reconstruction
The following is the June 12, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukraine’s annual recovery conference happened this week in Berlin, but instead of talks of grand plans to rebuild the country, two dark clouds hung over the entire event. The first is Ukraine’s dire need for air defense as Russian attacks continue to devastate the country’s energy system and infrastructure. President Volodymyr Zelensky confirmed that Russian attacks have destroyed half of Ukraine’s energy...
Kyiv Independent (CA)
The European Investment Bank (EIB) will provide Ukraine with 100 million euros ($107 million) to assist with the restoration and modernization of the country's social infrastructure, it was reported on June 11. Kyiv signed a financing agreement with the European Investment Bank under the Recovery III project at the Ukraine Recovery Conference in Berlin. "The European Investment Bank plays an important role as a financial partner of Ukraine in the implementation of a number of projects in many sectors of the economy," Ukraine's Deputy Finance Minister, Olga Zykova, said during the signing in co...
Kyiv Independent (CA)
Ukraine’s recovery and reconstruction are impossible to separate from the country’s EU integration and accession aspirations. If the country wants to enter the EU, it will have to get its rules and regulations in line with the bloc, across every field. Many of these reforms will involve sectors central to the rebuilding of the country, namely construction and energy. Which is why the annual Ukraine recovery conference taking place in Berlin June 11-12 this year includes, among other things, an EU accession and reform track to push forward the reform process in Ukraine, and to move it toward it...
Kyiv Independent (CA)
Editor's note: This article was updated to include Ukrainska Pravda's reporting on a response from a source in government regarding the rejection of Mustafa Nayyem's request to attend the Ukraine Recovery Conference. Mustafa Nayyem, the head of Ukraine's Agency for Restoration and Infrastructure Development, has resigned, Nayyem wrote on Facebook on June 10. The NV media outlet, citing sources, said that two other heads of the agency are also reportedly resigning along with Nayyem. The news follows reporting by Bloomberg the previous day, which wrote that Nayyem had said he was prevented from ...
Kyiv Independent (CA)
Estonia’s parliament enacted a law on May 15 enabling the use of frozen Russian assets to compensate Ukraine for the damages caused by Russia’s war. Kyiv and its Western allies have discussed using around $300 billion in Russian assets held in Western accounts to support Ukraine. As of October 2023, the Estonian government estimated having 38 million euros ($41.3 million) in frozen Russian assets. “We will adopt this law because Ukraine’s victory is our victory,” Hendrik Johannes Terras, the chairman of Estonia’s Constitutional Commission, said. “We are adopting this law because Russia must co...
Kyiv Independent (CA)
As Russia’s war drags on, it’s still early days for Ukraine’s reconstruction but issues are already lurking around one crucial component: cement. Rebuilding Ukraine after the war, which is unlikely to end any time soon and will continue to cause widespread destruction, is expected to cost $487 billion and will necessarily require a great deal of building materials. Cement is one of the main ingredients in concrete, used to build housing, roads, bridges, schools, hospitals, dams, and ports — all of which are regular targets of Russian attacks. Fighting in the country’s east and ongoing occupati...
Kyiv Independent (CA)
U.S. President Joe Biden signed the Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act on April 24. Largely overshadowed in the media by the groundbreaking approval of $61 billion in aid for Ukraine that same day, the REPO Act is equally crucial. However, the REPO Act has not yet won the war for Russian assets. The REPO Act allows the Biden administration to confiscate Russian sovereign assets that are subject to U.S. jurisdiction to support Ukraine. In essence, the bill overcomes the main legal concern of Russia’s sovereign immunity by allowing the U.S. to confiscate the...
Kyiv Independent (CA)
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