• 12/07/2024 21:26

Ukrainian Development Bank UDF will be registered in Luxembourg

The Ukraine Development Fund (UDF), announced in 2023, is planned to be registered in Luxembourg, its size could reach $15 billion. Philip Hildebrand, vice president of the investment company BlackRock, which is accompanying the creation of the fund, spoke about this in an interview with Bloomberg, writes Liga.

Ukrainian Development Bank UDF will be registered in Luxembourg

►Read the Ministry of Finance page on Facebook: main financial news

Навигация

What is known

UDF is being created as a national development financial institution that will complement other international institutions and increase investment opportunities for private capital for participation in the restoration of Ukraine.

According to Hildebrand, the fund expects to initially receive at least $500 million from institutional investors and $2 billion from private investors. In general, he expects to finance at least $15 billion for the restoration of Ukraine.

Read: BlackRock in Ukraine: what the investment giant will actually do here

An example for the UDF will be the Credit Recovery (KfW), a German state development bank created in 1948 as part of the Marshall Plan, and the Climate Finance Partnership fund created by BlackRock in 2021.

The priority areas of the UDF will be agriculture, industry, infrastructure and energy. It has already reviewed 200 projects and selected 20 of them.

In parallel with the fund, there will be a “project preparation institution” that will look for new ideas for investment.

UDF should begin work upon completion military operations.

Recall

Ukraine agreed on cooperation with BlackRock in November 2022, and in February 2023 with JPMorgan.

In May 2023, President Vladimir Zelensky announced that McKinsey consultants are also working on the creation of the Development Fund.

minfin.com.ua

Leave a Reply

Your email address will not be published. Required fields are marked *