 Good afternoon Ladies and gentlemen a Warm welcome to our session Ukraine. What next my name is Meryk Dushek. I am with the world economic forum We just heard from the first lady of Ukraine in the plenary and it could not be a more pivotal time to be here to really See how the international community cannot only keep up the support for Ukraine But to do more So in less than four weeks, it will have been one year since the onset of Russia's invasion of Ukraine which has resulted in tens of thousands of deaths and Acute refugee crisis with over seven million Ukrainians having fled their country and nearly five million Displaced within its borders Beyond the tragic loss of life and humanitarian crisis facing the country The war has uprooted the country's economy and society Ukraine's government has forecasted the economy to have shrunk by more than 30% in 2022 The sharpest economic contraction in the country's independent history and a significant budget deficit has put immense strain on Ukraine's finances and monetary policy The country's infrastructure remains under constant bombardment Causing shortage of shortages of electricity water and energy Ukraine's private sector before the war accounted for 70% of GDP The government now estimates that more than 11% of businesses have shut down and more than half of all Enterprises operate below 75% of production capacity According to the government five million jobs have been lost Equivalent to 30% of total pre-war employment against all odds The state continues to carry out its function and duties and the economy overall has felt better than expected So today we have an Auguste panel With us today to really help us understand the latest situation on the battlefield militarily the urgent humanitarian crisis and needs of the Ukrainian people how the public and private sectors are coping as well as the country's long-term Reconstruction and its place within Europe So I mentioned an Auguste panel. So let me introduce my colleagues here on the panel It's my pleasure to welcome here. You last you lia Sveridenko first deputy prime minister and minister of economy of Ukraine A warm welcome to you Ah, yes, thank you All I see Chernihov chief executive officer nafta gas in Ukraine a warm welcome Will ask in a ring minister for development cooperation and foreign trade of inland welcome Odile Francoise Rena Basso president European Bank for reconstruction and development warm welcome And last but not least your cookies state secretary federal chance already of Germany Madame deputy prime minister. Let me start with you if you could first Just tell us the latest situation in your country because of militarily, but also what are the immediate needs that the international community and as you know here we have also a lot of business leaders over 1500 business leaders are here in and at the annual meeting in Davos and we have a lot of people that are watching us Why via webcast so if you could please tell us what is the latest situation in your country that would be great Thank you. Thank you for this question. So actually The name of this panel What next for Ukraine actually its success because we're discussing future. It's mean that everybody Understand that Russia won't achieve it go and we definitely win This war is so it's very hot of course to speak about future right now when Ukraine is under their constant missiles strikes like we Witnessing this weekend The big massive attack on residential building in Nipro. So it means that All questions related to what what is the future for Ukraine? We'll start with a question. What can be additional support for military? For weapon for the heavy heavy weapon for Ukraine for now just to speed up the victory and to start the rebuilding Reconstruction and to return back our refugees that you mentioned at the beginning. So for now The situation is following where I keep fighting. We are asking our Partners allies to provide us with additional additional weapon was a heavy weapon Armaments everything to squeeze Russia from Ukraine and territory second thing we're able and willing to discuss peaceful formula that were launched by the president Zelensky and announced and today first lady also Mentioned peaceful formula in her speech. So it's very important right now to move from the From the paper to practical implementation and to take to take responsibility And it's our our task. It's for our partners to find Exact country that will take exactly Responsibility over some steps of this peaceful formula and of course Last year we achieved macro relatively relatively macro economic Stability together with our partners with our eyes and we talked a lot about strategy of post war recovery strategy of recovery during the war time. So now need to move from the strategy to the concrete projects concrete project for recovery and Reconstruction as you mentioned and absolutely agree with you. So it's a big Humanitarian catastrophe that seven million Ukrainians are living abroad and it named like a refugees But for us it's it's not the refugees because it's temporal displaced people as majority of them 90% would like to return back to Ukraine So what we need to discuss right now with our if I saw our partners what kind of solution could be find for business to encourage them to Start business in Ukraine to come to Participate in early recovery So to achieve this goal to return our people back and So that's why it's it's I think that Ukrainian shows resilience during this war time and I think that Ukrainian business also show this resilience and It's such kind of characteristic of Ukrainian that can help Foreign investment to come and to feel comfortable and to achieve their goals So that's why our idea is first of all to stress on the necessity to provide this additionally military support And of course to find some additional tools with our ifis partners How we can facilitate Ukrainian business to develop and how we can facilitate foreign investment to come to Ukraine Even now with different mechanisms such as Insurance for the war risks, for example or some additional finance that can be provided Thank you. Can I just have a small follow-up question on the peace formula? Yes The first lady spent quite a long time on it in her speech I think she also mentioned if I understood correctly that Ukraine is working with as many countries as it can to Develop it or implement it. Could you just elaborate a little bit on the process? So at the end of February is going to be special Session of United Nations when the president Zelensky will discuss how it we might implement together with our partners This peaceful formula So it means that we would like to Participate in the implementation of this peaceful formula as much a country as much