Vapaavuori at Finnvera's Annual General Meeting: The situation in Ukraine will affect the companies' willingness to invest

Minister of Economic Affairs Jan Vapaavuori said today at the Annual General Meeting of Finnvera that, in the beginning of the year, financing by Finnvera for SMEs has increased by nearly 20 per cent compared to the same period a year earlier.

– There's a positive tone to be seen in the investments. The situation in Ukraine, however, will inevitably affect the atmosphere, and hence also the willingness and courage to make investments both at home and abroad. Finnvera has still been able to make a financial contribution in 84 per cent of the applications, which reflects the fact that there are some good projects about, says Minister Vapaavuori.

Significant increases in Finnvera's financial powers have been put forward in the Government's 2013 supplementary budget and the spring spending limits regarding SMEs and export companies alike. If implemented, such measures will further improve Finnvera's possibilities to complement the availability of financing in the private market.

Continued Financing for Trade with Russia

Russia is Finnvera's third largest country of commitment. The total exposure in Russia is around one billion euros.

– Finnvera continues to provide export credit guarantees and financing for projects in Russia. Due to the increased level of risk we cannot grant any funding for exports to Ukraine, says CEO Pauli Heikkilä.

Further information:
Petri Peltonen, Director General, Ministry of Employment and the Economy, tel. +358 (0)29 506 3662
Pauli Heikkilä, CEO, Finnvera, tel. +358 (0)29 460 2400