During the ongoing Ukraine Recovery Conference (URC 2026) in Gdańsk, we signed a Memorandum of Understanding (MoU) with ECA Ukraine. This agreement lays the foundation for further strengthening our cooperation, including KUKE’s potential equity involvement in the ownership structure of the Ukrainian agency.
The intention of both parties is simple: close cooperation to support the development of entrepreneurs and the economies of both countries.
KUKE has been cooperating with ECA Ukraine since 2021. Today, we are taking this partnership to the next level. The agreement between the two agencies marks a historic step forward, aimed at deepening cooperation in the areas of knowledge transfer, the exchange of experience and, most importantly, complemented by a capital investment, which will pave the way for long-term strategic cooperation.
Andrzej Domański, Minister of Finance and Economy of Poland
Today, Ukraine and Poland are building not only good-neighborly relations but also a new model of economic partnership. The memorandum signed between the Export Credit Agency of Ukraine (ECA) and KUKE creates new opportunities for even closer institutional cooperation, the exchange of expertise, and the joint development of export support instruments. It is particularly significant that the Polish side is considering the possibility of taking an equity stake in the Ukrainian agency. This is a strong signal of confidence in Ukraine’s institutions and in the economic potential of our country. I am confident that this cooperation will serve as a catalyst for new projects, investments, and mutually beneficial trade between our two countries.
Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine
What the agreement means in practice:
- We provide access to knowledge on the best market solutions and modern risk management instruments.
- We gain direct access to key business partners and political decision-makers in Ukraine, as well as insight into local conditions and up-to-date information on market risks.
- A potential direct investment will increase the capital of the Ukrainian agency, which will translate into enhancing its capacity to insure transactions, thereby generating higher profits resulting in dividends for the owners.
This historic event was formalized in the presence of the Minister of Finance and Economy, Andrzej Domański, highlighting the strategic nature of this transaction.
The dynamics of economic exchange with Ukraine are the highest among our country's key economic partners. Direct knowledge of that market is of vital importance for Polish exporters, investors, and the financial institutions backing them. Therefore, closer cooperation with ECA Ukraine and the ultimate equity involvement will enable KUKE to support Polish business in Ukraine even more effectively. Poland already accounts for 30 percent of the entire European Union's exports to this country. On the other hand, the Ukrainian institution gains a partner with the knowledge and experience that will help accelerate the country's development and modernization.
Janusz Władyczak, CEO of KUKE
Today’s signing is not just another document. It is the logical outcome of four years of consistent work and a prove to the fact that KUKE is not only a partner but also a strategic ally of the Export Credit Agency of Ukraine (ECA). The possibility of the Polish agency taking an equity stake in our capital is unique even by global standards. Only a handful of export credit agencies worldwide have both the mandate and the capacity to take such a step.
Ruslan Gashev, Chairman of the Management Board of the Export Credit Agency of Ukraine
We would like to thank the ECA Ukraine team for their openness and readiness to cooperate.
KUKE has been recognized as the world's best institution supporting entrepreneurs in foreign expansion and received the title of Best Export Credit Agency in the prestigious Leaders in Trade competition, organized by the industry magazine Global Trade Review. The award was presented at a gala in London, which honored winners in 29 categories and 12 Best Deals in international trade and project finance.
"This title is the culmination of the immense work we have done in recent years. New solutions supporting domestic and foreign investments of Polish companies, green guarantees for financing the energy transition, and much greater activity in the market for infrastructure investments in developing countries, resulting in the inclusion of Polish producers and contractors in supply chains. Add to this our swift response to changing market situations, including being a leader in the reconstruction of Ukraine. All of this was achieved through effective cooperation with governments of many countries, international development institutions, and commercial banks worldwide. This has built our global recognition as a trusted and innovative partner, who is eagerly invited to a variety of transactions. Few Polish financial institutions can boast such recognition, not to mention being appreciated with such prestigious awards. We treat this award also as an encouragement for further action".
Janusz Władyczak, CEO of KUKE
The shortlist for the Best Export Credit Agency title included KUKE and Etihad Credit Insurance from the United Arab Emirates. Last year, KUKE finished second in the competition, just behind Sweden’s EKN.
This year, GTR’s editorial team was supported by an independent advisory panel of respected industry experts to help evaluate submissions for the Global Leaders in Trade Awards.
This is the largest investment supported by KUKE in the company's almost 35-year history and also the first to be covered by our green guarantee program aimed at facilitating the climate transformation of the Polish economy. The latest solution from our offer proves effective both in securing working capital for a small company and for investment loan for a large project improving the energy balance and national security of Poland. Thanks to it, we build and support supply chains that include domestic producers and contractors. KUKE's counterparts from other countries are following our lead and also introduce similar instruments, which only shows that energy issue is crucial for maintaining competitiveness in the global economy. We have the capability to significantly increase the scale of green transformation financing, and cooperation in such a complex project and within a large consortium of lending banks has shown that together we can accelerate this process.
