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Rebuilding Hope: Key Actions for Economic Recovery of Ukraine



[Source: Press Release] 2024-06-16 11:02:22 US-Special

Rebuilding Hope: Key Actions for Economic Recovery of Ukraine
Rebuilding Hope: Key Actions for Economic Recovery of Ukraine

Press Release for U.S. Department of State stated that last week, the United States Government participated in the Ukraine Recovery Conference in Berlin, Germany. The conference convened over 1,500 representatives from governments, businesses, and civil society to mobilize support for the recovery, reconstruction, reform, and modernization of Ukraine.

Key Actions to Support Ukraine's Economic Recovery

  1. Massive Energy Assistance

    • Commitment: $824 million in energy assistance.
    • Details: This includes $500 million in new energy assistance and reallocation of $324 million from previously announced funds to address urgent needs. Total U.S. commitment to Ukraine’s energy system now stands at approximately $1.5 billion since 2022.
    • Impact: Strengthening Ukraine’s energy infrastructure amidst continued Russian attacks.

  2. War-Risk Reinsurance Facility

    • Commitment: $50 million.
    • Details: Aon brokered a war-risk reinsurance facility to cover companies operating in Ukraine, addressing critical insurance gaps.
    • Impact: Facilitating continued business operations and investment in Ukraine despite ongoing conflict.

  3. Business Advisory Council (BAC)

    • Initiative: Launch of BAC to the Multi-Agency Donor Coordination Platform.
    • Details: Co-led by the U.S. and Germany, providing private sector insights and expertise to catalyze investments.
    • Impact: Enhancing private sector engagement in Ukraine’s economic recovery.

  4. Support for Small and Medium-Sized Enterprises (SMEs)

    • Commitment: $28 million loan portfolio guarantee.
    • Details: Provided by USAID and DFC to support lending to SMEs, with a focus on the agricultural sector.
    • Impact: Bolstering economic resilience and innovation within Ukraine’s SME sector.

  5. Political Risk Insurance (PRI) Contracts

    • Commitment: Over $350 million in PRI contracts.
    • Details: Covering priority sectors like agriculture, pharmaceuticals, and education.
    • Impact: Mitigating investment risks, encouraging sectoral growth and stability.

  6. Collaborations and MOUs

    • Initiatives:
      • MOU with European Bank for Reconstruction and Development (EBRD) to support trade financing.
      • MOU with Citi and Ukraine’s Ministry of Economy for mortgage financing opportunities.
    • Impact: Facilitating broader financial support frameworks, enhancing housing market stability.

Check out the complete Press Release details Here.


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