The Ministry of Defense, the Ministry of Finance, and the National Bank have created a working group to improve lending to the defense industry
Defense Minister of Ukraine Denys Shmyhal reported on a meeting with representatives of the banking sector, the Ministry of Finance, and the National Bank of Ukraine on the issues of lending to Ukrainian defense industries. As a result of the meeting, a working group was formed to develop proposals as soon as possible to improve the mechanism of credit financing for the defense industry.
“The focus of the meeting is on developing effective mechanisms for lending to weapons manufacturers for the full implementation of state defense contracts. A consortium of state-owned banks is already operating, which can accumulate and direct funds for credit financing of defense companies, Shmyhal said.
According to him, the discussion also focused on the advantages of supporting the Ukrainian defense-industrial complex, which may also be of interest to private banks, in particular those with foreign capital.
To attract such investments, the state is implementing a system of military risk insurance. Part of this mechanism is already in operation, and the next step will be its expansion across the entire territory of the country. In addition, agreements have been reached with international partners who are ready to provide their companies with appropriate insurance guarantees.
“Following the results of the meeting, a working group was created to prepare proposals as soon as possible to improve the credit financing procedure”, — Shmyhal noted.
He also recalled that the President of Ukraine Volodymyr Zelenskyy set the task of at least 50% of weapons, military equipment and other means of defense being produced directly in Ukraine.
“We are taking the necessary steps for this” — the head of the defense department emphasized.
