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Finnvera strengthens its role in financing exports to Ukraine – A Joint Statement of Intent of five European export financiers focuses on dual-use technology
The joint statement on financing dual-use technologies in Ukraine was signed by the export financiers of Poland, France, Italy, and the Czech Republic, in addition to Finland and Finnvera. On behalf of Finnvera, the statement was signed by Pekka Karkovirta, Head of International Relations, pictured on the left.
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Finnvera along with four other European export financiers and development banks have signed a joint statement of intent to finance dual-use projects in Ukraine. The statement led by European Commission intents to step-up cooperation to strengthen Ukraine's resilience and defence. Finnvera strengthens its role in financing Ukraine through both export credit guarantees and various EU financing instruments. In 2025, Finnvera’s financing for Finnish exports to Ukraine amounted to over EUR 27 million.
The parties of the statement signed in Brussels, Belgium on 22 April 2026 are Poland’s development bank Bank Gospodarstwa Krajowego, Bpifrance of France, Cassa Depositi e Prestiti of Italy, National Development Bank of the Czech Republic and Finnvera. The parties intent to explore financing of areas such as next-generation drones, advanced communications, electronic protection or space technologies among others, aiming to deepen industrial and technological partnerships between European and Ukrainian players.
“The statement is significant, as we want to be at the forefront of promoting Finnish exports and, thus, strengthening Ukraine’s economy and structures. We are keen to participate in financing projects and hope that an increasing number of Finnish companies will find market opportunities in Ukraine. We encourage companies to contact us, and we are actively seeking financing solutions”, states Pekka Karkovirta, Vice President, International Relations at Finnvera.
Finnvera’s export credit guarantees and EU financing instruments already widely used in exports to Ukraine
Finnvera has been able to grant export credit guarantees to Ukraine since the beginning of 2024. Export credit guarantees are granted under a special EUR 200 million loss compensation commitment by the Ministry of Economic Affairs and Employment, covering export credit guarantees granted during the period 2024–2026. At the end of 2025, Ukraine ranked 20th in Finnvera’s export credit guarantee exposures, with total liabilities amounting to EUR 85 million including binding financing offers.
“Ukraine-related export credit guarantees involve a very high level of risk. Therefore, Finnvera can grant guarantees only with the support of the loss compensation commitment. Most of the guarantees granted so far have been short-term credit insurance, although there has also been interest in longer repayment periods and buyer credit guarantees. Typically, exports of capital goods are financed with longer repayment tenors. Depending on the client’s needs, we can consider different types of export guarantees and repayment terms. The risk obligor may be a bank, a Ukrainian company, or the Ukrainian state”, says Jarkko Haapiainen, Senior Adviser at Finnvera.
In the summer 2025, Finnvera and the European Investment Fund (EIF) signed an agreement on a new guarantee arrangement that allows Finnvera to grant additional export credit guarantees to Ukraine for Finnish SMEs and midcaps that employ under 500 people and trade in Ukraine. One guarantee has already been granted under the EIF agreement.
The Ministry for Foreign Affairs of Finland, in turn, administers the Finland-Ukraine Investment Facility (FUIF), which is intended to support the reconstruction of Ukraine. In these projects, Finnvera provides a guarantee for export credit.
“Companies have shown interest in export credit guarantee opportunities related to Ukraine. However, preparation of the export projects takes a long time and risk assessment requires careful consideration. We are actively exploring various risk-sharing arrangements and other ways to further support exports. We also organise financing workshops related to Ukraine for companies, with the aim of increasing awareness and expertise regarding export opportunities linked to Ukraine”, Haapiainen says.
In addition, Finnvera has submitted an application to the European Commission under the Ukraine Investment Framework, which, when approved, will enhance opportunities to promote the Ukraine-related exports of Finnish companies.
Further information:
Is your company interested in exports to Ukraine? Take a look at Finnvera’s financing workshops related to Ukraine.
Finnvera’s Guaranteed transactions: Finnvera guarantees Metso's deliveries to Ukraine.
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