Taiwan has joined an international initiative to help relaunch Ukraine’s private insurance market as part of a wider effort to rebuild its economy, which has been hard hit by the Russian invasion, the Ministry of Foreign Affairs said yesterday.
Taipei signed a joint statement of intent with the European Bank for Reconstruction and Development (ERBD), the EU, Norway, Sweden, Switzerland and Ukraine on Wednesday, the ministry said in a news release.
The war has almost entirely halted the workings of Ukraine’s insurance market, which must be unlocked to private investors if its economy is to recover from the ravages of the conflict, the ministry said.
Photo: Yang Cheng-yu, Taipei Times
Taiwan, Ukraine and other partners agreed that the ERBD should establish the Ukraine Recovery Guarantee Facility to make insurance products available in Ukraine while reducing risks to private insurers involved in the effort, the ministry said.
The nation’s signing of the joint statement attested to Taiwan’s commitment to helping Ukraine, it said.
Taiwan would continue to work with like-minded countries and international organizations in bringing about peace and stability as a responsible member of the world’s democracies and the international community, the ministry said.
In aiding Ukraine’s economic recovery Taipei is demonstrating once again that Taiwan can help, it said.
The nation strives to be a force for good and Taipei is dedicated to providing aid to maintain Ukraine’s economy during the war and post-war reconstruction, it said.
The ERBD, one of the world’s foremost financial institutions for regional development, was formed in 1991 to assist members of the former communist block in developing their economies and transitioning into democratic societies, the ministry said.
Taiwan is a significant partner of the banking institution and has played a role in 400 projects under the ERBD, the ministry said, adding that the International Cooperation and Development Fund has taken part in a slew of financing operations.
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