Today, on July 21, Minister of Finance of Ukraine Sergii Marchenko and IFC Vice President for Europe, Latin America and the Caribbean Alfonso Garcia Mora discussed the attraction of private investments for the recovery of Ukraine.
The meeting was also attended by Deputy Minister of Finance of Ukraine Olga Zykova, Deputy Minister of Finance of Ukraine for European Integration Yuriy Draganchuk and Government Commissioner for Public Debt Management Yuriy Butsa.
The parties discussed the needs for recovery, preparation and implementation of joint projects, including support programs for small and medium businesses in Ukraine.
“The private sector is playing an important role in the economic recovery. Creation of jobs, favorable security and social conditions are necessary factors for Ukrainians to return home. All this will contribute to the recovery and further economic growth,” said Sergii Marchenko.
The Minister of Finance emphasized that according to the verified data of the Second Ukraine Rapid Damage and Needs Assessment (RDNA2) report, the need for financing to support business for the current year is estimated at USD 2.8 billion. Currently, USD 512 million have already been mobilized from the State Budget. He also added that in the conditions of martial law, Ukraine does not have enough resources to finance the specified needs for assistance to the private sector, without coordinated support from donor countries and international financial organizations.
“I am grateful to the International Finance Corporation for its intention to provide USD 1 billion to support small and medium-sized businesses in 2023. Our cooperation with IFC will contribute to greater encouragement of private investors, since the Government of Ukraine is already implementing plans for the recovery of the country,” said the Minister of Finance.
Sergii Marchenko also noted that the Government of Ukraine is counting on IFC’s assistance in attracting private investments to recover Ukrainian infrastructure, in particular, through public-private partnership projects in the sectors of transport and logistics, social infrastructure and energy.