These funds will be directed to key sectors of the economy where Swiss businesses are active.
Ukraine and Switzerland have signed a Memorandum of Understanding, under which the Swiss government will allocate 55 million USD to finance recovery projects via local companies. These funds will be directed to key sectors of the economy where Swiss businesses are active, as reported by the press service of the Ministry of Economy on January 23.
Details:
The Swiss State Secretariat for Economic Affairs (SECO) will provide funding. Project selection will start in late January 2025, and implementation of the first initiatives will begin in July 2025. The Government of Ukraine, SECO, and the Embassy of Switzerland will participate in the selection process.
- The memorandum creates the basis for further signing an intergovernmental agreement on technical and financial cooperation, as reported by the Ministry of Economy. The agreement will cover launching public projects from the Unified Public Investment Portfolio approved by the Strategic Investment Council.
Context:
Switzerland is launching programs to support Ukraine in decentralization, recovery, joint projects with Ukrzaliznytsia, and preparation for the heating season.
In April, the Swiss Federal Council decided to allocate 5 billion CHF (equal to 5.5 billion USD) for humanitarian aid, economic development, and long-term recovery of Ukraine until 2036.
Assistance will be implemented step by step: 1.5 billion CHF will be allocated for international cooperation till 2028, while in 2029-2036 the government will explore other sources of funding to allocate the remaining 3.5 billion CHF.