First deal under EU’s Ukraine export credit guarantee facility: €20 million for EU exports to Ukraine through Denmark’s EIFO

• Danish export credit agency EIFO and the European Investment Fund have signed the first deal under the EU’s new Ukraine export guarantee credit facility, aiming to support EU businesses trading with Ukraine, and strengthening economic ties on Ukraine’s EU accession path.
• The guarantee – the first of 13 around Europe - makes available up to €20 million for export credit transactions to support Danish SMEs and mid-caps exporting to Ukraine, supporting integration of the EU and Ukraine’s economies.
• The EIF guarantee is supported through a unique “export credit” programme within the European Commission’s InvestEU initiative.

 Luxembourg/Brussels/Copenhagen: The European Investment Fund (EIF) has signed its first deal under the EU’s pioneering new Ukraine export credit guarantee facility, to support European companies in doing business with Ukrainian counterparts, with Danish export credit agency EIFO.

The EIF guarantee facility to EIFO will enable Danish businesses exporting to the embattled country to benefit from export credit transactions for up to €20 million, which is expected to benefit up to 40 Danish companies exporting to Ukraine. It enables Ukraine to access essential goods, technologies and services - from machinery and clean energy to pharmaceuticals - helping to sustain the economy and strengthen its capacity for recovery.

This first deal kicks off some 13 similar agreements in EU member states currently under preparation between the EIB Group, the European Commission and national export credit agencies. The facility, which will offer around €300 million in guarantees for European SME and mid-caps, was oversubscribed within weeks of being launched in July 2024.

“This export credit agreement - the first of 13 - underscores the European Union's commitment to a strong Ukraine within the EU family. Securing EU-Ukraine trade is an important driver to keep the Ukrainian economy going and to deepen bilateral ties for the country's future accession to the EU,” commented EIB Group President Nadia Calviño.

“I welcome this first €20 million agreement under the EU’s Ukraine export guarantee credit facility between the Export and Investment Fund of Denmark and the European Investment Fund,” commented European Commissioner for Economy and Productivity; Implementation and Simplification Valdis Dombrovskis. “Backed by the EU budget, the facility supports EU businesses to continue and step up trade with Ukraine. It represents a significant step forward in further integrating the EU and Ukrainian economies, which is a crucial element of Ukraine’s accession process. We look forward to other Member States using the facility and contributing to the success of this important initiative.”

EIF Chief Executive Marjut Falkstedt added: “We’ve made significant efforts to roll out the facility swiftly, recognising its potential to boost EU SME export activity and support Ukraine’s economic resilience at a time when it matters most. EIFO, a longstanding partner and EIF shareholder, played a key role in making this first agreement happen quickly. Rolling out the facility starting with Denmark marks an important step forward, and similar agreements across other EU countries will further amplify its impact.”

“This is a very important signal that we, as a leading ECA, are now sending together with the EIF/EIB, because with the mandate, we are joining the fight for a free and prosperous Ukraine. With this agreement, we are making it very clear that we mean it when we say that Denmark stands behind Ukraine and the upcoming reconstruction after the tragic war. We have already financed 18 unique projects in Ukraine and are ready for more. This agreement marks the beginning of Europe’s reconstruction efforts for Ukraine, which we can scale up late,” said Peder Lundquist, CEO of EIFO.

“In 2024, according to Eurostat, exports from the EU to Ukraine reached €42.8 billion — a 9.4% increase compared to 2023. This shows that Ukraine remains a stable and important market for European goods — from machinery and transport to pharmaceuticals and clean technologies. The Export Credit Guarantee Facility, backed by the European Investment Bank Group and the European Commission, helps mitigate risks for European companies. Channelled through national export credit agencies, this instrument gives businesses the confidence to work with Ukrainian partners and grow trade. This initiative supports Ukraine’s economy and contributes to our gradual integration into the EU single market. We value this support and see it as an important contribution to recovery and development,” said Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

“Ukraine's fight for freedom is our fight for freedom. The country's future lies in the West. Binding our economies even closer together is a huge step in the right direction. Danish businesses have repeatedly shown that they lead in rebuilding Ukraine. And with this initiative, the way for an even stronger collaboration between Danish and Ukrainian companies is being paved. It provides solid support to Danish companies that want to do business in Ukraine while simultaneously extending a helping hand to their Ukrainian counterparts. It is an important contribution that can help shape the future of Ukraine,” said Morten Bødskov, Minister for Industry, Business and Financial Affairs.

The EIF and EIFO enjoy a long-standing collaboration that started with both predecessors of EIFO and is continuing with joint investments and thematic guarantees tied to the green and digital transitions.

Background information

The European Investment Fund (EIF): The EIF is part of the EIB Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. The EIF designs, promotes and implements equity and debt financing instruments targeting SMEs. In this role, EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee of €26.2 billion. With the InvestEU mandate, European institutions – led by European Commission and EIB Group – aim to mobilise more than EUR 372 billion of public and private investments to finance sustainable investment, innovation and job creation throughout Europe over the period 2021-2027.

EIFO is the national promotional bank and export credit agency of Denmark combined in one financial institution. Active in over 100 countries, and with a total business volume of more than EUR 20 billion, EIFO provides financial solutions for Danish companies and their global partners, while also investing in startups and funds. We exist to open doors for Danish global business, accelerate the green transition, promote new technologies and develop the Danish defence industry. With our willingness to take risks in financing, EIFO paves the way for those who dare to think bigger.

Press contacts:

EIB Group:                                  Tim Smit | +352 691 28 64 23 | t.smit@eib.org

European Commission:              Quentin Cortes | Quentin.cortes@ec.europa.eu

EIFO:                                          Ina Bjerregaard-Castenborg| +(45) 20 65 21 14 | ibc@eifo.dk
EC Representation in Denmark:          Christina Holm-Eiberg | Christina.HOLM-EIBERG@ec.europa.eu