The financial infrastructure of the Three Seas Initiative (3SI), in particular the 3SI Investment Fund, can play an important role in securing investment in long-term projects in Ukraine. And 3SI risk insurance through export credit agencies and DFI project financing will allow companies from the Three Seas Initiative countries to make greater inroads into the Ukrainian private sector. This was stated by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, in her speech at the Three Seas Initiative Business Forum in Bucharest on 7 September.
These are mainly projects in the energy, transport and digital infrastructure sectors. According to Yuliia Svyrydenko, the war has significantly changed the infrastructure development agenda in the region. New routes for the transit of goods, land and sea connections, transport and energy infrastructure will change in the coming decades. At the same time, Ukraine’s contribution to sustainable infrastructure in the region is vital and improving its connectivity with EU neighbours in the areas of transport, energy and digital technologies is a priority.
“We welcome discussions with the Trimarium partners on the list of priority projects we will develop in Ukraine. We can jointly conduct a preliminary feasibility study to identify the most suitable infrastructure projects in the future,” said Yuliia Svyrydenko, inviting companies from the Three Seas Initiative countries to actively participate in early recovery projects.
The First Deputy Prime Minister and Minister of Economy informed the panellists and the audience about the preparation of the Ukraine Plan under the EU’s Ukraine Facility programme. According to her, the Ukraine Plan presents a vision of Ukraine’s economic growth for the next 4 years. The proposed reforms and investments will focus, among other things, on helping to rebuild and modernise Ukraine and facilitate its accession to the EU. The core of the plan will provide a realistic focus and a clear definition of the priorities and sequencing of reforms and investments.
“Rebuilding Ukraine is one of the most ambitious projects of the 21st century and will require enormous resources. At the same time, it opens up many opportunities and prospects, especially for business, which will be the engine of regional economic growth,” said Yuliia Svyrydenko.
The First Deputy Prime Minister and Minister of Economy also addressed the issue of ensuring freedom of navigation in the Black Sea. According to her, the lack of insurance for Black Sea grain shipments remains a problem that Ukraine is actively working to solve. Therefore, Ukraine will need significant support from partners and donors in this matter.
As a reminder, at the Three Seas Initiative Summit in Bucharest, Ukraine became an associate member state of the Three Seas Initiative. According to Yuliia Svyrydenko, this means that Ukraine now has access to all the tools developed under the initiative.