Ministry of Economy of Ukraine
Yuliia Svyrydenko during a meeting with the World Bank Regional Country Director: “Ukraine needs foreign investments because they have the highest multiplier effect for the economy”
12.10.2022 | 16:08 | Section for Public and Mass Media Relations
Yuliia Svyrydenko, First Vice Prime Minister – Minister of Economy of Ukraine, held a meeting with Arup Banerji, World Regional Country Director for Eastern Europe.
During the meeting, the parties discussed the following issues:
- creation of a fund for the recovery of Ukraine,
- cooperation with the World Bank institutions on the promotion of investment in the Ukrainian economy,
- current government programs to stimulate business and create jobs.
Next week, the annual meeting of the IMF will take place in Washington with the participation of the World Bank. It is expected that, among other things, the mechanism for filling the trust fund for the restoration of Ukraine, which should appear in the near future, will also be discussed.
Arup Banerji assured that the issue of the creation and operation of the fund for the recovery of Ukraine would be on agenda of the next meeting of the World Bank Board of Directors (scheduled for the end of October).
In turn, Yuliia Svyrydenko stated that Ukraine also needed increased investments, which could come even during the war and stimulate the economy.
“Ukraine needs foreign investments because they have the highest multiplier effect for the economy. Currently, foreign investors do not dare to come to Ukraine because of military risks. Therefore, we very much hope for cooperation with MIGA (Multilateral Investment Guarantee Agency), which has already allocated 30 million US dollars to Ukraine for the implementation of a pilot project on investment insurance during the war,” said Yuliia Svyrydenko, First Vice Prime Minister – Minister of Economy of Ukraine.
According to her, Ukraine expects that the International Finance Corporation (IFC) will submit a package of financial assistance to attract investors for approval by the World Bank Board of Directors already in November this year. The package will provide USD 1 billion in financing, including direct lending, financial guarantees and trade finance instruments. This can help increase investments in Ukraine by at least USD 3 billion.
Arup Banerji confirmed the high confidence of the IFC and the World Bank in the Ukrainian government:
“IFC trusts the Ukrainian government. When one or more investment projects are implemented within the framework of cooperation with MIGA, I think that investments in Ukraine will increase. Foreign private business is now waiting for an opportunity to come to Ukraine. But everyone is afraid of military risks. If one or more pilot projects are implemented, then, I am sure, investors’ money will come here. After the war, your country will be a very attractive place to live. I am sure that you will see not only an influx of funding but also a large flow of people who will want to live and work in Ukraine.”
Arup Banerjee also recommended filing a proposal to the IFC to allocate part of the funds not for direct lending but as credit lines with the participation of Ukrainian commercial banks. This will allow investors to work with smaller amounts and soften the requirements for borrowers. Moreover, it can potentially allow IFC money to be used to finance grant support mechanisms for entrepreneurs.
During the conversation, the representative of the World Bank highly appreciated the Government’s efforts to support the country’s economy and financial stability during the war. He also assured that in October, the World Bank will provide Ukraine with a final report with proposals and recommendations for improving the public finance management system.
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