“Many companies are already preparing for 'Day X'.”
Helmut Bernkopf is the executive board director responsible for Export Services at Oesterreichische Kontrollbank (OeKB), including services related to business with Ukrainian companies. In our interview, he discusses the Ukraine Facility, which is managed by OeKB, as well as the opportunities that Ukraine’s reconstruction offers Austrian companies.
Could you please give an overview of the Ukraine Facility?
The special Ukraine Facility was established by the Federal Ministry of Finance (BMF) under the 2024 Budget Accompanying Act, and in May 2024, OeKB was entrusted with its administration. The aim is to make 500 million euros available over the next five years to cover business activities in Ukraine that are essential for the country’s reconstruction. We want to enable Austrian export companies and investors to secure and carry out contracts despite the particular risk situation. The facility is therefore strictly focused on public sector projects that make a tangible contribution to rebuilding Ukraine – especially those aimed at securing, restoring, and expanding critical infrastructure.
What criteria must a project meet to be eligible for the Ukraine Facility and be considered a success story?
As mentioned, the Ukraine Facility applies exclusively to business transactions in the public sector on the basis of a state guarantee, provided they serve to ensure or restore basic infrastructure. This includes, for example, the transport sector (railways, bridges), the energy sector, and municipal infrastructure such as drinking water and wastewater, as well as heat supply. Cover is available for both export transactions and direct investments, such as joint workshops for trains, trams or buses.
Since the summer of 2025, the requirement of a state guarantee is also deemed to be fulfilled when the direct payment obligation and the settlement of the transaction are handled by a Ukrainian state‑owned bank. This February, the Austrian Ministry of Finance increased the limits per individual transaction from 10 million euros to 30 million euros, and for credit lines to 50 million euros. Where there is appropriate risk sharing with other export credit agencies, availability of EU facilities, or multi-sourcing with international finance institutes, business transactions exceeding 30 million euros are possible.
The cover for political risks is 100 per cent. For Ukrainian state‑owned banks, the cover for commercial risks is 98 per cent. An Austrian content of at least 50 per cent is required, and no cover is available for the territories annexed by Russia or for regions close to the war.
What kind of support does OeKB offer for investments in the private sector?
The instruments of the guarantee scheme to cover exports to and investments in the private sector in Ukraine have been available since October 2022 on a limited scope. Since then, together with the Austrian BMF, we have improved our cover possibilities for the private sector step by step, most recently at the beginning of June, when we increased the transaction limit for export business and investments up to 10 million euros and extended the tenor up to 8.5 years. In addition, we increased the cover to 98 per cent for political risks and up to 95 per cent for commercial risks. Coverage is granted on a case‑by‑case basis, and again, no cover is available for transactions in annexed territories or in regions close to the war.
How strong is the interest of Austrian companies in these offers, both for business in the public and private sectors?
In the private sector, we see continuous demand for covering smaller supplier credits, although at a moderate level. The agricultural sector is predominant. We see only occasional inquiries for medium/long term and/or public sector export business, and very limited demand for investment insurance. However, many companies are already preparing for “Day X”, when the reconstruction of Ukraine can hopefully begin in the not-too-distant future. With the special Ukraine Facility, we have created the conditions that will allow Austrian exporters to participate even more effectively.
As the executive board director responsible for Export Services at OeKB, you have a good insight into the export and investment situation in Ukraine. How do you currently assess the risks there?
Unfortunately, the situation remains very challenging. Security risks are high, and at present neither Ukrainian nor Russian forces are making significant gains. The ongoing war has created a complex crisis affecting nearly every sector of Ukraine’s economy with the destruction of critical infrastructure, the decline in economic output, trade disruptions or the shortage of workforce, which is increasingly becoming a key issue. Despite these difficult circumstances, business activity in the private sector continues to function relatively well, particularly in the western parts of Ukraine.
What opportunities – including long-term – do you see for companies that are now interested in the reconstruction of Ukraine?
The World Bank estimates the total cost of reconstruction and recovery in Ukraine at almost 588 billion US dollars over the next decade – so naturally, the potential is very high. In the short term, there is substantial demand for rebuilding and modernizing critical infrastructure, including energy systems, transport networks, water supply, and public services. Austrian companies, with their strong expertise in engineering, technology, and sustainable solutions, are particularly well positioned to contribute to these efforts.
Looking further ahead, reconstruction is not only about restoring what has been damaged, but also about building a more resilient, modern, and sustainable economy. This opens opportunities in areas such as renewable energy, digital infrastructure, smart cities, and industrial modernization.
You spent much of your career in Eastern Europe before joining OeKB. How do you see the region today – is there still growth potential?
Eastern Europe today is very different from the region I first worked in. The region has matured considerably, with stronger institutions and a much deeper integration into EU value chains – and the convergence with Western Europe is not finished yet. At the same time, the risk landscape has changed. Geopolitical tensions, energy security, and demographic trends play a much bigger role than they did 15 or 20 years ago. Growth is no longer uniform across the region: while Poland, the Baltic states and parts of Southeastern Europe are growing strongly, momentum is weaker in Slovakia, Romania and Hungary.
Overall, Eastern Europe remains the most important pillar of Austria’s export growth – but the potential is more differentiated. It requires a clear understanding of country-specific risks, a focus on sustainable and competitive sectors, and partners who can manage political and commercial risk professionally. Austrian companies certainly have the technologies and the know-how to be even more successful in this region. Together with the Ministry of Finance, we are doing everything we can to support them in the best possible way.