The Multilateral Investment Guarantee Agency (MIGA) of the World Bank, in cooperation with the Trust Fund for the Support of Ukraine Reconstruction and Economy (SURE), increased war risk insurance guarantees from €17.1M to €40.85M in Ukraine for the German banking group ProCredit.
According to the Ministry of Economy, guarantees from MIGA apply to ProCredit’s investments in the Ukrainian subsidiary ProCredit Bank to provide capital to support Ukrainian small and medium-sized businesses. The corresponding program will be valid until December 2025.
The increase in the MIGA guarantee by €23.75M will allow ProCredit Bank to optimize its capital, continue to offer necessary banking services, and issue new loans to clients. It is noted that this is the first war risk insurance project implemented with the SURE’s involvement.