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unit is eligible for this investment insurance. It protects investors or lending institutions that issue investment loans from the risks of property damage or non-payment, non-transfer, expropriation, or political violence. The insurance covers up to 95% of the loss of the investor's assets or receivables. In addition, France continues negotiations with partners regarding the support of Ukraine's economy and the mobilization of innovative financial instruments for Ukraine's recovery.
Ukraine and the WB reviewed the project portfolio for the first time since 2021. The volume of the joint project portfolio with the World Bank is currently the largest it has been over all the years of cooperation. As the Ministry of Finance specified, it consists of 20 existing projects worth more than $5.5B and €1B in credit funds and more than $20B in grant funds. Ukraine has already received and used credit and grant funds for over $25B through multi-donor trust funds, including within the PEACE in Ukraine project. It is noted that over the past year and a half, four new cooperative investment projects have been launched: Heal Ukraine, RELINC, Re-Power, and HOPE. Also, a project for social needs is being prepared. Due to the efforts of the World Bank, multi-donor trust funds, the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund, and other financial mechanisms, Ukraine's partners are able to participate in the co-financing of framework projects or provide budget support through grant contributions or by providing credit guarantees, the Ministry of Finance notes.
The Swiss company Nestlé plans to increase production in Ukraine in 2024, said the CEO at Nestlé South Eastern Europe, Alessandro Zanelli. He attributed last year's decline to the loss of 8.8 million consumers who left the country or remained in the occupied territories and to the fact that one of the company's factories did not work for most of the year. At the same time, Nestlé started constructing a new €42M factory in Volyn, creating the basis for increased production. In monetary terms, Nestlé in Ukraine achieved steady double-digit growth this year. Moreover, exports have recovered and are growing. At the Lviv factory last year, exports increased by 20%, and at the Volyn factory by 5%. Zanelli emphasized that since the war began, the company has focused on improving the security and support of its 5,500 employees in Ukraine, including mental health support. He also noted that this year, the company allocated about eight million Swiss francs to charity in addition to 13 million last year.
UkraineInvest will help Chicago Atlantic launch a new $250-$500M investment fund. During a working visit to Washington, the head of UkraineInvest, Serhiy Tsivkach, signed a memorandum with Chicago Atlantic on the institution's further support for the newly created investment fund, which will focus on Ukraine. UkraineInvest's support will consist of selecting investment projects for the fund and their support under the investment nanny law, providing legal, financial, and analytical advice on doing business in Ukraine, and establishing effective interaction and coordination of actions with the state authorities of Ukraine. Chicago Atlantic is a leading private market investment firm with more than 60 professionals and more than $1.2B in assets under management. The investment platform uses fully discretionary leveraged capital to act quickly and provide flexibility in challenging situations, typically through transactions from $1M to over $50M. Primary areas include direct lending, real estate, direct investment, and social investment.
In seven months, Ukraine received $2.2B in direct foreign investment and
44 UKRAINE Country Report October 2023 www.intellinews.com