Brussels, 18 April 2024
“Check against delivery”
Dear participants of the ‘Ukraine’s Future Summit’,
The European Commission is pleased to co-organize this important event with the Belgian Presidency of the Council of the European Union, the Government of Ukraine, and the European Business Summits.
Seeing such a significant private sector interest in Ukraine’s reconstruction is encouraging.
While this is the first such conference in the European capital, we agree to work towards making this an annual event.
Ladies and gentlemen,
It is no secret that Ukraine’s rebuilding requires massive investments.
It is also no secret that public funding alone will never be able to cover Ukraine’s reconstruction and modernization efforts fully.
Therefore, we need to work together to ensure that the European and international business community play a crucial role so we can support Ukraine’s reconstruction efforts and long-term growth.
According to the World Bank’s Rapid Damage and Needs Assessment, released in February 2024, reconstruction and recovery will cost $486 billion over the next decade. It combines both needs for public and private funds. The most pressing issues are the highest estimated needs of housing, transport, commerce and industry, agriculture, energy, social protection, and livelihoods.
Despite the challenging circumstances of Russian aggression, the Ukrainian economy has recorded a growth of 5% in 2023. This shows, on one hand, Ukraine’s remarkable resilience and, on the other hand, the opportunities that Ukraine’s economy entails.
Ladies and gentlemen,
Since the onset of the full-scale invasion, the EU has provided unwavering support to Ukraine and its people, with total EU assistance so far amounting to almost EUR 98 billion. Our support includes humanitarian aid, financial assistance, budget support, grant emergency assistance, crisis response, support for Ukrainian refugees in the EU, and military support so that Ukraine wins this war.
But we don’t stop here.
We are significantly scaling up our assistance through the recently created Ukraine Facility.
The Ukraine Facility will provide EUR 50 billion to support Ukraine’s recovery, reconstruction, and modernization over the next four years.
At the end of March, we have already paid the first tranche of EUR 4.5 billion from this Facility to the state budget of Ukraine.
At the same time, we are also launching the investment arm of the Facility – the new Ukraine Investment Framework.
This Framework puts the EU at the core of international efforts to mobilize investment. It is equipped with EUR 9.3 billion in investment instruments that could mobilize up to EUR 40 billion in additional financing from European Financial Institutions and the private sector.
Most of this funding will help the private sector and de-risk your business and investments in Ukraine. It will focus on assisting small and medium-sized enterprises, municipalities, war-affected groups, and regions, rebuilding infrastructure, and green and digital transitions.
Let me also recall that rebuilding Ukraine means rebuilding the country according to EU rules and standards. So, as we support Ukraine in its accession path, we also strengthen the investment environment based on our rules and standards so that growth and jobs can thrive.
Ladies and gentlemen,
The recovery and reconstruction of Ukraine is possible and is happening now.
We need to work hand-in-hand to succeed.
Thank you for your attention.
Source – EU Commission