Ministry of Economy of Ukraine
Ministry of Economy and the World Bank Group boost cooperation on a strategy to support the private sector, launch mortgage lending and finance specific investment projects
22.12.2023 | 16:16 | Section for Public and Mass Media RelationsThe World Bank Group and the Ministry of Economy are developing a strategy to support the private sector to consolidate various government programmes for small and medium-sized businesses to increase their efficiency. These include grant programmes to support small and medium-sized businesses, veterans’ support programmes, war risk insurance instruments, and funding for the eOselia and eVidnovlennia programmes.
This was agreed upon by Yuliia Svyrydenko, First Deputy Prime Minister - Minister of Economy of Ukraine, at a meeting with a World Bank Group delegation headed by Arup Banerji, World Bank Regional Country Director for Ukraine and Moldova.
The Ukrainian side was represented by Deputy Ministers of Economy of Ukraine Volodymyr Kuzio, Tetiana Berezhna and Nadiia Bihun, as well as Deputy Minister of Economy of Ukraine - Trade Representative of Ukraine Taras Kachka.
Yuliia Svyrydenko also stressed at the meeting that the World Bank Group was providing methodological assistance and cooperating with the Ministry of Economy to analyse the needs of the private sector in 2024.
“Ukraine will be rebuilt through attracting private investors. For the next year, we have preliminarily estimated the needs of the private sector at more than USD 7 billion. We expect that more than half of this amount, about USD 4 billion, will be covered through financing programmes of multilateral and bilateral international financial institutions,” Yuliia Svyrydenko explained.
During the meeting, the World Bank representatives expressed their interest in supporting Ukrainian entrepreneurs by increasing funding for grant programmes to support small and medium-sized businesses, veterans’ support programmes, war risk insurance instruments, and funding for the eOselia and eVidnovlennia programmes.
“All of these programmes are aimed at creating new jobs, helping IDPs and veterans, and increasing the role of the processing industry in Ukraine’s economy. We will still discuss the details, but we have already received the fundamental agreement,” Yuliia Svyrydenko said.
According to her, in particular, the money from the World Bank can ease the conditions for obtaining soft loans for households under the eOselia programme and increase the number of mortgages issued. On the other hand, the implementation of concessional lending programmes will stimulate the housing construction industry, which in turn will create new jobs, new production chains and ensure tax payments.
The parties also discussed the possibility of providing technical support by the World Bank to analyse and launch war risk insurance instruments through the involvement of the local insurance market and ways to enhance the capital of the Ukrainian Export Credit Agency.
“Currently, the ECA is successfully implementing a programme to support Ukrainian exporters, most of which are small and medium-sized businesses. We have also engaged the ECA to insure the risks of destroyed ships and goods on them in the territorial waters of Ukraine. In the future, we want to expand the insurance programme to cover the risks of destruction of goods in warehouses and cargo in transit. This should become an important element of the development of the private sector in Ukraine,” Yuliia Svyrydenko continued.
During the meeting, the Government representatives discussed the promising sectors for investors with Lisa Kaestner, Country Manager for Ukraine and Moldova at the International Finance Corporation, and agreed that the IFC would conduct a detailed analysis of the investment projects submitted by the Ministry of Economy of Ukraine within the framework of sectoral discussions of the Ukraine Plan with a view to providing financing in 2024.
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