June 24, 2023
No. 215
In response to an initiative introduced by the European Bank for Reconstruction and Development (EBRD), Taiwan joined the European Union, Norway, Switzerland, and Ukraine in signing a statement of intent on June 21 regarding relaunching Ukraine’s private insurance market in order to support its wartime resilience and future recovery and reconstruction. The statement was signed by Representative Kelly Wu-chiao Hsieh of the Taipei Representative Office in the United Kingdom, EBRD President Odile Renaud-Basso, and representatives designated by the other parties.
Russia’s military invasion has destroyed livelihoods and devastated the economy in Ukraine. The reconstruction of Ukraine will require cooperation between the public and private sectors. However, risks arising from the war have disrupted Ukraine’s insurance market, affecting commercial activities and dampening business investment interest. Convinced that the restoration of Ukraine’s insurance market operations will be pivotal to generating private investment and reconstructing the country, the signatories—Taiwan, the EBRD, the EU, Norway, Switzerland, and Ukraine—agreed to explore the feasibility of establishing a Ukraine Recovery Guarantee Facility in partnership with international insurance companies through the EBRD. The aim is to minimize risks faced by private companies seeking to operate and invest in Ukraine by facilitating the provision of appropriate insurance products.
Following the outbreak of the Russia-Ukraine war, Taiwan promptly participated in the EBRD’s first round of initiatives to assist Ukraine. This statement of intent further highlights Taiwan’s endeavors to help Ukraine with international partners and its concrete actions to support Ukraine’s reconstruction. As a member of the global democratic community, Taiwan will continue to work in solidarity with like-minded countries and related international organizations to ensure regional and global peace and stability. It will also fulfill its responsibilities as a member of the international community in backing Ukraine’s efforts to protect basic livelihoods and the economy and to assist Ukraine’s recovery and reconstruction, demonstrating that Taiwan is a force for good that can help and contribute.
The EBRD was founded in 1991 and is headquartered in London. As a regional development financial institution with an excellent reputation, it aims to assist Central and Eastern European, Asian, and African countries transform into market economies and evolve into democratic and pluralistic societies. Taiwan is an important partner of the EBRD, having participated in more than 400 technical cooperation programs and, through the Taiwan International Cooperation and Development Fund, in numerous cofinancing projects under the EBRD. (E)