Another 10 banks join the compensation programme for the purchase of Ukrainian machinery and electrical equipment: Yuliia Svyrydenko

Another 10 banks have joined the programme of partial compensation for the cost of Ukrainian-made machinery and equipment. The financial institutions have signed memoranda of cooperation with the Ministry of Economy. The programme is being implemented as part of the Made in Ukraine policy.

“From now on, buyers of Ukrainian machinery and equipment, including buses, trucks, lifts, transformers and other equipment, will be able to apply for 15% of the cost to ten more banks. In total, twelve financial institutions are already providing services under this programme to entrepreneurs and manufacturers who want to modernise their production facilities and become energy independent. This programme is also aimed at supporting the development of Ukrainian industry,” said Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

The following banks currently participate in the programme to compensate for the cost of machinery and equipment made in Ukraine (15%):

• PJSC BANK VOSTOK
• JSC SKY BANK
• JSC ProCredit Bank
• JSC OTP Bank
• JSC PIRAEUS BANK ICB
• JSC JSCB Lviv
• PJSC UKRGASBANK
• JSC ACCENT-BANK
• JSC AB RADABANK
• PJSC MTB BANK
• JSC Bank Credit Dnipro
• JSC CB GLOBUS

Entrepreneurs wishing to benefit from state support and receive compensation must pay for machinery and equipment through one of the authorised banks and submit an application for compensation to the bank together with a copy of the payment document and the acceptance certificate.

The authorised banks pay compensation for the purchased equipment, including the bank:

• checks the applicants’ documents confirming the purchase;
• submits the lists of applicants to the Ministry of Economy for verification;
• opens accounts to which the Ministry of Economy transfers funds;
• transfers compensation to buyers’ accounts.

Manufacturers who want to participate in the programme must submit an electronic application to the Ministry of Economy and provide information on the degree of localisation, costing and technological operations, and the calculation of the share of labour costs.

After verification by the Ministry of Economy, the goods will be included in a public list, which will be shared with banks to implement the programme.

Compensation for goods purchased before 1 December 2024 can be received in the current year, provided that an application is submitted by 5 December. For equipment purchased after 1 December, compensation will be accrued next year. Funding depends on the priority of applications and the availability of the budget.

Background

The decision to launch a new compensation programme for manufacturers was made by the Cabinet of Ministers on 24 September 2024.

The state Made in Ukraine policy, launched by the President of Ukraine, aims to attract investment for the development of Ukrainian producers, increase production of high value-added products and stimulate demand for Ukrainian goods. After all, support for producers means increased production, a stable economy, new jobs, money to the budget and support for the Armed Forces.