Prime Minister: Ukraine’s recovery program will be the largest reconstruction project since World War II
A large-scale project to rebuild Ukraine will not only drive Ukraine’s rapid growth, but also give a new impetus to the European economy. This was stated by Prime Minister Denys Shmyhal during an online speech at the Rebuilding Ukraine session held at the World Economic Forum in Davos with the participation of First Lady Olena Zelenska, heads of USAID, EBRD, IMF, World Bank, EIB, International Finance Corporation, and representatives of partner countries.
As the Head of Ukrainian Government noted, a significant number of large-scale and technologically advanced recovery projects would attract hundreds of international companies. Therefore, according to the Prime Minister, Ukraine’s recovery program will have a positive effect on the entire global economy.
“We already understand that the program of recovery of Ukraine will become the largest reconstruction project since the World War II. Our Government, together with international partners, think tanks and business, has developed the first draft of the Recovery Plan. But we are not waiting for the end of hostilities, we have already started to restore infrastructure and housing in the de-occupied territories. Where it is relatively safe now,” said Denys Shmyhal.
According to the Prime Minister, private companies will have opportunities worth hundreds of billions of dollars in the course of implementing Ukraine’s reconstruction projects. In this regard, preference will be given to those who are already investing in Ukraine and helping the Ukrainian economy.
“Our country offers a wide investment menu in various industries. Defense industry, agricultural sector, IT, renewable energy, gas production and storage, nearshoring, mining and processing of titanium and other minerals, logistics development, and construction. This is just a small number of industries that will form the basis for the economy of the future in Ukraine,” the Prime Minister of Ukraine noted.
Denys Shmyhal emphasized that Ukraine plans to actively use elements of public-private partnership to reduce risks for private capital and give an additional impetus to investments in these industries. In addition, the Government of Ukraine is focusing on incentives for the private sector to start resuming investments in the economy. In particular, a project of war risk insurance has been launched.
The Prime Minister thanked the partners and allies for the assistance they are providing to Ukraine now and called on them to participate in the restoration of Ukraine for the sake of common prosperity.