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Fund to support the macroeconomics of Ukraine. For his part, the President of Ukraine, Volodymyr Zelensky, thanked De Croo for the initiative and said that the money from the €1.7B fund will be used next year. "It is crucial that Belgium became the first country to start using frozen Russian assets to support Ukraine against Russian terror,” Zelenskyy emphasized.
This year, the DFC financed three projects in Ukraine for $110M. The cooperation between Ukrainian companies and banks with the American International Development Finance Corporation (DFC), on the one hand, increases the stability of the Ukrainian economy and, on the other hand, sends a powerful signal to investors that, even during the war, now is the time to invest in Ukraine, said the Minister of Economy of Ukraine, Yulia Svyridenko. Two agreements totaling $60M were concluded between the DFC and Ukrainian banks to mobilize capital for sustainable support of small and medium-sized businesses by facilitating their access to financing in Ukraine. Micro-entrepreneurs and small and medium-sized companies can obtain bank financing with more straightforward requirements because a DFC guarantee will be used instead of collateral. Another project concerns guarantees for $50M provided for the Global Trade Finance Program of the International Finance Corporation (IFC), which expanded Ukrainian banks' access to international trade financing. This supports enterprises that provide Ukrainian exports.
MIGA has provided Ukraine with almost $200M in guarantees. Since the beginning of the Russian invasion, MIGA has provided Ukraine with guarantees totaling $196M, noted Minister of Finance Serhiy Marchenko. Also, MIGA contributed to creating the SURE war risk insurance trust fund in Ukraine, with Japan and Great Britain as donors, with contributions of $23M and $25M, respectively. The Minister of Finance also noted the agency's role in supporting Ukrainian banks. In 2023, MIGA provided $20M in guarantees for the IFC’s Global Trade Financing Program and $10M for the EBRD’s Trade Financing Program, which will contribute to the support of trade operations with the participation of Ukrainian banks Ukreximbank, Ukrgasbank, and Oschadbank. Also, in 2023 MIGA has provided additional guarantees for:
● ProCredit Holding - €47.5M
● completion of the first stage of construction of the Lviv Industrial Park -
€9.2M
● CANPACK S.A. company - $13.96M
Reforms can provide Ukraine with up to third of required financing from private investors according to the World Bank head in Kyiv. Ukraine can attract more private investment for future growth by charting a clear and predictable policy path in key sectors, World Bank Governor Ajay Banga said on Wednesday at the 4th Ministerial Roundtable Discussion for Support to Ukraine at the IMF-World Bank meeting in Marrakech.
Ukraine needs guarantees of long-term financial support Zelenskiy told the annual meeting of IMF, World Bank. Ukraine needs real guarantees of long-term financial support to protect people's lives, Ukrainian President Volodymyr Zelenskiy said, speaking via video link at the fourth ministerial discussion at the annual meeting of the IMF and the World Bank.
Donors will provide Ukraine €0.5B for demining, and Ukraine will offer
60 UKRAINE Country Report November 2023 www.intellinews.com