Support for Ukraine’s Reconstruction and Economy Trust Fund (SURE TF)

What is the SURE TF? 

Given the heightened risks of operating in Ukraine during the ongoing war, MIGA uses the Support for Ukraine’s Reconstruction and Economy Trust Fund (SURE TF) to enable its guarantee issuance in Ukraine. MIGA blends donor financing from the SURE TF with risk exposure on its own books, and crowds in public and private reinsurance where available, to deploy guarantees in support of Ukraine. The mix of public and private capacity will vary and evolve depending on the intensity of conflict in Ukraine and the stage of reconstruction.  As of March 1, 2023, private sector reinsurance capacity is virtually non-existent, and therefore MIGA’s efforts have been directed at crowding-in public sector reinsurance toward its guarantees.      

The SURE TF was established with Japan as the anchor Donor. Currently, its other Donors are UK (FCDO), Norway (Norad) and Belgium. MIGA expects the SURE TF to grow to $300 million through contributions from additional donors. MIGA is also actively fundraising towards this end.

How is the SURE TF used? 

MIGA deploys the SURE TF to support its projects in Ukraine. During the ongoing war in Ukraine, the SURE TF will be used as a first-loss layer or towards reinsurance for MIGA’s guarantees in the country.  

What are SURE TF’s Benefits? 

In the context of ongoing conflict and absence of private reinsurance in Ukraine, MIGA will blend donor financing from the SURE TF with risk exposure on its own books to help crowd in the available public reinsurance, and deploy guarantees in support of Ukraine. The SURE TF’s risk capital solutions also help make MIGA’s guarantees more available and affordable, particularly for smaller investors in Ukraine.