Ukraine negotiating partnership program with JPMorgan

10 February, 04:17 AM
Prime Minister at a meeting with representatives of the JP Morgan banking holding (Photo:Government portal)

Prime Minister at a meeting with representatives of the JP Morgan banking holding (Photo:Government portal)

The Ukrainian government is negotiating a cooperation agreement with the largest U.S. bank JP Morgan Chase, and the parties have already signed a memorandum of understanding, Ukraine’s Economy Ministry said in a message on its website on Feb. 9.

From the Ukrainian side, the meeting was attended by PM Denys Shmyhal, Economy Minister Yulia Svyrydenko, and Reconstruction and Development Minister Oleksandr Kubrakov.

The PM stated that Ukraine needs investment surge for post-war economic recovery. He identified the following promising areas for private investors: energy, agriculture, natural resources, digital technologies, infrastructure rebuilding.

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The Head of the Ukrainian government added that Ukraine is striving to decentralize and upgrade its power grid which remains under constant Russian air and drone strikes.

“Together with the EU, we are working on the development of hydrogen technologies, where Ukraine can also become one of leading European countries,” said Shmyhal.

“Ukrainian gas storage facilities are the largest in Europe. This is a strong ‘gas vault’ for the continent.”

According to Shmyhal, infrastructure rebuilding will follow two principles: build back better and public-private partnership.

He also noted that the cabinet is working to create favorable investment environment in the country, drastically cutting red tape around entrepreneurship.

On Jan. 31, the U.S. International Development Finance Corporation (DFC) announced plans to mobilize $250 million for Ukrainian banks to increase lending to small businesses.

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