Janusz Władyczak, CEO of KUKE
We have accomplished something remarkable: we secured financing from around 30 institutions - the biggest players in the international financial market — and obtained exceptionally favorable terms in what has been a challenging market in recent months. We are now entering the construction phase so that in three years, clean energy from state-of-the-art turbines will flow into Polish homes.
Adam Purwin, CEO of Polenergia S.A.
Finacial close means that the conditions precedent to loan disbursement have been fulfilled. On May 19, Equinor and Polenergia took final investment decisions for both projects, officially launching the full-scale construction phase.
Strong interest from financial institutions underscores the robustness of these projects. It also highlights their strategic importance to Poland’s energy transition and the integration of large-scale renewable energy into the national energy mix. With key decisions finalized and financing secured, we now shift our focus to the safe, timely, and efficient execution of construction.
Michał Jerzy Kołodziejczyk, CEO of Equinor in Poland
The Bałtyk 2 and Bałtyk 3 projects, developed by Equinor and Polenergia, boast a total capacity of 1,440 MW and are a key component of the country’s energy transition, representing the largest private energy investment in Poland.
By 2028, green energy will be generated from 100 state-of-the-art wind turbines, each as tall as the Palace of Culture and Science in Warsaw, providing power to over 2 million Polish households. This initiative will significantly enhance the country’s energy security and independence. Located in the Polish exclusive economic zone of the Baltic Sea, the farms present opportunities for local industry and the national economy.
The current value of the Polish manufacturer production facility in Ukraine covered by us exceeds $45 million.
This is a landmark transaction for KUKE in many respects. It is the first insurance of a Polish investment in Ukraine since the outbreak of full-scale war. It is also the first reinsurance transaction of the FDI’s political risks carried out for the investor, rather than for the financing of the bank. At the same time, it is the first ever reinsurance transaction completed for multilateral financial institution, rather than for another export credit agency. The recently signed agreement with MIGA on cooperation and mutual support in insuring the activities of Polish business in foreign markets, with special focus on Ukraine, has quickly borne fruit. We are eager to support other companies based in Poland to safely and successfully invest in Ukraine to help rebuild the country and modernize its economy.
Katarzyna Kowalska, Deputy CEO of KUKE
We are committed to supporting Ukraine and the private sector, which is keeping the economy resilient in the face of Russia’s invasion. Our political risk insurance guarantee product has supported private investors who are playing a crucial role in sustaining Ukraine’s economy during the ongoing war.
Hiroshi Matano, MIGA Executive Vice President
KUKE’s offer in respect to Ukrainian market consist of three pillars:
- Export credit cover
- Investment insurance (greenfield, M&A, other)
- Cover for reconstruction & modernisation projects with participation of Polish contractors and suppliers.
The 390MWp project entails the construction and operation of solar power plants at seven separate sites, with aggregate power generating capacity of 390 MWp across the provinces of Bor-Nigde, Gaziantep and Sanliurfa-Viransehir. Upon completion, the project could generate enough renewable electricity to power over 65,000 households in Turkey annually.[1]
British exporter GE Vernova – via its subsidiary UK Grid Solutions Ltd – will supply and install inverter stations, power-plant controllers and other critical equipment. This is expected to directly support British jobs at GE Vernova’s Staffordshire site, as well as jobs in the wider UK supply chain.
Polish exporters will deliver security systems (including both software and equipment) and steel components for the project. This is set to create jobs in manufacturing and logistics sectors.
Standard Chartered acted as Structuring Bank, Green Loan Coordinator, Lead Arranger and Lender. The financing is guaranteed by a 100% UKEF guarantee, with over €122 million reinsured by KUKE, Poland’s export credit agency.
Renewable energy represents 54% of the total installed electricity capacity in Turkey.[2] This new project will increase the availability of renewable energy in Turkey and deliver on UKEF’s commitment to supporting the global transition towards low-carbon economies.
"Our mission is to grow the economy, including through boosting exports so British businesses can sell their world class goods and services around the world. “This announcement will support jobs and businesses across the country, especially in the Midlands, and support the global transition toward cleaner energy. It also demonstrates how UK Export Finance can help businesses grow, export and boost economic growth.”
Gareth Thomas, UK Minister for Exports
“This contract in the green technology sector proves that Polish companies have broad competences and can provide products and services of the highest quality. Thanks to the support of KUKE, Polish entities are more often involved in the implementation of infrastructure projects in Africa, the Middle East and Asia. We hope to announce further transactions this year with significant involvement from Polish businesses, meeting large investment needs around the world whilst improving many people’s quality of life."
