The Slovak Republic succeeded in the international competition of the European Commission’s call under the “Investment Framework for Ukraine” and received more than €100 million to support Ukraine’s critical energy infrastructure. The approval of the investment project by the Slovak Ministry of Diplomacy through its subordinate organisation Slovak Agency for International Development Cooperation (SAMRS) and the Export-Import Bank of Slovakia (EXIMBANKA SR) is a historic achievement for Slovakia, as it is the first involvement of a Slovak financial institution in the mechanisms of the so-called delegated cooperation of the European Union. The Minister of Foreign and European Affairs of the Slovak Republic, Juraj Blanár, and the Director General of EXIMBANKA SR, Rastislav Podhorc, announced this today at a joint press conference.
“This is an extraordinary achievement. This cross-border project is of a strategic nature, as it supports energy security and reconstruction of Ukraine, as well as the interconnection of Ukraine with the European Union via the Slovak Republic in the Mukachevo – Velikiye Kapusany – Lemesany interconnector,” said Minister Juraj Blanár and added that a total of 11 entities took part in the call for proposals under the new programme “Investment Framework for Ukraine”, of which only eight were successful, including the Slovak one.
“This programme represents an opportunity for Slovak companies and exporters interested in the renewal of the Ukrainian energy sector. Slovakia has expert capacities in the field of energy infrastructure and thanks to investments in new lines it can support the interconnection of the Ukrainian energy network with the European one. The approval of the guarantee is also proof of the European Commission’s confidence in our ability to implement this type of projects and a confirmation of the intensive cooperation between EXIMBANKA SR, the Office of the Deputy Prime Minister of the Slovak Republic for the Recovery Plan and Knowledge Economy, the Ministry of Foreign and European Affairs of the Slovak Republic and SAMRS,” said the Director General of EXIMBANKA SR Rastislav Podhorec and added that by approving this investment project EXIMBANKA SR fulfils the commitment arising from the Government approved “Framework for the involvement of the Slovak Republic in the reconstruction of Ukraine” in October 2024.
The initiative is also a follow-up to the “Roadmap – Plan of joint activities between Ukraine and Slovakia”, which is the result of joint negotiations between the governments of Slovakia and Ukraine. Also on the basis of these documents, four specific investments in Ukraine have been identified for the project: the reconstruction of the 400 kV substation in Mukachevo, the construction of a new 400 kV substation in Uzhhorod, the implementation of a new 330 kV Kvartsit – Pershotravneva line, including a substation, and finally the implementation of a hydroelectric power plant project.
“Public procurement for the implementation of the projects will be carried out directly by Ukrainian state energy companies, but the process will be supervised by the Slovak Agency for International Development Cooperation as a subordinate organization of the Ministry of Diplomacy, so that all the rules of the European Union are respected,” explained the head of Slovak diplomacy, adding that this is a great opportunity for business entities in Slovakia to get involved in projects for the reconstruction of Ukraine: “Anyone who is among the first to be involved in the reconstruction of Ukraine will gain a huge comparative advantage, and we can thus support Slovak exports and the building of our expertise.”
The programme has a total budget of €101 million, of which €70 million in EU guarantees for EXIMBANKA SR loans amounting to almost €78 million and more than €23 million in investment and technical assistance grants for Ukrainian entities. The loan programme focuses on critical infrastructure to strengthen Ukraine’s energy independence. The EU grants co-finance investments to cover war-related risks and protective measures for energy infrastructure.
The Government of the Slovak Republic has long advocated for the earliest possible peaceful end to the war in Ukraine and supports its eastern neighbour exclusively on humanitarian grounds. “Energy security projects are very important. Already today, Slovakia commercially supplies a considerable amount of electricity to Ukraine due to large outages caused by the fact that more than 70% of the electricity transmission system is destroyed,” explained Minister Juraj Blanár and recalled the contributions of the Ministry of Diplomacy in the form of direct financing of two Božena demining machines worth 750 thousand euros, which have already covered 40 thousand kilometres in the Kherson area. He added that the Slovak Republic will also provide a contribution of 3.5 million euro for the purchase of additional demining systems.
At the same time, the Director General of EXIMBANKA SR R. Podhorec informed at the press conference that the European Investment Fund (EIF) at the end of March 2025 approved the application of EXIMBANKA SR for guarantee coverage of export credits worth EUR 20 million under the EIF Export Credit Pilot Project (EIF Export Credit Pilot Project). This €300 million export credit guarantee facility under InvestEU aims to reduce financial risks through EIF support, encourage EU businesses to increase exports to Ukraine and boost mutual trade, strengthen ties with the Union and contribute to Ukraine’s economic recovery. “Eximbanka shares common values and objectives with the EIF, namely to support the development and internationalisation of small and medium-sized enterprises. Our ambition is also to increase support for riskier transactions of Slovak exporters through cooperation with the EIF,” noted the Director of International Relations of EXIMBANKA SR Matúš Šársky.
The guarantees will cover transactions that finance purchases of goods and services by Ukrainian companies from Slovak SMEs in areas that are aimed at promoting development, growth and innovation. Export credit agencies, such as EXIMBANKA SR, will act as financial intermediaries for the EIF in this project.
EXIMBANKA SR has intensified its activities in the last year in order to bring Slovak exporters the best possible opportunities to succeed on foreign markets. In this context, EXIMBANKA SR has successfully introduced the EU Global Gateway initiative for Slovak entrepreneurs, organises Export Clubs to introduce individual world territories to exporters, cooperates in economic diplomacy, business missions and presentations, is present in the regions and in strengthening Slovak exports and for this purpose the Government of the Slovak Republic strengthened its capital last year.
Press conference: https://youtu.be/0j-QQRzX7Hg?si=xF22CE11664a8WWj
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ABOUT EXIMBANKA SR
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.
Media contact Martina Vráblik Solčányiová
EXIMBANKA SR
Tel: +421 903 542 072
