme. The guarantee programme is the result of a joint initiative of the European Commission and the European Investment Fund (EIF).
Under this programme, national export credit agencies in the EU provide guarantees to small and medium-sized enterprises (SMEs) and medium-sized enterprises (Mid-Caps) exporting to Ukraine. The national guarantees are in turn backed by the EIF, which is part of the European Investment Bank (EIB) Group.
Slovakia is joining the initiative together with nine other EU countries: Denmark, Finland, France, Germany, Italy, Latvia, Romania, Slovenia, Spain and Spain. The aim is to boost EU exports to Ukraine in goods such as machinery, construction materials and advanced technologies, as well as services that are key to Ukraine’s economy and reconstruction in the context of the Russian war.
“This is a significant boost for Ukraine’s recovery, a win-win solution for both the reconstruction and the functioning of its economy. It also ensures that European companies can continue to trade and invest in Ukraine at the most critical moments,” said EIB Group President Nadia Calviño.
The Guarantee Programme for Export Credits to Ukraine provides a total of EUR 300 million in EIF guarantees for participating national export credit agencies. EXIMBANKA SR receives EUR 20 million of this amount.
In addition to the ten participating EU countries, three other Member States, not yet announced, are planning to join the programme. More than 550 EU exporters are expected to benefit from the programme.
“The active involvement of EXIMBANKA SR in this initiative is a concrete tool to support Slovak companies in their search for new markets and at the same time to be an active partner in the reconstruction of Ukraine. Guarantees in the amount of EUR 20 million create new opportunities for our exporters and strengthen their competitiveness in the region, which is of strategic importance for the entire European Community“ said the Director General of EXIMBANKA SR, Rastislav Podhorec.
The guarantee programme for export credits to Ukraine supports Ukraine’s efforts to integrate into the single European market and to become a member of the EU.
“The programme, supported by the EU budget, allows European companies to continue and expand trade with Ukraine,” said Valdis Dombrovskis, European Commissioner for the Economy and Productivity, Implementation and Simplification. “It represents an important step in the further integration of the EU and Ukrainian economies, which is a key element in Ukraine’s EU accession process.”
The programme, which kicked off in mid-2024, immediately attracted the interest of European companies, which ensured demand for the entire €300 million EIF guarantee volume. The EIF support helps companies to maintain existing exports to Ukraine, while also supporting the emergence of new trade relations between the EU and Ukraine.
“Ukraine’s recovery requires not only international assistance, but also the restoration and strengthening of genuine economic partnerships based on trade, industrial cooperation and shared long-term goals,” said Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine. “That is why we appreciate the strong commitment of EU Member States to support their exporters in their cooperation with Ukraine. The Ukraine Export Credit Guarantee Scheme is a strategic instrument that helps businesses on both sides to reduce risks, seize new opportunities and build confidence in Ukraine as an open, resilient and promising market.”
Background information
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its main task is to support Europe’s micro, small and medium-sized enterprises (SMEs) by facilitating their access to finance. The EIF designs and develops risk and growth capital, guarantees and microfinance instruments specifically targeting this market segment. In its role, the EIF supports the EU’s innovation, R&D, entrepreneurship, growth and employment objectives.
The InvestEU programme provides crucial long-term funding to the European Union by leveraging significant private and public resources to support sustainable development. It also mobilises private investment in EU policy priorities such as the European Green Deal and digital transformation. The InvestEU programme brings together a number of European financial instruments currently available to support investment in the EU, making it easier, more efficient and more flexible to finance investment projects in Europe. In addition to the InvestEU Fund, the programme includes the InvestEU Advisory Centre and the InvestEU Portal. The InvestEU Fund is implemented through financial partners investing in projects supported by an EU budget guarantee of €26.2 billion. Through the InvestEU mandate, the European institutions, led by the European Commission and the EIB Group, aim to mobilise more than €372 billion of public and private investment to finance sustainable investment, innovation and job creation across Europe over the period 2027-2027.
As the only direct instrument of the state for export promotion, EXIMBANKA SR is an important part of the chain responsible for promoting the country’s economic policy in the field of external economic relations. It offers a wide range of export-related financial products, especially credit insurance, financing and guarantees. As a state export credit agency, it enables Slovak exporters to enter into trade and investment relations where the commercial financial sector is less interested in taking on risk and therefore performs a complementary function.
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