Page 22 - Ukraine OUTLOOK 2024

• 2.6 FDI
Despite ongoing conflict, Ukraine has already attracted foreign investments totalling $3.03bn in 2023, according to Oleksandr Pecheritsyn, a top manager at Raiffeisen Bank.
As outlined at the Recovery conference held in London in June, the Ukrainian government is relying on the private sector to invest the hundreds of billions of dollars the country needs to rebuild after the war.
The Zelenskiy administration is working hard to improve the investment climate with a range of reforms included in the Ukraine Plan.
Most recently Ukraine has implemented a mechanism to insure investments against war-related risks. The Ukrainian Parliament passed Law No. 9015, which pertains to the insurance of investments against war risks through the Export Credit Agency (ECA).
This amendment aims to address gaps in the existing law that limited the ability to insure domestic investments via the ECA, particularly in the context of military operations and post-war reconstruction.
Once the necessary regulatory acts are approved by the Cabinet of Ministers and the National Bank, investors will have the opportunity to apply for insurance directly through the ECA or collaborate with banks or insurance companies partnered with the ECA.
The law's objectives include bolstering economic activity, strengthening the industrial sector, generating employment opportunities and contributing to budgets at all levels.
Over a ten-month period, the ECA supported UAH4.99bn ($136mn) in exports and insured UAH800.4mn in bank financing for Ukrainian exporters, enabling them to fulfil contracts.
Currently, there are two primary sources of financing for Ukrainian
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