Taiwan has joined the initiative that will help relaunch Ukraine’s private insurance sector, a step into wider efforts of rebuilding the war-torn country’s economy.
Taiwan’s Ministry of Foreign Affairs said that the country has signed a joint statement of intent with the European Bank for Reconstruction and Development (EBRD), the EU, Norway, Sweden, Switzerland, and Ukraine. The ministry said that the ongoing war with Russia has almost entirely halted Ukraine’s insurance market, and that it will need private investors if the economy is to recover from the conflict.
According to a report from the Taipei Times, Taiwan and the other signatories agreed that the EBRD should establish the Ukraine Recovery Guarantee Facility to make insurance products available in the country, while at the same time reducing risks to private insurers involved in the initiative.
The Taiwan government also reiterated its commitment to helping Ukraine with the continuation of collaborations with like-minded countries and international organizations.
Recently, global brokerage Marsh McLennan also announced a partnership with the Ukrainian government to facilitate access to the global insurance market.
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