The European Union’s commissioner for the Neighborhood Policy and Enlargement Negotiations Johannes Hahn claims the European Union is currently working on a new investment program for Ukraine called “Reform Contract for Investment”.
“Our suggestion is for a €50 million to be specifically earmarked for Ukraine in the current year, inter-alia for on-lending by banks and, thus, investment in the real sector of the country’s economy. The amount may not sound impressive in regards to such a large economy. However, if the money is used effectively, it could bring somewhere in the neighborhood of €500 million in private investment,” the official wrote in his latest op-ed on Facebook on 25 April, UNIAN reports.
Despite the fact that this portion of the EU funding is going to come in the form of grants, some measures are going to have to be implemented in order for investors to feel secure about their investments.
According to Hahn, the country needs to introduce independent regulation in its energy sector and to ensure the full-scale operation of the National Energy and Utilities Regulation Commission, appoint a business ombudsperson and exempt anti-corruption activists’ from declaring their income.
"All three actions are related to the establishment of trust in the new Ukraine. If the state can demonstrate that it is capable of respecting the independence of the Energy Regulator and of the Business Ombudsman and the unconditional right of ordinary Ukrainian citizens to go after corruption, then there is a better chance that investors, international and domestic alike, will return to Ukraine, driving the economic growth necessary to raising living standards across the country," he added.