WASHINGTON – The U.S. International Development Finance Corporation (DFC) and the U.S. Agency for International Development (USAID) signed today a Memorandum of Understanding (MOU) with the Government of Ukraine to support attracting investments to Ukraine as part of their efforts to help address the country’s urgent development priorities and economic recovery.
Under the MOU, the Ministry of Economy of Ukraine, with USAID support, will help identify and develop private sector projects for consideration for DFC support. DFC intends to work with the Ministry of Economy of Ukraine so that it understands DFC’s investment requirements. Ukrainian Prime Minister Denys Shmyhal, USAID Administrator Samantha Power, and DFC Chief Executive Officer (CEO) Scott Nathan signed the MOU at an event on the margins of the Spring Meetings of the World Bank Group and International Monetary Fund and the U.S. - Ukraine Partnership Forum hosted by the U.S. Chamber of Commerce.
Prime Minister of Ukraine Denys Shmyhal said, “No sustainable growth and recovery of Ukraine is possible without private capital. Therefore, foreign investments will be one of the drivers for the recovery of our economy. War risk insurance is a key tool to attract these investments now, without waiting for the end of the war. We are grateful to DFC for the partnership and help along the way. It is a step of real solidarity with Ukraine.”
“Today's Memorandum of Understanding reaffirms USAID's partnership with the Government of Ukraine and our ongoing commitment to supporting the Ukrainian economy and people in the face of Putin's brutality,” said USAID Administrator Samantha Power. “Our work together will help spur private sector investments in Ukraine, which is key to the immediate economic recovery and to building a future for Ukraine that is stronger and more prosperous than before.”
“DFC’s commitment to supporting the Ukrainian private sector is enduring,” said DFC CEO Scott Nathan. “We were there before the war, we are there now, and we will be there for the long-term. This MOU demonstrates how DFC, in partnership with our colleagues at USAID, is taking steps to increase our financial support for the businesses and people of Ukraine.”
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
Since the start of Russia’s full-scale war against Ukraine on February 24, 2022, the U.S. Agency for International Development has remained committed to helping Ukraine win the war against the Kremlin’s aggression and, ultimately, win the peace by emerging strong and capable of continuing to advance as a sovereign, independent, democratic, and prosperous society, free to choose its own future. To help meet Ukraine’s wartime needs and lay the foundation for a successful recovery, the United States government is providing economic assistance, including $22.9 billion in direct budget support through USAID and the World Bank’s PEACE mechanism, helping the Government of Ukraine fund basic public services like healthcare, education, and emergency response; $1.9 billion in humanitarian assistance to save lives and meet the urgent needs of the Ukrainian people; and more than $870 million in development assistance to bolster Ukraine’s energy grid, governance institutions, agriculture, small businesses, and civil society in wartime, while also remaining focused on what will be needed for recovery and reconstruction. Continued U.S. assistance has helped rally other international donors, including the European Commission, Japan, Canada, and the United Kingdom, to provide Ukraine with needed economic, humanitarian, energy, and other assistance.