Context
The impact of Russia’s war of aggression on the Ukrainian economy is devastating. Critical energy supply, transportation and other infrastructure has been destroyed, supply chains are disrupted, potential workers are fleeing and previously important sales markets for products have disappeared. Risks on account of the war make it difficult for companies to take out loans and the economy is hampered by the general politico-economic conditions.
Nevertheless, opportunities do exist. In particular, the sought-after membership in the European Union (EU) can promote institutional reforms and improve politico-economic conditions. Access to the EU domestic market can boost exports and make Ukraine more attractive for foreign investments.
Objective
Ukrainian companies profit from better access to the EU single market and thus support the country’s economy.
Approach
The project works with the Ukrainian Ministry of Economy, the National Bank of Ukraine and other responsible parties to develop and implement national strategies and economic reforms for EU accession. The reforms benefit Ukrainian companies, especially those that want to be active in the EU market. Among other things, the project organises dialogue formats and advice for government representatives, banks and companies.
The project provides training for regional economic development organisations. This helps companies in selected industries prepare for the opportunities and requirements of the EU single market.
The Ukrainian Business Development Fund (BDF) serves as a facilitator between international investors, domestic banks and companies. To this end, the project offers training and practical support to improve the offers of the BDF. It also provides further training for Ukrainian banks in order to expand access to financing services for companies.