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Ukraine, Germany sign declaration to boost cooperation in business sector

by Kateryna Denisova and The Kyiv Independent news desk June 11, 2024 4:20 PM 2 min read
Ukraine's Finance Minister Sergii Marchenko and Germany's Finance Minister Christian Lindner during the Ukraine Recovery Conference on June 11, 2024. (Ukraine's Finance Ministry)
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Ukraine's and Germany's finance ministers signed on June 11 a joint declaration of intent on strengthening bilateral cooperation in business support, the Ukrainian Finance Ministry reported.

The signing took place on the sidelines of the Ukraine Recovery Conference 2024 in Berlin, which convenes government officials, companies, and organizations to address Kyiv's ongoing reconstruction needs, focusing primarily on energy infrastructure.

The declaration will contribute to further capacity building and corporate reform of the German-Ukrainian Business Development Fund, according to the ministry.

"We are not limiting ourselves to the form of support that Ukraine needs to win the war. We want to contribute now so that Ukraine can set the course for future growth through its reconstruction," German Finance Minister Christian Lindner said.

According to the latest estimation by the World Bank, the cost of Ukraine's post-war recovery and reconstruction has risen to $486 billion as of mid-February.

The support also envisages building institutional capacity to support Ukraine's private companies and facilitate investment, the German minister said.

Kyiv and Berlin signed a joint declaration on capacity development support for institutional development coordinated through the German Development Bank KfW.

"Expert and financial support from KfW allows us to continue providing Ukrainian businesses with affordable financing, which contributes to the economic recovery in the context of the Russian full-scale war," Ukrainian Finance Minister Sergii Marchenko said.

Ukraine wants to restore energy facilities damaged by Russia by winter with allied help, Zelensky says at Berlin conference
“We are asking you for equipment from your shutdown power plants and direct financial support. This will allow us to respond to the situation here and now. To preserve normal life,” President Volodymyr Zelensky said.
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