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Ministry of Economy holds consultations with EU on Ukraine Investment Framework under Ukraine Facility

22.12.2023 | 16:13 | Section for Public and Mass Media Relations

On 4 December, Ministry of Economy of Ukraine held consultations with the European Union delegation on Pillar II of the Ukraine Facility programme for 2024-2027. Pillar II provides for the creation of a special EUR 8 billion investment mechanism to reduce the risks of financing programmes in priority sectors, enabling private investors to obtain financing for investment projects through international financial institutions.

The meeting was attended by Deputy Minister of Economy of Ukraine Volodymyr Kuzio, Deputy Minister of Economy of Ukraine and Trade Representative of Ukraine Taras Kachka, representatives of the Ministry of Finance of Ukraine, Ministry of Foreign Affairs of Ukraine, Ministry for Communities, Territories and Infrastructure Development of Ukraine, Government Office for European Integration, Reforms Delivery Office of the Cabinet of Ministers of Ukraine, Kyiv School of Economics and others.

The main topics of discussion during the consultations with the EU representatives were the conditions for the operation of the investment framework programme under the Ukraine Facility, attracting public and private investment and coordinating the efforts of IFIs. The aspects of building a portfolio of projects in the public and private sectors were also discussed, as well as best practices for analysing the effectiveness of public investment projects and projects aimed at attracting private investment.

“The special investment instrument under the Ukraine Facility programme provides for EUR 8 billion to reduce project financing risks and meet the needs of the private sector and public investment projects aimed at economic growth. Ukraine will not receive these funds directly. The funding will be channelled through the EBRD, the EIB and other European international financial institutions and bilateral development agencies. The total expected volume of investment that we will be able to attract through this instrument is estimated at around EUR 40 billion. We see this as a great opportunity to engage and develop the private sector and ensure its active participation in Ukraine’s post-war reconstruction, as well as to increase the efficiency of public investment aimed at economic growth. We discussed the need to jointly build a transparent and balanced Pillar II management, participation in the process of evaluation of public investment projects and private sector projects, as well as coordination of efforts with international financial organisations,” Volodymyr Kuzio, Deputy Minister of Economy of Ukraine, noted.

It is worth reminding that the Ukraine Facility Plan is a technical document required for the implementation of the EU financial assistance programme to Ukraine. The draft programme of the Ukraine Facility provides for the provision of EUR 50 billion to Ukraine over the period of 2024-2027, of which EUR 39 billion will be allocated to the State Budget to strengthen macro-financial stability. The assistance will be provided on a quarterly basis, subject to the fulfilment of the criteria set out in the plan for the implementation of the envisaged reforms. The plan is not a comprehensive recovery strategy, but will cover only part of the Government’s planned changes in the coming years, with a focus on macroeconomic growth.

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