Vice President of the International Finance Corporation speaks about “rapid recovery of Ukraine”
Ukraine’s rapid recovery requires a clear prioritization of a reform plan that will create jobs and attract private capital, says Alfonso Garcia Mora, Vice President for Europe, Latin America and the Caribbean at the International Finance Corporation.
In an interview with the Ukrainian Service of the Voice of America, Mora expressed optimism that Ukraine is capable of attracting $200 billion in private investment and noted the extraordinary pace of reforms that the Ukrainian government has taken even during the war, and also spoke about which sectors will be crucial for Ukraine’s future.
“According to the latest World Bank estimates, $486 billion is needed to rebuild and restore Ukraine. This is an enormous amount. This is more than twice the GDP of Ukraine before the invasion, and therefore it is absolutely impossible to raise this amount from other countries, because it is two GDPs,” Garcia Mora said.
Therefore, according to the IFC Vice President, the private sector has a role to play. Not only because it is important, but also because the public sector is not able to do it.
At the IFC, we have estimated that one third of the total cost of rebuilding Ukraine can be financed by the private sector, which is about $200 billion. But in order to do this, critical reforms need to be implemented to open up for investment those sectors that are currently difficult for private companies to enter.
The International Finance Corporation, a member of the World Bank Group, is implementing a $2 billion aid package to Ukraine to support the private sector.
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