Press Releases Free World to Increase Investment to Greater Kyiv

Free World to Increase Investment to Greater Kyiv

Nearly €1,1 billion of investment to strengthen the resilience and contribute towards faster post-war reconstruction of Ukrainian capital were committed in seven agreements signed during the Kyiv Investment Forum: ‘Resilience. Innovation. Sustainability’ on November 28 in the city of Brussels.

The city of Kyiv, the city of Brussels and eleven European cities, including Paris, Rome, Helsinki, Poznań, Podgorica, Berlin, Lyon, Riga, Sarajevo, Bergamo and Vilnius, signed a Joint Declaration on support for rapid and sustainable reconstruction of the Greater Kyiv to counter the destruction from the Russian attacks. Signed during the Kyiv Investment Forum 2022 in Brussels, the documents ensure mutual support and city-to-city cooperation in crisis situations and assistance of a humanitarian and technical nature, as well as strengthening economic, cultural and social relations in future projects.

In addition, there were signed the Twinning Agreement between the cities of Kyiv and Dublin, the Memorandum of understanding between the cities of Kyiv and Helsinki, as well as the Agreement on the establishment of friendship relations between the cities of Kyiv and Sarajevo.

The European Investment Bank (EIB) and the city of Kyiv signed a memorandum of understanding to coordinate further cooperation on financing and preparing priority investment projects for Ukraine’s capital, key to its post-war reconstruction. The memorandum provides a framework for further collaboration between the city of Kyiv and the EIB on projects promoting resilience, growth and sustainability.

The two sides will partner to enable much-needed work on the city’s transport infrastructure, including modernization of the rolling stock of Kyiv Metro. The current estimated project value is €450 million, intended to reduce Kyiv’s reliance on Russian metro rolling stock and related spare parts. Currently, 80% of the city’s metro coaches are Russian-made, with more than half of those in need of modernisation, upgrades or replacement.

Furthermore, Kyiv and EIB Global, the EIB Group’s development branch, will begin preparing a number of other projects of vital importance for the city’s sustainable urban development, such as the extension of the Kyiv Metro at an estimated cost of over €500 million, and the reconstruction of social housing affected by Russian bombings.

The International Finance Corporation (IFC) will support the Energy Efficiency Fund’s Restoration Program by channeling €25 million of the EU grants to homeowners’ associations across Ukraine, covering the costs of restoring multifamily buildings that did not suffer structural damage. The program will cover the replacement of windows, doors, roofs, and walls, among other elements. A €5 million pilot project will be rolled out in Kyiv, Zhytomyr, Sumy, and Chernihiv, the larger cities in northern and central Ukraine that have come under increased attacks over the last two months.

Additionally, the city of Kyiv and the European Bank for Reconstruction and Development (EBRD) reached a partnership at an estimated value of €100 million aimed at a wide range of projects to support Kyiv’s energy security, to provide emergency liquidity assistance for municipal assets, to compensate import losses and to ensure the stability and resilience of the Ukrainian capital.

“For the first time in its history, the Kyiv Investment Forum took place outside Ukraine’s capital. It’s very symbolic that it is hosted in the city of Brussels, the heart of Europe, because today we are defending our European choice in a brutal war. We are defending European values, peace and stability of the entire continent. Supporting Ukraine is vital for both the EU and the civilized world. We need your investment, your know-how and your assistance to be victorious over the aggressor and for the post-war recovery. We hope that we can rely on your help. I’m convinced that together we will win, and that we will be stronger”, Mayor of Kyiv Vitali Klitschko stated.

As the host of the event, the Mayor of the City of Brussels Philippe Close expressed his full solidarity with the citizens of Kyiv and Ukraine.

“My main message today is straightforward: we must continue to assist Ukraine and help it recover. I encourage you all to be an active participant of Ukraine’s renewal. Today is about the future of Ukraine, the future of Kyiv. Together with the different cities of Europe we can create a task force for Ukraine, to help with all their needs”, Philippe Close stressed.

City of Kyiv needs urgent help for the upcoming winter, but in the long term, Kyiv has to be rebuilt and transformed into a modern, dynamic, eco-friendly European city.

Forum participants are confident that Kyiv has the opportunity to become a leading city in Europe and that the international support and investment will contribute towards faster post-war reconstruction of the capital, facilitate sustainable urban development and accelerate Ukraine’s integration into the European Union.

Panel discussions of the Kyiv Investment Forum: ‘Resilience. Innovation. Sustainability’ focused on urgent needs to survive the winter and address the most pressing challenges for Greater Kyiv as well as setting the path for the ways to rebuild and strengthen the Kyiv metropolitan area with principles of digitization, sustainable urban development and EU integration. Panelists discussed the approaches and strategies to “build back better” instead of merely “fix the damages” and ensure transformative and inclusive reconstruction of Ukraine and Kyiv through the public-private partnership mechanism. Once the war is over, with support of international partners, Greater Kyiv will have a once-in-generation chance to modernize the metropolitan area according to the principles and best practices for urban resilience and sustainable development. By strengthening local ecosystems and fostering citizen participation we will be able to create truly human-centered solutions.

Social entrepreneurs and social enterprises will play a crucial role in surviving the war and rebuilding Ukraine both in social and economic domains. In order to build a resilient society and economy, Greater Kyiv should promote social economy by creating a powerful social impact ecosystem leveraging technology and innovation.  Social entrepreneurs could be the agents of change bringing a deep understanding of the needs of the local communities and offering effective solutions.

“Ukrainians can show us the best examples of how the social economy works because during turbulent times all the formal traditional networks are collapsing and you immediately need new solutions… Very soon we will be learning a lot from Ukraine on shaping the social enterprise”, Mayor of Vilnius Remigijus Šimašius stated.

The main program of the Kyiv Investment Forum was extended with a side event organized by EUROCITIES association to discuss restoring and rebuilding of settlements in the Kyiv region and potential collaboration of European cities. The President of EUROCITIES, Mayor of Florence Dario Nardella, stressed in his welcome speech the “Generators of Hope” initiative, launched to provide urgent support to Ukrainian cities and ensure electricity supply in hospitals, schools, relief centers, shelters, telecom stations and other critical infrastructure objects.

City experts representing metropolitan areas of Prague, Amsterdam, Lille, Lyon, Oslo, and other cities shared their experience of establishing cooperation and governing the metropolitan areas. They also presented their areas of expertise that they believe could contribute to the rebuilding of Kyiv and the Kyiv region.

The Kyiv Investment Forum showed the unrelenting interest and commitment of partners who stand with Ukraine and its capital with more than 350 attendees, among them 16 Mayors’ delegations, 26 Ambassadors and Heads of foreign diplomatic missions accredited in Belgium, 7 partner organizations and international institutions, 21 media, 54 business representatives, industry associations, non-profit organizations, and think tanks. Over 1500 people watched KIF’s live stream.

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