EGAP increases Ukraine Fund capacity to 1 billion CZK

The Czech Export Guarantee and Insurance Company (EGAP) has increased the capacity of its Ukraine Fund from 639 million CZK to 1 billion CZK. This expansion is designed to support Czech companies exporting goods and technology to Ukraine during the ongoing conflict.

Finance Minister Alena Schillerová stated that the increase will not negatively impact the state budget, as the funds are being reallocated from the COVID Plus program. The fund operates on a revolving basis, allowing for continuous support as loans are repaid. Since its launch three years ago, the fund has insured over 2.1 billion CZK worth of exports without a single insurance claim.

The manufacturer Šálek, based in Prostějov, is the first company to utilize the increased capacity. The company is exporting a small tractor intended for municipal services, such as snow removal and container transport. This marks the first time since the start of the war that EGAP has insured the export of a Czech tractor to Ukraine.