UK and Ukraine forge closer ties to revitalise economy and investment attraction through new financial initiative

23 January 2024

TheCityUK and London Stock Exchange plc have today signed a landmark Memorandum of Understanding (MoU) with the Ministry of Economy of Ukraine to support the development of the Ukrainian financial and related professional services industry through ‘The City-Ukraine Hub’.

The MoU, supported by the UK’s Foreign, Commonwealth and Development Office (FCDO), will establish a robust framework and supporting financial market infrastructure to underpin a private sector-led recovery. The collaboration will focus on modernising the country’s financial services and capital markets, and supporting the Ukrainian Government, regulators and relevant authorities to make further improvements to encourage more foreign direct investment and help Ukrainian businesses grow.

Under the MoU, work will also be undertaken to build capacity within the private sector in Ukraine through a corporate twinning programme, including support for SMEs, and strengthen the capabilities of the Ministry of Economy’s investment promotion agency, among other financial organisations and professionals.

Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, said: “Support from partners is crucial for Ukraine's economic stability during the time of war started by Russia. In cooperation with the UK Government, TheCityUK and London Stock Exchange plc, Ukraine aims to create a reliable environment, supportive infrastructure and financial ecosystem by developing the capacity of Ukraine’s Government and companies to attract investments and long-term private capital. We express gratitude to our partners for their efforts in making this possible.”

Bruce Carnegie-Brown, TheCityUK Leadership Council Chair, said: “This Memorandum of Understanding underlines the industry’s commitment to actively support Ukraine’s economic recovery. Given the UK’s status as one of the world’s leading financial centres, we will bring our expertise in good governance and robust regulatory frameworks to support Ukraine’s recovery. Equally, we can also learn from our Ukrainian counterparts in areas such as technology. Today’s signing marks a strategic step forwards in formalising our collaboration to support the long-term growth and prosperity of Ukraine.”

Julia Hoggett, CEO, LSE plc, said: “We continue to be inspired by the resilience of Ukraine and signing this MoU fortifies our commitment to supporting its long-term economic transformation. Through the sharing of knowledge and expertise, and convening the financial markets ecosystem, together we can help strengthen Ukraine’s capital markets and nurture its financial sector from the ground up. We hope that our continued collaboration will foster the flow of both public and private capital into Ukraine, supporting its innovative companies and vision for a prosperous future.

Martin Harris, His Majesty’s Ambassador to Ukraine, said: “The UK and Ukraine’s partnership has never been stronger, and the UK is supporting Ukraine to fight for freedom and defend its sovereign territory. I am pleased to witness this latest initiative to help Ukraine rebuild: harnessing UK expertise from across the City to back the creation of a strong business-enabling and regulatory framework in Ukraine. This will boost investor confidence and unlock the flow of much needed private finance to aid Ukraine’s recovery, now and into the future. The opportunity to rebuild Ukraine begins now.”  

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