Business news from Ukraine

US Academy of Sciences plans to create science funding fund for Ukraine

The US National Academy of Sciences is working to create a new multimillion-dollar joint science and innovation fund for Ukraine, US Special Representative for Ukraine’s Economic Recovery Penny Pritzker said.

“It will fund specialized cutting-edge research in the service of Ukraine’s economic development,” she said at the U.S.-Ukraine Partnership Forum on Wednesday in Washington.

She said similar initiatives by the U.S. National Academy of Sciences have already been implemented for Israel, India, Egypt, Pakistan and Mexico.

“This is in addition to $230 million in support for Ukraine’s private sector, including new funding for farmers, entrepreneurs, and small businesses in rural and underbanked communities,” Pritzker added.

According to the U.S. National Academy of Sciences website, it is launching the Science and Innovation Fund for Ukraine, supported by about $8 million from the Simons Foundation and the Chan Zuckerberg Initiative and other U.S. philanthropic organizations, with the goal of raising at least $15 million to support the first three years of operation. ETH Zürich is also in the works to create it.

It is noted that the Foundation will provide merit-based grants to individuals and organizations for a range of activities, including: workshops to address scientific issues critical to Ukraine’s long-term renewal; bilateral and multilateral initiatives to advance science policy practice.

It is also envisaged to support Institutes on priority S&T topics contributing to the future of Ukraine; fellowships and research grants to support early and intra-career scientific exchanges; and training on the commercialization of scientific research

It is envisioned that it will include grant funds to support the participation of Ukrainian researchers in international scientific research.

It is stated that the Fund will be managed by a Secretariat based at the U.S. National Academy of Sciences, which will attract partners in Ukraine, additional funds, manage the application process, allocate and monitor the Fund’s expenditures, and evaluate the impact and effectiveness of the Fund’s activities.

Norway to invest about $150 million in fund to support Ukraine

The Norwegian government is preparing to invest about NOK 1.5 billion in the UK-led International Fund for Ukraine.
According to the Norwegian government’s website, the investment comes in addition to the NOK 400 million that Norway previously donated to the fund. The funding was used to purchase drones, drone suppression equipment and artillery shells.
The new donation is part of the NOK 3 billion that the Norwegian government will provide for military support to Ukraine in 2022.

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The Fund for Reconstruction and Development of Ukraine, together with the Kontramarka Help project, plans to create a rehabilitation center for civilians and military personnel in western Ukraine, and later in other regions, president of the fund Artem Honcharenko has said.

“One of the projects that will be implemented by the Fund for Reconstruction and Development of Ukraine together with Kontarmarka Help is the creation of a rehabilitation center for civilian and military people. We plan to create it in the western region, and then scale it all over Ukraine,” Honcharenko said during press conference at Interfax-Ukraine on Thursday.
According to him, the center will provide assistance in physical and psychological rehabilitation, reintegration into civilian life, and job search.
“We have been seeing this problem since 2014, when combatants were not particularly actively recruited. Now there will be even more such people, so the problem needs to be solved in the near future,” he said.
The Fund for Reconstruction and Development of Ukraine ( was established in April 2022 at the initiative of the International Technology Transfer Association and the I-Dolina start-up platform to organize and deliver humanitarian aid to Ukraine.

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Some 18 Canadian companies and organizations, including the National Bank of Canada, Bombardier, Broccolini, KPMG and others, have teamed up to resettle 1,000 families of Ukrainian refugees in the near future, according to a press release from the music and media company Stingray (Montreal, Canada).
“As we watched the conflict unfold and witnessed the forced displacement of millions of Ukrainians, we could not stand by without doing our part. We are impressed by the quick response, active participation of businesses, and interest of all levels of government in making this initiative a reality. Together, we hope to welcome up to 1,000 Ukrainian families, starting in the coming weeks,” President, Co-Founder and CEO of Stingray Eric Boyko said.
“These companies have agreed to welcome up to 80 families each, ensuring that they are well looked after throughout the process. While responding to labor needs, these companies are offering newcomers work, access to lodging, and means of subsistence while preserving these families’ dignity throughout this challenging ordeal,” the report says.

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Ferrexpo Plc (the U.K.), which controls Poltava Mining and Yeristovo Mining in Ukraine, has increased the level of approved funding for its Humanitarian Fund to $7.5 million to provide further support to local communities close to the group’s operations, as well as broader support for communities throughout Ukraine.
According to a press release of the group on the London Stock Exchange (LSE) on Monday, following the announcement of the establishment of the fund on 7 March 2022, the Group has been made aware of further projects and initiatives to support the humanitarian relief effort within Ukraine and the group’s Board of Directors has moved to quickly increase the fund’s approved budget accordingly.
Examples of projects that sit within the fund’s activities include the group’s efforts to coordinate the supply and distribution of food packages, the sourcing of basic medical supplies for local hospitals and medical facilities and the provision of meals for local residents of communities surrounding to the group’s operations.
“The situation in Ukraine is rapidly evolving and the fund is intended help enable the group to react quickly to meet the increased needs of Ukraine and our workforce and their families at this difficult time,” the group said.

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The financial company Investohills Vesta, together with investors from the European Union and the United States, has created the Investohills Helianthus $100 million seed fund to invest in the Ukrainian market of distressed debts, the company said on its website.
According to the report, the first issue of shares of the relevant fund (in the amount of UAH 1 billion in June 2020) was approved by the National Securities and Stock Market Commission and distributed among investors.
Investohills Vesta will manage the fund’s activities in the interests of foreign investors, as well as provide them with a range of services in the field of redemption and collection of bad debts, litigation, storage and management of distressed and collateralized assets.
“The Ukrainian bad debt market is interesting to foreign funds specializing in such investments. But they are stopped by Ukraine’s specifics: weak protection of creditors’ rights at the level of legislation and the judiciary. Investohills Group and the fund… has offered a full cycle of support for investment-attractive deals with bad debts,” the founder and managing partner of the financial company, Andriy Volkov, said.
According to the release, on August 19, 2020, the fund closed its first deal, having bought out a portfolio of troubled assets of VTB, Rodovid and Financial Initiative banks from the Deposit Guarantee Fund for UAH 1.314 billion.

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