Business news from Ukraine

Switzerland to allocate 5 bln francs for Ukraine’s recovery over 12 years

19 April , 2024  

The Swiss government will allocate 5 billion francs as part of its long-term support for Ukraine. The program will last for 12 years, until 2036, the government’s press service reports.
“As a first step, about 1.5 billion Swiss francs are to be allocated from the international cooperation budget by 2028. This amount clearly demonstrates Switzerland’s solidarity with the people affected by the war in Ukraine and will increase stability on the European continent,” the statement said.
It is noted that in the period 2029-2036, the Federal Council also intends to explore other sources (in addition to international cooperation) from which the remaining 3.5 billion Swiss francs can be obtained.
The Federal Council has also commissioned the development of a joint country program for Ukraine, including appropriate oversight mechanisms. This program should ensure targeted and effective support and be based on the seven Lugano principles: partnership, reform focus, transparency, accountability and rule of law, democratic participation, multi-stakeholder engagement, gender equality and inclusiveness, and sustainability.
The Federal Council also instructed to determine how the country program for Ukraine will be implemented in the strategic plan. In particular, a proposal to establish an interagency coordination group headed by a delegate from Ukraine should be prepared and submitted to the Federation Council for approval.