Ministry of Economy of Ukraine
The Ministry of Economy Is Introducing Several Investment Attraction Mechanisms in Cooperation with MIGA and the World Bank
20.09.2022 | 14:33 | Section for Public and Mass Media RelationsSeveral mechanisms for attracting investors will be introduced in Ukraine in the near future. This was announced by Oleksandr Hryban, Deputy Minister of Economy, on the air of the National Telethon.
One of them will be implemented in cooperation with the Multilateral Investment Guarantee Agency (MIGA), which has already allocated USD 30 million to Ukraine for the implementation of an investment insurance pilot project.
“We managed to agree with MIGA that we will launch a USD 30 million investment insurance project. The investment guarantee mechanism is based on the same principle as the issuance of an insurance policy. An investor willing to invest in Ukraine can purchase such an insurance policy and in case of force majeure, the agency, as an insurance company, will compensate it for its expenses. The amount of USD 30 million is stipulated by the fact that MIGA has such a reserve of free funds. But we will not stop there. We expect that from USD 17 billion of the World Bank’s trust fund for the restoration of Ukraine in 2023, we will be able to attract up to USD 1 billion specifically for investment insurance,” said Oleksandr Hryban, Deputy Minister of Economy.
Another financial tool for attracting investments was developed together with the International Finance Corporation (IFC), which is part of the World Bank.
“In the current conditions, attracting loans for the private sector is one of the prerequisites for increasing investment attractiveness. And here we can count on MFIs too. We are talking about the allocation of funds by IFC, which is a member of the World Bank, in the amount of USD 1 billion. As a rule, they do not finance more than 30% of the project cost. Another 40% will be financed by another international bank – perhaps it will be a consortium together with the European Bank for Reconstruction and Development. Thus, the total amount of projects that can be financed under this mechanism will amount to more than USD 3 billion,” Oleksandr Hryban explained.
The Ministry of Economy sees the strategic prospects of economic recovery precisely in the financing of economic development.
“We strive to guarantee investments, invite foreign partners to join joint projects with our local enterprises and also encourage domestic investors. In this way, we create added value, we do everything so that the GDP begins to grow, and the budget is filled”, noted the Deputy Minister of Economy.
Let us remind that the Government has allocated a new tranche of funds for business start-up and development for the total amount of UAH 81 million to the winners of the eRobota grant programs. Thus, since the beginning of this program, UAH 133 million have already been transferred to entrepreneurs.
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