Despite its economy steadily improving from the first months of the full-scale invasion, very little foreign capital is currently trickling down to Ukraine’s private and public sectors.

Money from international financial institutions has helped stabilize the economy, bolstering forecasts of 3.2% gross domestic product (GDP) growth this year, according to the World Bank. But private investors are still hesitant in the face of a protracted conflict and war risk insurance programs have failed to persuade most.

“It’s impossible to expect investments during the war. The risk of war is so huge,” Serhii Fursa, the deputy managing director at investment firm Dragon Capital, told the Kyiv Independent.

There is practically zero foreign investment outside of large international financial institutions, he added.

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