The Ministry of Economy of Ukraine and the international humanitarian organisation Mercy Corps will work together to overcome the negative effects of the war on Ukrainian businesses. A memorandum of cooperation was signed on 10 January by First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko and Mercy Corps Ukraine Mission Leader Stephen John Claborne. The document, in particular, provides for cooperation in the restoration of affected micro, small and medium-sized businesses through grant support and other programmes.

The First Deputy Prime Minister and Minister of Economy of Ukraine expressed gratitude for the assistance provided by Mercy Corps to Ukrainian citizens and businesses since the beginning of the large-scale invasion.

“We are grateful for the assistance to Ukrainian internally displaced persons and for the support to the agricultural sector. Thanks to your initiative to support Ukraine’s economic stability, businesses have been able to relocate to safer regions, operate and develop. I am convinced that our cooperation aimed at restoring and developing micro, small and medium-sized businesses will be effective and will contribute to strengthening the Ukrainian economy,” said Yuliia Svyrydenko.

According to the memorandum, the Ministry of Economy and Mercy Corps will also cooperate in the following areas:

• Overcoming the negative consequences of the war for both local communities and Ukrainian businesses. This includes conducting a comprehensive analysis of financial losses and destruction, as well as rebuilding lost assets.
• Engaging with the business community to ensure sustainable business development and promote export growth to the EU and the U.S.
• Building a competitive economy and establishing effective dialogue and cooperation between the state and the business community.
• Exchange of information on the state of relocation of businesses, current problems and prospects for the development of micro, small and medium-sized businesses.
• Exchange of economic research results.

The memorandum will facilitate operational cooperation in the area of restoring war-affected businesses in Ukraine by providing grant or financial support, implementing training and mentoring programmes. The document also envisages the implementation and organisation of joint projects and activities in the areas of recovery and business development in Ukraine.

Background

Mercy Corps is an international humanitarian organisation that has been operating in Ukraine since the beginning of the full-scale invasion and has representative offices in Kyiv, Lviv, Dnipropetrovsk and Odesa regions. Over the past year, the organisation has provided assistance to about 1.38 million internally displaced people in Ukraine and abroad. Mercy Corps is also implementing the Economic Resilience Support Program for Ukraine, which aims to support relocated and local micro, small and medium-sized businesses. Project participants are provided with grants ranging from USD 1,500 to USD 40,000 to restart their businesses. In the agricultural sector, the organisation provides assistance to restore small-scale farming activities lost due to the war, as well as supports small and medium-sized farming enterprises in overcoming the consequences of the war in the agricultural sector.