Austria allocating 500 mln euros to insure exports and investments to Ukraine via OeKB

MOSCOW. May 17 (Interfax) - The Austrian Ministry of Finance and the Austrian export credit agency, Oesterreichische Kontrollbank Aktiengesellschaft (OeKB), have begun accepting applications for insurance of exports and investments to Ukraine from mid-May through a special fund for Ukraine created at OeKB, Ukrainian media reported, citing the Austrian ministry's press release.

The Austrian ministry said that it is expected that 500 million euros will be allocated over the next five years to cover operations in Ukraine, and attracting funds from international financial institutions could render it possible to receive up to 1 billion euros.

At the first stage, small- and medium-sized transactions in the public sector will be possible based on government guarantees, given that funds are limited and the goal is to ensure broad diversification of risks, the country's Ministry of Finance said.

This should allow for investments that are vital for Ukraine, including supplying drinking water and heat, providing and refurbishing the transport sector with roads, bridges and railway infrastructure, as well as supply deals and investments, such as joint repair shops for buses, trams and trains, Austrian Finance Minister Magnus Brunner said.

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