EIF and Finnvera’s pilot project to support Ukraine to boost Finnish exports

Finnvera and the European Investment Fund (EIF) have signed an agreement on a new guarantee arrangement that allows Finnvera to grant additional export credit guarantees to Ukraine. The objective of the agreement is to support EU companies in trading with Ukraine and to strengthen economic relations with it in order to support its EU membership process. This is a pilot project that may expand at a later date.

Within the framework of its normal guarantee policy, Finnvera cannot grant export credit guarantees to a country at war; however, in connection with Finland’s national plan for the reconstruction of Ukraine, Finnvera started granting export credit guarantees from 1 January 2024 on the basis of a special loss compensation commitment by the Ministry of Economic Affairs and Employment. The Ministry of Economic Affairs and Employment can provide Finnvera with up to EUR 100 million in compensation for losses sustained in connection with export credit guarantees granted in 2025 for promoting exports to and investments in Ukraine. The new agreement between Finnvera and EIF enables the granting of export credit guarantees worth around EUR 30 million for Finnish SMEs and midcap companies that employ under 500 people and trade in Ukraine.

The EIF guarantee is based on the EU Commission’s InvestEU export credit programme. The now-signed agreement is one of about 13 similar agreements in the EU Member States, which are currently being prepared between the European Investment Bank Group, the European Commission, and national export credit agencies. The system provides guarantees totalling around EUR 300 million for European SMEs and midcap companies and was oversubscribed within a few weeks of its launch in July 2024.

The agreement signed by Finnvera and the EIF supports Finnish companies in their business with Ukrainian partners.

‘Launching this pilot is an important step in preparing for financing the reconstruction of Ukraine. From Finnvera’s perspective, it is important that we are able to contribute to the reconstruction of Ukraine and, at the same time, create the preconditions for Finnish companies to have a significant role in Ukraine. We see Ukraine as a key factor in the future growth of Europe, and we use a wide range of different financial instruments to strengthen the export conditions of Finnish companies,’ says Juuso Heinilä, CEO at Finnvera.

Marjut Falkstedt, Chief Executive at European Investment Fund (EIF), says: ‘We have put significant effort into getting the system up and running quickly, as we have recognised its potential to strengthen SMEs in the EU and support Ukraine’s economic sustainability in a critical moment. The introduction of the guarantee system is an important step and similar agreements in other EU countries will further widen its impact.’

Background information

Finnvera is a specialised financing company of the State of Finland and the Export Credit Agency (ECA) of Finland. The objectives of Finnvera’s operations include boosting start-up business and enabling the growth of companies, investments and financing in changing situations as well as promoting internationalisation and export activities through financing. At the moment, Finnvera has 372 employees and approximately 21,100 customers, and Finnvera is active in the whole Finland with offices in 15 locations. Under legislation, the State of Finland compensates for 50% of the credit and guarantee losses in Finnvera’s domestic financing. Finnvera’s balance sheet totalled EUR 14.8 billion at the end of 2024. 

European Investment Fund (EIF): The European Investment Fund is part of the European Investment Bank Group. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF furthers key EU policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability, and more. 

The InvestEU programme offers long-term financing solutions in Europe and aims to mobilise significant amounts of public and private funding to support sustainable recovery. InvestEU is helping launch additional investments that will contribute to EU’s objectives, such as the EU Green Deal, digitalisation, and support for SMEs. The InvestEU programme brings together numerous financial instruments of the EU. The programme consists of three parts: InvestEU Fund, InvestEU Advisory Hub, and InvestEU Portal for projects. The InvestEU Fund operates through a number of financing partners. With the EU budget guarantee of EUR 26.2 billion, the partners can invest in projects that will launch additional investments with an estimated value totalling EUR 372 billion.

Further information

Eeva-Maija Pietikäinen, Head of Country Risk Management, Finnvera, tel. +358 29 460 2674
Valtteri Vento, Senior EU Finance Advisor, Finnvera, tel. +358 29 460 2531