URC 2023 Focus
Following the URC 2022 held in Lugano, wherein the Ukrainian reconstruction process was formulated and embodied in so-called Lugano Principles, this month URC 2023 is focused on uniting international efforts for Ukraine’s recovery and granting emergent economic support.
Guests and Participants
Participants have been invited in compliance with the URC’s mission and focus as well as current needs in energy, infrastructure, humanitarian areas, private sector and economic recovery. In attendance, inter alia, are: Ursula Von der Leyen, the President of European Commission, Mr. Denys Shmyhal, the Prime Minister of Ukraine, and Dame Melinda Simmons, His Majesty’s Ambassador to Ukraine, as well as Ukrainian civil society leaders.
Outlines of Signed Memorandum of Understanding
In support of the EBRD
[1]-G7 DFI
[2]-EDFI Ukraine Investment Platform initiated during the G7 meeting in Tokyo, the Memorandum of Understanding for the Reconstruction of Ukraine was signed between Oleksandr Kubrakov, the Vice-Prime Minister for the Reconstruction of Ukraine, and Werner Heuer, the President of the European Investment Bank. The number of signatories now totals to 18 (see the list below).
As envisaged therein, the amount of EUR 840 MIO is allocated for the implementation of priority projects in 2023 to restore Ukraine’s infrastructure. This agreement is an effective tool to be applied by FMO and other signatories to unite the recovery efforts in Ukraine.
In particular, the Memorandum funds will be directed to the preparation, evaluation, financing and implementation of restoration projects:
- municipal infrastructure (schools, hospitals, etc.);
- public buildings;
- water supply and drainage infrastructure;
- transport networks and city public transport.
The European Investment Bank (EIB) will also finance the development of digital transformation and strengthening of cyber security.
In addition, the Memorandum envisages cooperation between Ukraine and the EIB regarding:
- use of a special trust fund from the EIB “EU for Ukraine Fund”;
- lending to projects in Ukraine with the support of guarantees of the European Fund for Sustainable Development Plus + (EFSD+).
Besides, the Ministry of Reconstruction and the EIB will work on the implementation and application of a package of technical and consulting assistance for Ukraine in the amount of appr. EUR 100 MIO.
[1] The European Bank for Reconstruction and Development.
[2] Development Finance Institutions.
Memorandum Signatories
The [18] signatories to the Memorandum of Understanding are:
- EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
- BRITISH INTERNATIONAL INVESTMENT PLC
- CASSA DEPOSITI E PRESTITI S.P.A.
- DEG - DEUTSCHE INVESTITIONS- UND ENTWICKLUNGSGESELLSCHAFT MBH
- JAPAN BANK FOR INTERNATIONAL COOPERATION
- JAPAN INTERNATIONAL COOPERATION AGENCY
- SOCIETE DE PROMOTION ET DE PARTICIPATION POUR LA COOPERATION ECONOMIQUE S.A.
- UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION
- BELGIAN INVESTMENT COMPANY FOR DEVELOPING COUNTRIES S.A.
- COMPAÑÍA ESPAÑOLA DE FINANCIACIÓN DEL DESARROLLO, COFIDES, S.A., S.M.E.
- FINNFUND
- INVESTMENT FUND FOR DEVELOPING COUNTRIES
- NEDERLANDSE FINANCIERINGS-MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V.
- NORFUND
- OESTERREICHISCHE ENTWICKLUNGSBANK AG
- SOCIEDADE PARA O FINANCIAMENTO DO DESENVOLVIMENTO, INSTITUICAO FINANCEIRA DE CREDITO, SA
- SWISS INVESTMENT FUND FOR EMERGING MARKETS AG
- SWEDFUND INTERNATIONAL AB