Ukraine and Germany Sign Declaration to Strengthen Business Cooperation Amid Reconstruction Efforts

Ukraine and Germany have signed a declaration aimed at enhancing cooperation in the business sector. The joint declaration of intent was signed by the finance ministers of both countries on June 11, as reported by the Ukrainian Finance Ministry. The signing occurred during the Ukraine Recovery Conference 2024 in Berlin, where discussions centered on addressing Kyiv’s ongoing reconstruction needs, particularly in the realm of energy infrastructure.

The declaration is set to bolster bilateral cooperation in business support, with a focus on further capacity building and corporate reform of the German-Ukrainian Business Development Fund, according to the ministry.

German Finance Minister Christian Lindner stated, “We are not limiting ourselves to the form of support that Ukraine needs to win the war. We want to contribute now so that Ukraine can set the course for future growth through its reconstruction.”

The latest estimate by the World Bank puts the cost of Ukraine’s post-war recovery and reconstruction at $486 billion as of mid-February. In addition to financial assistance, the support entails building institutional capacity to aid Ukraine’s private companies and facilitate investment, noted the German minister.

Kyiv and Berlin also inked a joint declaration on capacity development support for institutional development, coordinated through the German Development Bank KfW.

“Expert and financial support from KfW allows us to continue providing Ukrainian businesses with affordable financing, which contributes to the economic recovery in the context of the Russian full-scale war,” Ukrainian Finance Minister Sergii Marchenko remarked.

This conference is being held in the lead-up to Summit on Peace for Ukraine, which will take place in Switzerland on June 15-16. According to Switzerland’s president, nearly 90 countries and organizations, have confirmed attending the summit.