The reconstruction of Ukraine is taking shape
The war in Ukraine is posing major challenges, but the country’s reconstruction is increasingly taking shape. Michael Höllerer, CEO of Raiffeisen Bank International (RBI), was in Ukraine three months ago and recently witnessed at the Ukraine Reconstruction Conference (URC) how dialogue among government representatives, international financial organizations, and the business community is fostering a shared commitment.
Ukraine faces enormous challenges due to the destruction caused by the war that has lasted more than four years.
Three months ago, together with Valerie Brunner, Board Member for CIB Customer Coverage at RBI, I had the opportunity to visit Kyiv and meet some of our colleagues on site in person. People who achieve outstanding results under extremely challenging conditions. More than 5,000 employees maintain banking operations with great commitment and professionalism. Their dedication and solidarity deserve the highest respect. Emergency branches in air-raid shelters, evacuations of families, and currently three “Resilience Points” open around the clock in Kyiv are part of everyday life. For me personally, it has been clear – not only since this experience – that we will continue to contribute actively to supporting the reconstruction.
But the reconstruction of the country is not only close to my heart; as CEO of RBI, I see it as a significant opportunity for us as a bank, for the entire European economy, and not least for Ukraine. As a long-standing partner of the country, we want not only to help but to play a central role in the reconstruction. In this historic phase, it is crucial to provide Ukraine with financial resources to create sustainable structures to enable long-term stability and growth.
Therefore, I was very pleased to witness at the URC, held at the end of June in Gdansk, how ideas and projects became more concrete. The commitment to Ukraine has always been strong, but now it is taking shape more and more. In many places, planning is gradually moving into implementation.
At the URC, we further strengthened our cooperation – specifically our Raiffeisen Bank in Ukraine – with the European Bank for Reconstruction and Development (EBRD) with a new tranche of 50 million euros as part of a risk-sharing facility to finance Ukrainian companies. This allows us to provide urgently needed financing to Ukrainian companies in key sectors such as agriculture, industry, pharmaceuticals, and logistics. This agreement with the EBRD is a clear signal that not only we are convinced of Ukraine’s economic recovery.
The letter of intent to intensify our partnership with NEQSOL Holding is another example of the concretization of commitment that I felt in Gdansk. NEQSOL Holding is an international company active in energy, telecommunications, high-tech, and construction in Ukraine.
My experiences at the URC have shown me that open dialogue and personal exchange with our partners are indispensable to build and strengthen the necessary trust. Here, government representatives, international financial organizations, and businesses come together to coordinate the reconstruction and long-term development of the country and to mobilize the necessary financial resources. This will not be my last visit to a reconstruction conference. I also plan to travel regularly to Ukraine to get a first-hand impression of progress in projects and partnerships. Through presence and close cooperation, we ensure that we can respond flexibly to possible challenges.
Making Ukraine viable for the future will require great effort from all involved. But after experiencing the energy of Ukrainian entrepreneurs in Gdansk – who meet even the greatest challenges with ingenuity and determination – I am firmly resolved to contribute actively as well. RBI and its subsidiary bank in Ukraine will continue to be reliable partners for these entrepreneurs.