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Over 100 agreements worth over €16 billion were signed: Ukraine Recovery Conference 2024 outcomes

The Ukraine Recovery Conference (URC) was held in Berlin on June 11-12, 2024. During the event, Ukraine signed numerous agreements with partner states to collaborate on energy security, economic development, reconstruction, and the advancement of educational programs necessary for the country’s future recovery.

Yuliia Svyrydenko, Minister of Economy of Ukraine, summarized the main outcomes of the conference.

Energy Security

Energy security was one of the key topics for discussion at the conference. Currently, Ukraine’s energy infrastructure has been suffering from constant Russian shellings: in the last two and a half months, Russia has launched six massive missile and drone attacks on major Ukrainian thermal power plants, hydroelectric power stations, and even solar power plants.

Participants of the Ukraine Recovery Conference 2024.
Photo: Official website of the European Commission

“We have already lost many times more generation than the energy consumption of large cities. 80% of Ukraine’s thermal generation and a third of its hydroelectric generation have simply been destroyed by Putin. And this is not the limit of his terror. Unfortunately. But we have to draw a line and start restoring the energy sector,” emphasized President Volodymyr Zelenskyy during his speech.

During the conference, Ukraine signed eight memorandums with partners to advance projects in renewable energy, modernize the electrical grid, and establish intergovernmental partnerships. This collaboration provides additional opportunities to work with international companies, enhances support for Ukraine’s energy sector, and fosters stronger relationships between commercial energy companies. Following the conference, Ukraine secured a support package worth over $800 million for its energy sector.

“We already have several companies ready to enter the Ukrainian market and help build 1 GW of generating capacity in the long term. The potential investment volume could reach €500-700 million. This is just the beginning, as Ukraine will need more generating capacity. However, this will provide momentum to increase these figures in the coming period,” commented Yuliia Svyrydenko, Minister of Economy of Ukraine.

Svyrydenko also expressed gratitude to German Chancellor Olaf Scholz for strengthening Ukraine’s air defense and his readiness to provide additional means of protection against Russian air attacks.

“The most urgent need of the Ukrainian army now is ammunition and weapons, especially air defense. Therefore, over the next weeks and months, we will provide Ukraine with the third Patriot system, IRIS-T and Gepard systems, missiles, and ammunition,” said Olaf Scholz, Federal Chancellor of Germany, during the conference.

Economic Development

Several agreements were also signed to develop the private sector and enhance Ukraine’s economy. In particular, the following initiatives were implemented:

Yuliia Svyrydenko, Minister of Economy of Ukraine, gives a speech at the Ukraine Recovery Conference 2024.
Photo: Yuliia Svyrydenko / Facebook
  • The Ukraine Investment Framework was launched within the Ukraine Facility program. As part of this initiative, the European Commission signed 14 financing and guarantee agreements with various international financial institutions to support the Ukrainian economy. Ukraine will also receive €1 billion in loan guarantees and €400 million in blended grants.
  • The “MSB Resilience Alliance” was initiated with over 30 international partners to support the development of Ukrainian small and medium-sized enterprises. The Alliance will include programs worth over €7 billion for ongoing and new initiatives, with €3.9 billion allocated for future projects.
  • Ukrainian companies signed 14 business agreements with international partners worth over €560 million. These agreements cover industries such as manufacturing, agricultural machinery, and renewable energy.
  • The U.S. International Development Finance Corporation (IDFC) launched a project to provide insurance for small and medium-sized enterprises through local insurance companies in Ukraine, with $50 million allocated for this purpose. Additionally, the IDFC announced two new agreements for war risk insurance totaling $300 million for Ukrainian agricultural and manufacturing companies.

Educational Initiatives

Another crucial aspect of the Ukraine Recovery Conference 2024 was the development of educational programs aimed at retraining or upskilling Ukrainians.

President of Ukraine, Volodymyr Zelenskyy, gives a speech at the Ukraine Recovery Conference 2024.
Photo: Presidential Office of Ukraine

In particular, Ukraine and its partner states launched the “Skills Alliance” educational initiative. Its goal is to help at least 160,000 Ukrainians acquire new professions and qualifications necessary for the country’s recovery over the next three years. More than 50 countries, the European Commission, financial donors, international partners, and the business community, joined in creating the Alliance. Following the conference, Ukraine’s partner countries committed approximately €700 million to develop this initiative further.

In addition, the “Create Ukraine” project was launched in collaboration with Lithuanian partners, the Central Project Management Agency, and the Kyiv School of Economics Charitable Foundation. This initiative aims to create favorable conditions for the return of Ukrainian specialists from abroad to work in the public sector and strengthen the country’s governance.

Reconstruction

Ukraine also signed several agreements aimed at supporting the Ukrainian healthcare system and further reconstruction efforts. According to Denys Shmyhal, Prime Minister of Ukraine, an agreement was concluded between Ukraine and the Council of Europe Development Bank (CEB) for €100 million to restore and develop the Ukrainian healthcare system. Moreover, the Ukrainian government concluded a treaty with the European Investment Bank (EIB) for €100 million to modernize social services and rebuild critical infrastructure. One more agreement worth €100 million was signed with the Council of Europe Development Bank (CEB) to continue the government program eRecovery.