Olga Zykova took part in the conference on the recovery of Ukraine

On Wednesday, November 30, Deputy Minister of Finance of Ukraine Olga Zykova took part in an international conference dedicated to discussing the role of the private sector in the recovery and reconstruction of Ukraine.

The event was supported by the HM Government and the Center for Strategic and International Studies (CSIS). During the panel discussions, issues of strengthening the resilience of the private sector in Ukraine were discussed.

“Ukrainian business is faced with the problems of uncertainty in the conditions of war, insufficient liquidity, and a decrease in the number of consumers in the domestic market. Among other shocks caused by russian aggression are the loss of material resources, shortage of personnel, problems with logistics, narrowing of supply channels for imported components, etc. In general, the two key problematic aspects are market access and access to capital. Yes, we cannot overcome the problem of uncertainty, as this is a consequence only of the unjustly launched war against Ukraine by russia. But we can help businesses gain access to financing,” emphasized Olga Zykova during the speech.

She also noted that the Government of Ukraine has limited opportunities in the conditions of a full-scale war, so already now Ukrainian business needs the attention from our international partners, in particular, the International Finance Corporation (IFC), the World Bank, the Multilateral Investment Guarantee Agency (MIGA) and other financial organizations.

During the speech, the Deputy Minister of Finance noted that State guarantees on a portfolio basis continue to be granted. In particular, in October of this year, 976 loan agreements were concluded in the amount of UAH 4.834 billion. Entrepreneurs in the fields of agriculture, trade and processing industry enjoy the greatest demand for such loans.

Also, during the period of martial law in Ukraine, 15,962 loan agreements for a total amount of UAH 66.78 billion were concluded within the framework of the state program Affordable loans 5-7-9%. Recently, the Government expanded the program of available loans to companies destroyed as a result of hostilities - entrepreneurs will be able to get a loan for the restoration of production at 9% for a period of up to 5 years in the amount of up to UAH 60 million.