The United States and Ukraine are working with the international business community to accelerate reconstruction efforts in Ukraine.
The US-Ukraine partnership forum* brought together government, private sector and other stakeholders at the US Chamber of Commerce in Washington on April 13 to discuss ways to redevelop and revitalize Ukraine’s economy.
“Ambitious and innovative ideas from the private sector will prove more important than ever in Ukraine,” said Jose Fernandez, Undersecretary of State for Economic Growth, Energy and Environment.
The destruction caused by Russian attacks on cities and infrastructure has not dented the resolve of the Ukrainian people or the support of the whole world, and there is hope, he added.
Through public-private partnerships the U.S. government is creating opportunities for investment and innovation. The U.S.-Ukraine Partnership Forum is an example of what happens when we all come to the table to reach a collective goal.
— Secretary Antony Blinken (@SecBlinken) April 7, 2023
Help at hand
Suzanne Clark, president and CEO of the US Chamber of Commerce, said US companies are ready to help. “They want to improve the situation in Ukraine,” she said, noting that the US business community had pledged to provide $1 billion in humanitarian aid to Ukraine.
During the conference, U.S. and Ukrainian officials announced that they would work together to identify projects to be carried out by the private sector* which could benefit from the support of the International Development Finance Corporation (DFC) of the United States.
The World Bank estimates that Ukraine will need $411 billion over the next ten years to rebuild after Russia’s brutal and massive invasion in February 2022. The Russian military has destroyed power stations, Ukraine’s infrastructure and agriculture, causing billions of dollars in damage, killing thousands and displacing more than 13 million people*, according to UN data as of April 11.
Private sector investments
Reconstruction is already underway. U.S. Agency for International Development (USAID) Administrator Samantha Power highlighted several recent private sector investments in Ukraine, including:
- Nestlé, the American food and beverage manufacturer, is investing nearly $43 million in a food production plant in the Volyn region.
- Kingspan Construction, an Irish firm, is planning a $200 million tech campus in Lviv.
- Bayer, a German biotech company, will invest $65 million in agricultural production and storage and has brought demining equipment to help farmers clear their fields.
Samantha Power took the example of the Ukrainian electricity network to illustrate the extent of the positive changes. USAID spent months helping Ukrainians repair critical infrastructure and delivered transformers and generators. Today, in many places, electricity is not only restored, but it is produced in such large quantities that, this month, Ukraine began supplying parts of Moldova and Poland, s is she congratulated.
Other US-backed projects aimed to support farmers and protect internet access.
The April 13 forum is just the first in a series of events that will be hosted as part of the U.S.-Ukraine partnership. “We are embarking on a major program of reconstruction and recovery,” Ukrainian Finance Minister Serhiy Marchenko said. “We are united in defense today and we will be united in recovery tomorrow. »
*in English
