The Department for Business and Trade, along with the Foreign, Commonwealth & Development Office, Nusrat Ghani MP, and The Rt Hon Kemi Badenoch MP, revealed the measures during the major Ukraine Recovery Conference held in London.
The UK government has pledged a funding boost of up to £20 million for the World Bank’s Multilateral Investment Guarantees Agency (MIGA). This financial injection aims to facilitate more private sector investment in Ukraine, vital for the country’s rebuilding process. The invasion by Russia has caused extensive damage to Ukraine’s infrastructure, estimated to cost $411 billion and take over a decade to reconstruct. However, the lack of insurance options covering war-related losses has hindered private investment flow.
With the UK’s funding, investors will have enhanced access to MIGA’s SURE Trust Fund, which aims to de-risk investments in projects addressing Ukraine’s immediate reconstruction needs. The announcement comes as more than 1,000 representatives from the private sector, public sector, and international community gather at the Ukraine Recovery Conference.
Move aims to help Ukraine businesses realise entrepreneurial potential
During the conference, Business and Trade Secretary Kemi Badenoch expressed the UK’s commitment to unblocking obstacles that hinder businesses from realising their full entrepreneurial potential in Ukraine. She emphasized the importance of addressing the war insurance gap, which is fundamental to providing companies with the necessary security to thrive.
Furthermore, Business and Trade Minister Nusrat Ghani highlighted the tools provided by the announcements, enabling businesses and investors to actively participate in Ukraine’s recovery from the devastating war. The Department for Business and Trade aims to support Ukraine’s long-term reconstruction needs through initiatives such as war insurance, fostering business connections, and deepening collaboration in the technology sector.
In line with these efforts, the UK-Ukraine TechBridge initiative was launched by Business and Trade Minister Nusrat Ghani. Developed in partnership with the Government of Ukraine and private sector stakeholders, this programme aims to bring together the tech sectors of both countries in a permanent physical space in London. It seeks to harness opportunities for innovation, collaboration, and ongoing professional development in digital and business skills.
Additionally, the Department for Business and Trade unveiled Business Bridge Ukraine, a digital platform connecting Ukrainian businesses with global companies. This platform enables virtual networking and supports recovery through sustainable and long-lasting commercial relationships.
The UK-Ukraine Private Finance Partnership, supported by the government, has facilitated an insurance collaboration between private sector leaders. Professional services firm Aon and Lloyd’s insurance market have joined forces with the Vienna Insurance Group, a major insurer in Ukraine. This partnership aims to provide fast-track access to foreign reinsurance capacity to support Ukraine’s recovery. It will primarily support international and domestic companies operating in Ukraine, excluding war cover, with manufacturing and construction risk exposure, ensuring the continuity of day-to-day operations and normal economic activity.
The UK government, in collaboration with international partners, will publish the London Conference Framework during the Ukraine Recovery Conference. This framework aims to address the immediate insurance gap and drive action to increase support for Ukraine’s recovery.
In parallel, the Department for Business and Trade, along with the UK’s National Institute for Health and Care Excellence and the Ukraine Ministry of Health, is leading a healthcare reform program. The objective is to expand access to innovative medicines for the citizens of Ukraine, further supporting the country’s ongoing reforms.
Julian David, CEO at techUK, expressed delight at the launch of the UK-Ukraine Tech Bridge and the commitment to tech-led recovery for the Ukrainian economy. The partnership between the UK tech sector and the dynamic Ukrainian digital economy promises a new era of cooperation.
Andriy Dekhtyar, Founder of Ukrainian company Rozdoum, highlighted the success of cross-border tech collaboration between the UK and Ukraine. The acquisition of Rozdoum by Adaptavist, a UK-based company, has provided the necessary support and expertise for accelerated growth and expansion.
The UK’s commitment to Ukraine’s recovery and support for its long-term reconstruction efforts demonstrates a strong partnership aimed at revitalising the country’s economy and infrastructure in the aftermath of the war.
Source: UK Government