Finnish small and mid-sized businesses now have a new way to trade with Ukraine, thanks to a €30 million export guarantee pilot backed by the European Union. The European Investment Fund (EIF) and Finnvera, Finland’s export credit agency, signed the deal to help local companies manage risks and keep business moving, even as the war in Ukraine continues, according to a press release.
This pilot lets Finnvera offer export guarantees to Finnish companies selling goods and services to Ukraine. The EIF guarantee gives extra backing, making it easier for businesses with fewer than 500 workers to take part. The program is part of a wider EU effort to support Ukraine’s recovery and bring its economy closer to the rest of Europe.
EU Commissioner Valdis Dombrovskis said the new guarantee will help Finnish exporters while also supporting Ukraine’s rebuilding. “This is about keeping trade going and helping both EU businesses and Ukraine’s economy,” he said. Ukraine’s Deputy Prime Minister Yulia Svyrydenko also welcomed the move, saying it opens new trade opportunities and helps strengthen Ukraine’s ties with the EU.
The program is just getting started, but the EIF says similar agreements are in the works across other EU countries. Marjut Falkstedt, EIF’s Chief Executive, said getting this pilot off the ground was a priority, and more deals like this will help even more businesses.
Finnvera’s CEO Juuso Heinilä said the pilot is a step toward helping Ukraine rebuild, while also giving Finnish companies a bigger role in that process. The EU’s export guarantee program aims to provide up to €300 million in support for companies trading with Ukraine.
