11:58 18 Jun 2024

Rebuilding Ukraine: Recovery Conference in Berlin results in €16 bln commitments and over 100 agreements and contracts signed

Photo: Ministry of Economy of Ukraine

The Ukraine Recovery Conference 2024, which took place on June 11 in Berlin, raised a staggering 16 billion euros in commitments and saw the signing of over 100 agreements and contracts.

The Minister of Economy, Yuliia Svyrydenko, announced this at a briefing at the Ukraine Media Center.

She mentioned that over 3,000 attendees were present at the conference, including representatives from small towns, leaders of major business associations, and numerous members of political delegations.

During the event, three "alliances" were announced:

  • a $7 billion initiative to support small and medium-sized businesses,
  • a $2 billion effort for regional development,
  • and a $700 million investment in educating Ukrainians.

An investment mechanism was also launched as part of the Ukraine Facility, which should help Ukraine attract EUR 40 billion of investments in the future.

The defense sector received particular focus with the announcement of efforts to establish new enterprises and provide insurance for military risks. Svyrydenko also recalled the recent opening of Ukraine's first joint enterprise with German company Rheinmetall to repair and produce armored vehicles, which took place before the conference.

"The next logical step is the repair of Leopard family tanks in Ukraine and localizing Lynx infantry armored vehicles production. We hope that at least one such vehicle will be assembled by the end of the year," the minister said.

Svyrydenko said that they also took a step to attract investors more actively at the conference.

"Basically, we are starting a project to rebuild the Preparation Facility. This is an institution or infrastructure to learn how to prepare high-quality investment projects. To prepare them not only at the central level but also at the regional level. Experts will help prepare projects to attract investments," the minister said.

Another project concerns insurance against war risks. The new agreements will cover $50 million in insurance through the UN to form portfolios of insurance policies for companies operating in Ukraine.

Separately, 150 million dollars will be directed to insurance of political risks to support operations concluded in the agricultural export sector.

Ukrainian companies in the production sector will receive a total of 152 million dollars.

Ukrainian companies have also entered into agreements with foreign companies. The Ministry of Economy is aware of 14 deals amounting to over 560 million euros, but Svyrydenko expects that there could be more.

For reference:

On June 11, the Ukraine Recovery Conference started in Berlin, Germany, with the participation of Ukraine's President Volodymyr Zelensky and the Chancellor of the Federal Republic of Germany, Olaf Scholz.

The Berlin Reconstruction Conference (Ukraine Recovery Conference, URC2024) is the third reconstruction conference since the beginning of the full-scale war.

In July 2022, Lugano (Switzerland) participants agreed on the main principles of reconstruction: it should be reform-oriented, transparent, democratic, and sustainable.

At the London 2023 conferencethe focus was on mobilizing the private sector. In 2025, Italy will host the conference together with Ukraine.

The German government announced that more than 2,000 participants from more than 60 countries would attend the event.

URC2024 will focus on the following four themes:

  • business dimension – mobilization of the private sector for reconstruction and economic growth;
  • human dimension — social recovery and human capital for the future of Ukraine;
  • local and regional dimension — restoration of municipalities and regions;
  • EU dimension – accession to the EU and relevant reforms.

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