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400 companies have joined the Business Compact initiative, within which Ukraine and the UK are uniting private sector efforts to support the Ukrainian economy during a full-scale war.
This was stated by the Prime Minister of Ukraine Denys Shmyhal during a briefing at the Ukraine Recovery Conference 2023
“We offer promising industries for investment. We offer specific projects and cooperation. During the conference, we signed a number of agreements in various fields. These are very promising areas for international companies to enter the Ukrainian market. And it is very important that they will have Ukrainian partners at the entrance,” Shmyhal said.
According to the Ukrainian Prime Minister, “effective instruments for insuring military risks” will be a significant incentive for private investors. Therefore, Ukraine has signed an agreement on “joint work” in this area with the EU, Norway, Switzerland and the EBRD representatives.
Mr Shmyhal also noted that Ukraine has already made some progress in this area. For example, the Multilateral Investment Guarantee Agency (MIGA) has started the process of providing war risk insurance guarantees in Ukraine. The relevant agreement has already been signed with the German banking holding ProCredit.
“Rebuilding Ukraine will be the largest reconstruction project since the Second World War. We are involving all our international partners and the private sector in this process. It will be the driver of Ukraine’s recovery, ” the Prime Minister stressed.
However, during the first day of the conference, French Foreign Minister Catherine Colonna announced that France would create a special insurance mechanism for investors planning to work with Ukraine.
“Today I am announcing the creation of an insurance mechanism to cover investments in Ukraine against war-related risks through the French Public Investment Bank. This is fully in line with the mechanism proposed by the UK and Ukraine,” the French Foreign Minister said.
To recap, the Ukraine Recovery Conference 2023 took place in London on 21-22 June, attracting additional financial investments to Ukraine. All forms of direct aid and other financial instruments are aimed at supporting and restoring the Ukrainian economy in the face of unprecedented damage inflicted on Ukraine by Russia’s full-scale destructive war on the territory of its sovereign neighbour.
