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The Ministry of Economy and the EIB are expanding access to financing for Ukrainian businesses

15 Feb, 2024
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The Ministry of Economy and the EIB are expanding access to financing for Ukrainian businesses

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The Ministry of Economy and the EIB are expanding access to financing for Ukrainian businesses, financing private sector and state-owned investment projects, methodological support for public investment management, and further participation of the European Investment Bank in Ukraine's recovery. This was discussed during a meeting between the First Deputy Prime Minister of Ukraine and the Minister of Economy Yulia Sviridenko and a delegation from the European Investment Bank.

From the European side, the event was attended by the Head of the EIB Representation in Ukraine Jean-Eric de Zagon, Director of Credit Operations in Enlargement and Neighbouring Countries with the EU Lionel Rapai, Head of the Public Sector Lending Department in Eastern European Countries Rafal Rybacki, and Senior Credit Officer of the EIB in the Public Sector in Eastern European Countries Anastasia Harlan. From the Ukrainian side, Deputy Minister Volodymyr Kuzio participated.

"We are grateful to the European Investment Bank for its active support of investment projects of state and private companies, including small and medium-sized businesses, in Ukraine. The EIB is one of the largest financial institutions of the EU, supporting the resilience of Ukraine's economy by providing direct financing, guarantees for Ukrainian banks, and technical assistance. This is crucial for the implementation of the Ukraine Plan under the Ukraine Facility and the further recovery process of Ukraine," noted Yulia Sviridenko.

Yulia Sviridenko emphasized the need to stimulate the development of Ukrainian businesses, agriculture, metallurgy, and woodworking to boost the economy.

Representatives of the EIB noted that they will mobilize not only their resources but also engage partners to provide affordable financing for Ukrainian businesses.

"In addition to meeting urgent needs, it is important to build up programmatic and institutional capacity and mobilize financing to ensure the rapid deployment of successful programs to increase the interest of international investors in Ukrainian business. Early engagement with donors to secure financial commitments for 2025 should be part of the financial planning strategy to maintain momentum in implementing programs initiated in 2024," emphasized Yulia Sviridenko.

Currently, the European Investment Bank has 27 EU member states as shareholders. The EIB not only conducts lending activities but also acts as the largest borrower of financial resources in international capital markets. Ukraine has been cooperating with the EIB since 2004.

The Odessa Journal

The Odessa Journal

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