Piotr Maciaszek, Director of Insurance and International Relations Department, KUKE
“We have a long-term, successful partnership with UK Export finance in Türkiye, enabling GE Vernova to continue offering clients competitive financing solutions for Solar and Storage technology. GE Vernova has helped deliver approximately 2.8 GW of solar capacity in Türkiye with an extended equipment scope and a services package. We are proud to have delivered yet another landmark financing in Türkiye through successful collaboration with Kalyon Enerji and UK Export Finance.”
Uday Mathur, Global Leader, Capital Markets GE Vernova
“We are proud to be a driving force behind Türkiye’s transition to clean energy. In 2023, we became fully operational in Kalyon Enerji’s Karapınar Solar Power Plant, which is the largest solar power plant in Türkiye and Europe, contributing 11% of the solar power generated in Türkiye. This is Kalyon Enerji’s second transaction with UKEF and GE Vernova, for the second largest solar project in Türkiye to date. Thanks to our business partners for their support, by investing in renewable energy projects, we’re not only providing sustainable energy solutions, but also creating jobs and contributing to Türkiye's energy independence using renewable energy sources.”
Dr. Murtaza Ata, CEO of Kalyon Enerji
“Through this important multi-site solar project in Türkiye, we were able to showcase our expertise to structure this Green Loan financing supported by UKEF and KUKE and contribute to our strategic priorities to help accelerate our clients’ transition to net zero. With our unique expertise in sustainable finance and a track record in financing renewable projects, we are proud to help shape the future of communities in our footprint.”
Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered
In addition to KUKE, representatives of the following entities signed the memorandum: Atradius Dutch State Business (Netherlands), EDC (Canada), EGAP (Czech Republic), EKN (Sweden), Euler Hermes (Germany), EIFO (Denmark), Finnvera (Finland), PricewaterhouseCoopers (Germany), NEXI (Japan), SACE (Italy), UKEF (UK) and USEXIM (USA). They agree to continue supporting Ukraine in cooperation and to establish an exchange format for sharing experiences.
"We demonstrate our will to support Ukraine more actively in its efforts to rebuild and modernize the economy. Since the beginning of the war, we have advocated the creation of international guarantee mechanisms to enhance safe investments and trade with Ukraine. At KUKE, we have created a comprehensive support program for Polish companies that supply Ukrainian market, invest there or want to rebuild the country. Since the outbreak of the war, we have covered Polish exports worth nearly USD 1 billion realising only marginal loss ratio. Hence we are in a position to share our experience and provide know-how for other parties to increase safely its trade, investments and partnerships with Ukrainian businesses."
Katarzyna Kowalska, Vice-President and CRO of KUKE
To develop practical solutions to address the challenges of applying export and investment promotion in Ukraine, the operational focus of the memorandum centers on contact between experts and practitioners from the respective institutions. The participants expect the joint commitment to use existing flexibilities in the cover policy, the possible optimization of support instruments based on an exchange of best practices, and the proactive use of risk-sharing opportunities between the participants of the memorandum to substantially strengthen the support instruments to the benefit of Ukraine.
The initial signatories call on other countries to join the network to support Ukraine in the future. The aim is to build a broad and strong coalition of financial institutions for Ukraine.
"The combination of our capabilities will strengthen the shield against political and war risk available to not only Polish companies but also entities using Poland as a hub for establishing or expanding their business in Ukraine. We see strong interest on the Polish side in developing economic ties with Ukraine as our export dynamics proves, though the risks stemming from the ongoing war deter from investing on a larger scale. KUKE was leading the ECA community in opening up the Ukrainian market to export and investment cover. We are ready to insure commercial, political and force majeure risks of planned investments as well as the existing ones to make entrepreneurs feel safe and encourage them to accelerate their involvement in recovery of Ukraine. This is our priority, but then we hope for joint transaction in other markets where we can assist Polish companies to carry on sustainable investments and mitigate their risks."
Katarzyna Kowalska, Vice-President and CRO of KUKE
"During this time of immense difficulty caused by Russia’s invasion of Ukraine, we remain committed to expanding our support to the Ukrainian government and the private sector. Our insurance and reinsurance products have played a vital role in sustaining the Ukrainian economy’s resilience during the ongoing war and supporting much needed foreign investment."
Hiroshi Matano, Executive Vice President of MIGA
MIGA is also exploring reinsurance support for Ukrainian projects with other European export credit agencies. The Agency has been collaborating with the Ukrainian government, development partners, and the international investment community interested in risk mitigation and market insights.
MIGA has been among very few providers of political risk insurance in Ukraine, including cover for war and civil disturbance, issuing more than $215 million in coverage since the Russian invasion of Ukraine in February 2022. MIGA’s coverage was made possible by donor contributions to the Support for Ukraine Reconstruction and Economy Trust Fund (SURE TF) which complements MIGA’s own risk capacity. Through these efforts, MIGA has supported new and existing cross-border investors in Ukraine. MIGA’s guarantees serve as a key risk mitigation tool, ensuring the continuity of private sector operations and investments for the country’s continued economic activity during the ongoing conflict.
