Svyrydenko: Private sector needs USD 5.8 billion for recovery this year

Svyrydenko: Private sector needs USD 5.8 billion for recovery this year

The needs of the Ukrainian private sector for 2024 in terms of industry and commerce alone amount to USD 5.8 billion, while some of the sources of financing are already available to businesses.

This was announced by First Vice Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko, Ukrinform reports citing the press service of the Ministry of Economy.

"Restoring the private sector is a key priority for the Ukrainian government. In 2024 alone, the investment needs of industry and commerce amount to USD 4.2 billion, and working capital - USD 1.6 billion, or a total of USD 5.8 billion. This is the total financing need for the sector, which we and our international partners intend to meet," Svyrydenko said.

According to her, the World Bank's report on Ukraine's losses and recovery needs provides for at least USD 1.6 billion to finance investments. Therefore, it is important that the tools for obtaining them are available to companies, both through the banking system, corporate financing, and project financing. This is especially true in capital-intensive industries that need to install or upgrade production lines, such as the manufacturing industry.

"In order to provide funding, we will use the Ukraine Facility and, in particular, the Investment Framework to reduce the risks of projects in Ukraine," the First Deputy Prime Minister emphasized.

Read also: Losses from war amount to nearly $500B: Shmyhal names most affected economic sectors

As reported, on February 15, the Government of Ukraine, the World Bank Group, the European Commission and the United Nations presented the Third Ukraine Rapid Damage and Needs Assessment (RDNA3) report.

The report presents findings on Ukraine's losses from Russia's war between February 24, 2022 and December 31, 2023. The report assesses the country's short-, medium- and long-term reconstruction and recovery needs.

As of December 31, 2023, the reconstruction and recovery needs over the next 10 years will amount to almost USD 486 billion. Direct losses amounted to almost USD 152 billion.

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