Olga Zykova at GLOBSEC Forum 2026: The first investment decisions are already shaping the future model of Ukraine’s recovery financing

Deputy Minister of Finance of Ukraine Olga Zykova took part in the panel discussion “Build It Together: Unlocking Private Investment in Public Infrastructure” during GLOBSEC Forum 2026, held on May 21–23 in Prague, Czech Republic. 

This year, GLOBSEC Forum 2026 brought together global leaders, innovators, and changemakers. The event gathered more than 1,800 participants from over 75 countries worldwide.

During the discussion, Olga Zykova presented Ukraine’s vision for attracting private investment to support the recovery and modernization of public infrastructure amid the full-scale war.

The Deputy Minister of Finance stressed that Ukraine today is not only a country in need of reconstruction, but also a state that continues to implement structural reforms, digitalization, and economic transformation even under active hostilities. According to her, genuine transformation never happens in stable and comfortable conditions, and it is precisely now, during the war, that Ukraine is building a new economic model aligned with the best international standards and the requirements of future EU membership.

She noted that even under extremely challenging wartime conditions, Ukraine continues to ensure stable tax and customs revenues, as this directly affects the country’s resilience and its ability to resist russian aggression. In 2026, the security and defense sector remains the top priority of the State Budget, accounting for more than 68% of total State Budget expenditures. At the same time, international financing remains critically important for covering humanitarian and social expenditures.

According to Olga Zykova, the Ministry of Finance of Ukraine is working on establishing a financial architecture for recovery that includes not only mobilizing international assistance, but also creating conditions for large-scale private capital involvement.

To facilitate private investment during wartime, Ukraine must first ensure predictability and trust, the Deputy Finance Minister emphasized. This includes strengthening the rule of law, protecting property rights, ensuring transparent rules of the game, maintaining financial system stability, and continuing reforms.

Olga Zykova stressed that cooperation with the IMF remains the anchor of Ukraine’s international financial support and an important signal to private investors regarding the consistency of reforms and the credibility of the country’s economic policy.

“We all understand the level of risks and cannot speak about complete certainty tomorrow. But what investors are looking for today is confidence that the rules remain clear, stable, and continue to improve. This is exactly what Ukraine continues to demonstrate even during wartime,” Olga Zykova said.

According to her, one of the key challenges today is not the lack of investor interest, but rather the insufficient number of well-prepared, structured, investment-ready, and bankable projects. That is why the Government is currently working on building a strong pipeline of projects in the energy, transport, housing, and critical infrastructure sectors, while also strengthening project preparation capacity.

The Deputy Minister of Finance also emphasized the importance of expanding cooperation with international financial institutions to launch guarantee instruments, risk insurance mechanisms, and blended finance solutions. According to her, every euro of public risk-sharing can potentially unlock several euros of private investment.

In addition, Ukraine must position itself globally not only as a country of reconstruction, but also as a promising hub for innovation, industry, digital transformation, and Europe’s future economic growth. She also stressed that Ukraine’s integration into the European Union is not only a political process, but also a powerful driver of economic modernization and reforms.

“Ukraine is already demonstrating how a public finance system can function under the most difficult conditions imaginable. Cooperation with the IMF, partner countries, international financial institutions, and the continuation of reforms provide investors with the confidence needed even amid high global uncertainty,” Olga Zykova emphasized.

She also noted that there will never be an “ideal moment” for investors to enter Ukraine. However, the first investment decisions being made today are already shaping the future architecture of Ukraine’s recovery financing.

According to the Rapid Damage and Needs Assessment (RDNA5), Ukraine’s reconstruction needs over the next ten years amount to USD 588 billion.