18 Apr 2024 13:26

Ukraine, donors, private sector should forge strong mechanism to expand economic recovery projects - U.S. rep

MOSCOW. April 18 (Interfax) - Ukraine, the community of donors and the private sector ought to mobilize their efforts to develop a programmatic approach that will expand the number and scale of bankable projects and will launch an economic recovery mechanism that is both community-driven and nationally-coordinated, U.S. Representative for Ukraine's Economic Recovery Penny Pritzker said.

"We must forge the strongest planning mechanism possible for Ukraine's economic revival. Unlike the Marshall Plan where one actor, the United States, was contributing to the reconstruction of many countries in Europe - in Ukraine today [there are] many actors, including countries, businesses, and NGOs [...]," Ukrainian media quoted Pritzker as saying at the U.S.-Ukraine Partnership Forum in Washington on Wednesday.

The U.S. is expanding funding for Ukrainian entrepreneurs and business leaders enable them to work alongside their U.S. counterparts, expanding their network of business contacts, and building new markets in the U.S., she said.

Pritzker said she looks forward to new business partnerships being established in the insurance and financial services sector.

To solidify the foundation of Ukraine's economic future, it is necessary to create the capacity for Ukraine to prioritize and plan investable projects and infrastructure, further develop risk management tools, continuing commitment by Ukraine to enact and execute its reform agenda, she said.

"New risk management mechanisms are on the way - covering cargo, static assets, and even looking at coverage for civil aviation. But more will be necessary. Today Ukraine's insurance premium market stands at approximately $3 billion. Poland's is at approximately $100 billion," Pritzker said.