Sergii Marchenko Discussed Attracting Private Investment in Ukraine with JP Morgan Representatives

Today, on February 10, Minister of Finance of Ukraine Sergii Marchenko met with representatives of JP Morgan, one of the world's largest financial services companies.

The meeting was attended by Deputy Minister of Finance of Ukraine Olga Zykova. From JP Morgan in the meeting participated Stefan Weiler, Head of Debt Capital Markets for CEEMEA, Anton Pil, Global Head of Lending and Deposit, CEO of JP Morgan Wealth Workplace Vince La Padula, Global Head of Alternative Investments at JP Morgan Assets Management and Aaron Kaufman, CEO of Lotus Land Entertainment.

Sergii Marchenko thanked JP Morgan's representatives for their long-term cooperation during the war. JP Morgan provided support in negotiations with investors in Ukrainian assets on the deferal of payments on sovereign Eurobonds. The negotiations were held in a record short time. The agreement reached with Ukraine's creditors to suspend debt repayments until the end of 2024 resulted in about USD 6 billion in budgetary savings.

During the meeting, the parties discussed attracting foreign investment for Ukraine's recovery.

The Minister of Finance noted that Ukraine expects to restore access to the international capital market as soon as possible.

"The country's reconstruction cannot consist of concessional financing from international partners solely. The cost of reconstruction will amount to hundreds of billions of dollars. The Ukrainian Government is interested in creating a favorable environment for attracting private investment", the Minister of Finance said.

As for the priority areas for attracting private investment, the focus was on energy, natural resources, IT, and the agricultural sector.

Sergii Marchenko noted that the Government of Ukraine is working, in particular with the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group,  to start insuring war risks and obtaining investment guarantees.

In conclusion, the parties agreed to work closely together in the long term to identify priorities for private investments in Ukraine.