Espreso. Global

Ukraine develops mechanism to help destroyed enterprises restore production

16 November, 2023 Thursday

Ukraine's Ministry of Economy has declared its intention to assist the plants that have been destroyed in the war. However, the Ministry emphasized that the focus is on providing equipment rather than monetary aid

This was reported by the press service of the Ministry of Economy.

Thus, the Ministry is developing a mechanism to help the destroyed enterprises.

"The key idea is that national producers whose equipment is destroyed or damaged as a result of Russian aggression will be able to receive foreign-made equipment as logistical assistance. I emphasize that it is equipment, not money, that will be provided. It will be supplied through mechanisms similar to the mechanisms of humanitarian aid to Ukraine," said Deputy Minister of Economy, Ihor Fomenko.

According to him, the goal of introducing this mechanism is to restore Ukraine's industrial potential as soon as possible.

"We want to restore the lost industrial potential of Ukraine as soon as possible, and the implementation of this idea will be a very important step towards this. The task for the coming period is to jointly develop and propose an absolutely transparent and clear mechanism for receiving assistance, understandable both for Ukrainian business and our foreign partners, whose support we rely on," the official explained.

Private companies will submit an officially confirmed list of damaged equipment to a Regional Military Administration, while state-owned companies will submit it to central executive authorities, according to the plan. The aid will be delivered through designated recipients of humanitarian aid. The Ministry of Economy plans to develop a mechanism for its distribution, taking into account the priority of development of economic sectors and economic feasibility.

It is also planned to develop safeguards against abuse at various stages and control mechanisms.

Ukraine's recovery

On June 21-22, the annual Ukraine Recovery Conference took place in London, building on the tradition of the Ukraine Reform Conference held since 2017.

The largest share of financial assistance to Ukraine has been provided by the European Union, which plans to allocate €50 billion in grants and loans to Ukraine. The support is expected to last for the next four years.

Among individual countries, the United Kingdom and the United States have contributed the most. On June 21, London announced a "historic package of financial support for Ukraine" worth $3 billion to be provided over three years. Washington assured that it would provide Ukraine with $1.3 billion. The funds will be used, in particular, to restore the energy system, infrastructure, and to help businesses.

Other countries also assured of substantial assistance. Germany promised to provide Ukraine with an additional €381 million in humanitarian aid in 2023. The Spanish government has pledged to allocate over €250 million for the recovery and reconstruction of Ukraine. The Austrian Federal Government has agreed to allocate an additional €18 million to help Ukrainians affected by Russian aggression.

The Ukrainian government has also signed a memorandum with the European Investment Bank on cooperation in Ukraine's recovery projects, which provides for the allocation of €840 million.

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