Joint coordination of projects and attraction of investments for Ukraine's recovery were the key topics of the meeting between First Deputy Prime Minister of Ukraine and Minister of Economy of Ukraine Yuliia Svyrydenko and the World Bank Vice President for Europe and Central Asia Anna Bjerde.
"The Government of Ukraine is working closely with donor countries, the European Commission and the World Bank to provide financing for priority sectors of the economy, cover the budget deficit and develop the private sector. We expect to attract USD 3.1 billion, which will mobilize more than USD 18 billion for the Ukrainian economy. We are asking our foreign partners to co-finance key sectors of the economy and coordinate projects for the restoration of Ukraine," said Yuliia Svyrydenko.
Thus, one of the priority areas for today is the insurance of military and political risks, in particular, the creation of a targeted international trust fund for reinsurance and insurance of military risks for small and medium-sized businesses. The implementation of this project will make insurance products more affordable, thus increasing the inflow of foreign direct investment to Ukraine and mobilizing domestic re-investment potential.
The parties also discussed expanding access to financing under the 5-7-9 program, support for export-oriented SMEs and microbusinesses, energy supply, and grant support for the agricultural sector. In addition, the Government's priority is to support the processing industry. Due to co-financing from the state budget and a double multiplier, the cumulative effect of support for this sector is expected to be more than USD 1 billion.
The parties will continue to cooperate, in particular, on the basis of the Donor Coordination Platform to support recovery and reconstruction in Ukraine. The platform will ensure close coordination of efforts of international donors and financial organizations, as well as transparent and accountable support.
The participants also focused on supporting the Ukrainian private sector in 2023. According to the RDNA (Rapid Damage and Recovery Needs Assessment) report, Ukraine's immediate financial need in the private sector is USD 1.5 billion, of which USD 0.6 billion is in the agricultural sector.
On September 9, the World Bank presented the Rapid Damage and Needs Assessment (RDNA) report, a comprehensive assessment of Ukraine's current recovery and reconstruction needs. The Government of Ukraine, in particular the Ministry of Infrastructure, the European Commission and other interested international partners also contributed to the report. The document can be downloaded at https://cutt.ly/04OCqkI.