June 28, 2023, 18:18

Launch of Ukrainian Development Fund – Oleksandra Vasylenko on results of Ukraine Recovery Conference in London

The launch of the Ukrainian Development Fund was officially announced at the Ukraine Recovery Conference in London. The Development Fund will direct its efforts to support the development of the Ukrainian economy and the reconstruction of Ukraine. In particular, a very large focus will be placed on the development of regions and the support of priority sectors of the economy, such as energy, modern technologies, infrastructure, critical infrastructure and finance.

Oleksandra Vasylenko, Director General for Economic Diplomacy and Sanctions Policy at the Ministry of Foreign Affairs of Ukraine, Special Commissioner for Humanitarian and Sanctions Policy made this statement at a briefing at Media Center Ukraine – Ukrinform.

“The first installments were already announced within this Fund, which is supported by the World Bank and which guarantees investments, that is, the MIGA program that the Ministry of Economy is working on very hard and fruitfully. That is, GBP 20 million was announced by the UK in addition to the already existing contribution, Japan pledged USD 23 million. Also, MIGA, within the framework of its fund, announced the signing of an extended Memorandum of Understanding with ProСredit bank, as a result of which the amount of money increased to almost EUR 41 million,” said Oleksandra Vasylenko.

She also noted that the EBRD announced its intention to develop a military risk insurance scheme.

Oleksandra Vasylenko noted that attracting investments and the arrival of foreign companies is extremely important for Ukraine today. After all, this will give an impetus to foreign companies to start working in Ukraine right now.  

“Therefore, the creation of such a fund and the already existing guarantees give companies the opportunity to see a positive track and start working in Ukraine now. And work on urgent recovery projects. In particular, these are critical infrastructure projects, for example, in the field of energy, which Ukraine urgently needs now to restore our electrical grid,” she said.

Read more: https://mediacenter.org.ua/news