Editor’s note: This is issue 62 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from June 24–June 30, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
Ukraine needs $9.5 billion for rapid recovery this year, namely in the defense industry, energy, housing, agricultural, natural resources, and the IT sector, the Finance Ministry said on June 20.
It is safe to say that Ukraine’s reconstruction will be the most significant and expensive undertaking in Europe since the post-World War II Marshall Plan. The World Bank estimates that rebuilding the country will require nearly $500 billion over the next decade, dwarfing the costs of the most destructive
If Ukraine is going to defeat Russia and rebuild itself after the war, it will need huge sums of money, probably exceeding what Western electorates and politicians are willing or able to provide. The good news is that there is a massive pot of non-Western money already available: the $300
The following is the June 12, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukraine’s annual recovery conference happened this week in Berlin, but instead of talks of grand plans to
Kyiv signed a financing agreement with the European Investment Bank under the Recovery III project at the Ukraine Recovery Conference in Berlin.
The European Bank for Reconstruction and Development (EBRD) will give Ukraine nearly 25 million euros ($26.8 million) to restore the water supply in Mykolaiv, Mykolaiv Mayor Oleksandr Sienkevych announced on June 11.
The funds will be allocated to Ukraine's "infrastructure, railways, healthcare, agriculture and mine clearance," and 45 million euros ($48 million) of that will be used for the reconstruction of Odesa, the minister said.
Ukraine’s recovery and reconstruction are impossible to separate from the country’s EU integration and accession aspirations. If the country wants to enter the EU, it will have to get its rules and regulations in line with the bloc, across every field. Many of these reforms will involve sectors
The news comes in the wake of the dismissal of Infrastructure Minister Oleksandr Kubrakov in May.
Estonia’s parliament enacted a law on May 15 enabling the use of frozen Russian assets to compensate Ukraine for the damages caused by Russia’s war. Kyiv and its Western allies have discussed using around $300 billion in Russian assets held in Western accounts to support Ukraine. As of
Russian President Vladimir Putin is trying to revive the Soviet Union, but two can play this game. To complete the Kremlin’s grotesque historical reenactment, the West should launch a new economic Cold War in response. In addition to the war of aggression waged against the civilians and cities of
Germany will provide Ukraine 45 million euros ($48 million) in the form of a grant for energy restoration, the Ukrainian Energy Ministry announced on May 9.
As Russia’s war drags on, it’s still early days for Ukraine’s reconstruction but issues are already lurking around one crucial component: cement. Rebuilding Ukraine after the war, which is unlikely to end any time soon and will continue to cause widespread destruction, is expected to cost $487
U.S. President Joe Biden signed the Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act on April 24. Largely overshadowed in the media by the groundbreaking approval of $61 billion in aid for Ukraine that same day, the REPO Act is equally crucial. However, the REPO Act has not
After an audit, there was a discrepancy of Hr 14 million (around $353,000) related to plastic-metal windows, which were earmarked for installation but never actually put in. The State Audit Service said local governments should "ensure more thorough control" over reconstruction funding and added that the case had been referred to the Prosecutor General's Office to determine whether criminal wrongdoing had occurred.
While the proposal must still get through more legislative steps before becoming law, it was supported by lawmakers from both center-right and center-left parties.
The following is the April 23, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukrainians cautiously celebrated the House finally passing further aid to Ukraine last Saturday. The moment was bittersweet — how
President Volodymyr Zelensky has said Russia must pay a “painful price” for its war in Ukraine and frozen Russian assets should be utilized to help Ukraine’s fight against “terror.”
Polish Prime Minister Donald Tusk signed a decree establishing the council, which will deal with bilateral Polish-Ukrainian relations and Ukraine's reconstruction.
Russian attacks on the southern city of Mykolaiv have caused at least $2.9 billion in damages, Mykolaiv Mayor Oleksandr Senkevych told reporters at the International Mayors Summit outside Chisinau, Moldova, on April 11.
Switzerland plans to allocate 5 billion Swiss francs ($5.5 billion) to support Ukraine's economic development and reconstruction by 2036, the Swiss Federal Council announced on April 10.
Ukrainians whose property has been destroyed or damaged by Russia can now submit applications for compensation via an international digital register, which will be used "as the basis for future reparations" from Russia, Digital Transformation Minister Mykhailo Fedorov announced on April 2.
Japan provided Ukraine with $118 million in aid as part of two World Bank projects, Ukraine's Finance Ministry reported on April 1.
Council of Europe Development Bank has allocated a loan of 100 million euros ($108 million) to restore housing for Ukrainians, Infrastructure Minister Oleksandr Kubrakov said on March 27.
The commission's officials plan to put forward a "legally robust proposal" for consideration by the member states, possibly before a meeting of prime ministers on March 21, the outlet said.
The U.S. State Department and German Marshall Fund established a public-private initiative to assist in rebuilding up to three Ukrainian cities, with a focus on sustainability.
Ukrainian officials signed an agreement with France to invest over 5 million euros towards the reconstruction of Chernihiv Oblast, Ukrainian infrastructure minister Oleksandr Kubrakov announced on March 4.
Denmark is allocating an additional 10 million Danish kroner (around $1.4 million) to support Danish-Ukrainian municipal cooperation on the reconstruction of Ukraine, the Danish Foreign Ministry announced on Feb. 29.
The following is the Feb. 20, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Tokyo summit Japanese and Ukrainian representatives met in Tokyo on Feb. 19 to foster dialogue between both government
The Japanese Foreign Ministry also announced 15.8 billion yen ($105 million) in aid to Ukraine in the form of grants.
The newly finalized documents include an intergovernmental convention to avoid double taxation, an important step for Japanese business projects in Ukraine. The two governments also signed a memorandum of cooperation in education and technology.
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