Austria created a €500M special fund to support businesses that export to Ukraine.

The Ministry of Finance of Austria opened a special €500M credit fund in the Austrian Control Bank (OeKB) to support export operations with Ukraine during the next five years.

“Russia has been attacking Ukraine for more than two years, making any business with Ukrainian companies very risky for Austrian exporters and investors”, the ministry said.

Support will be provided through a dedicated Ukrainian fund at OeKB created by the Austrian Ministry of Finance to cover the risks of export operations with the war-torn country.

“The OeKB will provide €500M over the next five years to cover operations in Ukraine. Raising funds from international financial institutions could increase the amount of funding to €1B. Approximately €100M per year is earmarked for new business. It will also open opportunities for Austrian exporters in the recovery of Ukraine”, the Austrian Ministry of Finance notes.