Taiwan donated 4 million euros (US$4.2 million) to the European Bank for Reconstruction and Development’s (EBRD) Ukraine Recovery and Reconstruction Guarantee Facility (URGF), the Ministry of Foreign Affairs (MOFA) said yesterday.
To help the domestic Ukrainian insurance market rebuild itself and encourage the international society’s investment in Ukraine, Taiwan has agreed to transfer 4 million euros from the TaiwanBusiness-EBRD Technical Cooperation Fund to the EBRD’s URGF, the ministry said.
A signing ceremony was held on Dec. 2 in Taipei. The agreement was signed by MOFA’s Department of International Organizations Director-General Jonathan Sun (孫儉元) and EBRD’s Donor Partnerships Director Camilla Otto and witnessed by Deputy Minister of Foreign Affairs Tien Chung-kwang (田中光), the ministry said.
Photo courtesy of the Ministry of Foreign Affairs
The EBRD held a launching ceremony of the innovative war risk insurance facility for Ukraine in its headquarters in London on Thursday, and Representative to the UK Vincent Yao (姚金祥) attended the event, the ministry said.
During the event, Yao said Taiwan firmly supports Ukraine, and hopes it can work with like-minded democratic allies to help Ukraine’s recovery through the facility, it said.
The Russia-Ukraine war has led international reinsurers to largely withdraw from the Ukrainian market, so the EBRD initiated the URGF and established a 110 million euros guarantee facility to encourage international reinsurers to return by covering their losses on specific war-related risks, and therefore stimulate local business activity and economic growth, it said.
Aside from the TaiwanBusiness-EBRD Technical Cooperation Fund, France, the UK, Norway, the EU and Switzerland have also agreed to support the facility with donor contributions, the ministry added.
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