Business news from Ukraine

Canada to provide Ukraine with 129 mln Canadian dollars and more than $40 mln in aid

Canada will provide additional assistance to Ukraine to ensure “resilience and recovery” in the amount of 129 million Canadian dollars and more than $40 million, the press service of the Canadian government reported.

This was reportedly announced by Canadian Prime Minister Justin Trudeau, who is in Kyiv to mark the second anniversary of Russia’s full-scale invasion of Ukraine.

“Prime Minister Justin Trudeau is visiting Ukraine today with international partners to reaffirm our continued and unwavering support for Ukraine,” the Canadian government said in a statement on its official website on Saturday.

“The Prime Minister of Canada has announced new support for Ukraine’s efforts to build resilience and recovery,” the statement said. It provides for the allocation of 75 million Canadian dollars for demining, cyber support and intelligence support, 15 million Canadian dollars to help create the National Museum of the Holodomor Genocide of 1932 and 1933 in Kyiv, up to 39 million Canadian dollars for mental health assistance, food support and for the reconstruction and restoration of local communities.

It is also reported that more than $22 million will be allocated “in humanitarian assistance to support United Nations and Red Cross partners in providing critical assistance, including emergency medical interventions, protection services, shelter, water, sanitation and nutrition, and promoting compliance with international humanitarian law.” More than $18 million will be allocated to support various projects: “from demining to reducing threats from nuclear or radiological materials and chemical weapons, as well as combating disinformation.”

Earlier, it was reported that President of Ukraine Volodymyr Zelenskyy and Canadian Prime Minister Trudeau signed a Security Agreement in Kyiv, which provides for the allocation of Canadian assistance in the amount of 3 billion Canadian dollars in 2024.


Canada to provide expert support for restoration of 19 tergromads

Canada will provide expert support on social and economic recovery to 19 Ukrainian communities under the Community-Led Inclusive Recovery (CLIR) initiative, the press service of the Ministry of Community Development, Territories and Infrastructure said.

“The assistance of the CLIR initiative will allow communities to better understand the priorities of recovery, get the necessary knowledge and tools to develop effective inclusive recovery projects taking into account the needs of all groups of residents,” the press release quoted Deputy Prime Minister for Recovery – Minister of Community Development, Territories and Infrastructure Oleksandr Kubrakov as saying.

Communities in Kyiv region (Baryshevka, Glevakha, Boyarka, Velyka Dymyrka), as well as in Dnipropetrovsk region (Sofiyivska, Pershotravenska, Apostolivska, Zelenodolska) have been selected to participate in the program, Nikolaev (Bashtanka, Berezneguvatoe), Odessa (Shabovka, Belgorod-Dnestrovska), Chernigov (Kholmska, Korpska, Menska), Donetsk and Kharkiv (Bliznyukivska, Saventsy, Balakleya) oblasts.

The experts will provide the selected communities with support in strategic management and planning, building partnerships with international organizations and attracting external investments, developing social services, implementing sustainable development principles, and developing recovery plans and strategies.

The CLIR initiative is implemented by the SURGe Project, an international technical assistance project “Supporting Government Reforms in Ukraine” funded by the Government of Canada.

SURGe is a project on inclusive governance in Ukraine, implemented by Alinea International and funded by the Ministry of Foreign Affairs of Canada.

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Honda considers building electric vehicle plant in Canada

Japanese automaker Honda Motor Co. is considering the possibility of building an electric vehicle manufacturing plant in Canada, the Nikkei newspaper reports.

Investments in the project could reach 2 trillion yen ($14 billion).

Honda is considering several sites for the construction of the plant, including a site near the company’s existing facility in Ontario. The project may include the creation of facilities for the production of electric vehicle batteries, Nikkei notes.

The automaker intends to make a decision on the site for the construction of the Canadian plant by the end of 2024. The plant is expected to start operating in early 2028.

Honda is preparing to start production of electric vehicles and batteries in the US state of Ohio in 2026, and the Canadian plant will become the second largest Japanese company in North America.

This region accounts for about 40% of all Honda sales.

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Canada to provide Ukraine with CAD 650 mln for armored vehicles and special medical evacuation vehicles

Canada will provide Ukraine with 650 million Canadian dollars as part of a long-term assistance program for armored vehicles and special medical evacuation vehicles, Prime Minister Justin Trudeau said.

“I have made it clear that our government will help you as long as you need it… We will provide long-term assistance to Ukraine. We are talking about $650 million over three years. This is for armored vehicles and also for special sanitary evacuation vehicles that will be built in the province of Ontario,” he said in a speech to the Canadian Parliament on Friday.

Also, according to him, Canada will continue to provide economic assistance to Ukraine over the next year “to make Ukraine a powerful, dynamic and prosperous country.”

In addition, the prime minister said, Canada will send instructors for F-16s so that Ukraine can make the most of these aircraft. “But our greatest belief is that you will not need this military and financial assistance for a very long time and that peace will return to your country very soon,” he said.

At the same time, he emphasized that “there can be no wrong peace based on compromises with the aggressor.”

“In order to have a lasting peace, we must stand up to Putin. A lasting peace must clearly establish that borders must be respected, regardless of the size of the neighboring army. This peace must restore the right of Ukrainians to determine their future,” Trudeau said.

“What Putin has done is a break with civilization. It is a violation of our common humanity. It is an attempt to destroy the rule-based order that protects our freedom. It is a step toward weakening democracy and establishing autocracy. Putin rules through deception, violence and repression,” the Prime Minister said.

The Prime Minister of Canada also noted that Canada adheres to the principles of the Ukrainian Formula for Peace. “We believe that the world must respect the UN Charter, be based on international law and preserve the territorial integrity of Ukraine,” he concluded.


Ukrhydroenergo and Canadian AECON sign Memorandum of Cooperation in Canada

Ukrhydroenergo and Canadian company AECON Construction Global Services Incorporated (AECON) have signed a Memorandum of Understanding in Ottawa, Canada, on cooperation in the construction of hydroelectric power plants in Ukraine.

According to the press service of the President of Ukraine, the Memorandum was signed by Ihor Syrota, CEO of Ukrhydroenergo, and John M. Beck, founder and chairman of AECON Group Incorporated.

The signing took place in the presence of President of Ukraine Volodymyr Zelenskyy and Prime Minister of Canada Justin Trudeau.

The document provides for the study of the possible participation of the Canadian AECON in the construction of the Kanivska PSP and Kakhovska HPP.

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Canada to provide macro-financial assistance to Ukraine again in 2024

Canada will again provide macro-financial assistance to Ukraine in fiscal year 2024, Prime Minister Justin Trudeau said on Friday in Ottawa after talks with Ukrainian President Volodymyr Zelenskyy.

“We have confirmed that Canada will make a financial contribution to the consortia created by the leader of the United Kingdom to provide military equipment to Ukraine. To ensure that the government has the necessary resources to provide services to its people…today I confirm that we will again provide significant macroeconomic assistance to Ukraine in fiscal year 2024,” he said.

According to him, Canada is “changing its approach,” and now we will provide our assistance for several years, so that Ukraine knows and can receive support on a bilateral basis.

“We are helping farmers whose activities were interrupted by Russia’s actions. We will also provide assistance to the Holodomor Museum in Ukraine, and we will help all Ukrainians to promote mental health,” he said.

He noted that “the new assistance that has been announced builds on the base of almost $9 billion that we have committed to provide and help Ukraine.”