countries as it possible For all those countries that are searching for a peace for Ukraine and they're able to participate because some for example every food security Everybody understand that it's very practical issue and it's about blocking of the seaports. It's about transportation routes about Houses, so that's why we think that it's ten very obvious steps that can bring peace Our idea is to find Partners that will take responsibility over some of these steps So together I was Ukraine to provide us with this additional guarantee for implementation of this peaceful formula Very interesting. Thank you Let me move to Mr. Chernih off. You're heading an energy company We have seen Ukraine's infrastructure come under severe attack particularly since October Nonetheless you sent last week that engineers together with local authorities and utility workers have restored more than 55% of energy Infrastructure facility destroyed or damaged by Russia. It's quite impressive given the circumstances Could you just give us a sense of what is the extent of the damage that your country's energy infrastructure has undergone? And how are you working to restore access to ensure that the economy can function to the largest extent possible? Just to give us a little bit of a sense of the damage and the landscape overall on energy Yes, absolutely. First of all, good afternoon to everybody. I Thank you all of you for visiting this important panel for all of us as it is being set on the wall world Economic forum the ambition and the commitment to improve the state of this world I think this improvement months might start from Ukraine and from our historical moment that we are facing together All of us. This is not only Ukrainian issue and our allies are demonstrating it constantly That is the challenge for all civilized world right now And I believe we're gonna cope with it coming back to energy situation This is a full-scale war, especially starting after October 10 Russians has started actively targeting Critical infrastructure more over civilian critical infrastructure their target is to deprive Ukrainians from heating water gas and other utilities the target is to break Ukrainian spirit The strategy will not work this will only Strengthen Ukrainian strengthen Ukrainian spirit to fight and to prevail Right now a short term short term task is to survive to go through the winter This means more gas. This means more energy more generators more decentralized energy Guarantee and supply and more over we should go ahead and win this war In terms of the repairs that we are doing we are doing them constantly every day as we are being actively attacked and In this way we have also done a lot of things within decentralized supply of energy and we are planning to increase Using this opportunity, I would like to thank you to our international allies and partners who support us in this way and This is critical and very important for Ukraine Of course, we are still targeting to get more gas during the course of this winter. We are talking to get more Generation equipment to get more energy and we expect More losses in this area that is clear and later on we plan to reconstruct the whole system and To make it as modern as possible as green as possible and as decarbonized as possible But this will happen after the war our main task right now is to win this war and to prevail in this war Thank you so much. Well, actually if you don't mind just to give us to give us a sense For example, if you are living now in Kyiv all the how much electricity do you have? Is it is it unless there is bombardment you have electricity or are there outages such just to give a sense of People's lives in in Ukraine now. So the ordinary life in Kyiv Might look in the way that you might have been shortened in electricity Four to six hours per day might be more Depending on the situation with the greed and to where the possibilities It's not like constantly like this, but the most of the days we have certain shortages with electricity We are fixing Our energy system, but we all should understand the repairment the repairing of energy system is more Duct tape repairing type. So we should Really restructure and reconstructed after the war once it is possible But we should be proud of our infrastructure workers and employees and communal services employees who are doing all these repairs under the constant shelling Bullets and other risk of life. We have secured 300,000 of don't bus residents in Donetsk region right now with a natural gas supply It's a very hard job to do very risky, but this is our target. We want to prevail We want to win this war and we'll go ahead. Thank you And one more thing on the private sector front. So we talk a lot of I will talk about it later Public private for reconstruction long-term reconstruction But is there a role for private sector actors now in providing immediate needs particularly around energy or in general? And is it happening? Could you give us some examples in business wise from private sector company? Yeah, of course It's a huge potential in Ukraine. It might sound ridiculous during the war. And of course, it's You should consider risk potential But still the reconstruction of the country might require private equity to flow into the country and The governmental support from Ukraine and other countries would also motivate private equity To invest into Ukraine in terms of energy, of course our task is to achieve energy independence Level within the gas production we plan to increase gas production already this year significantly As well as constructing of decentralized energy supply All these fields would require significant equity in west investors But we should consider this in this moment, of course under the umbrella of appropriate guarantees from from the international society that would Guarantee this kind of private equity investment. Thank you so much Turning to the last canary your minister for development cooperation and foreign trade of Finland. You just visited Ukraine So first, what is your assessment? Militarily if you can share in terms of what you saw but also then again those immediate needs and And You're from Finland. So it's an EU country as well So are there things you think Europe can do even more that you learned there that? We should be thinking about in Europe so that we can again help right now More the Ukrainian people Well first of all, thank you so much for for having me here. Yes, I I did visit Kiev Ukraine a Week ago, and I was very impressed when it comes to Resilience and and bravery of of Ukrainian people especially in the face of these recent strikes on critical infrastructure For Finland, of course the support of Ukraine has been very important and it's been very significant and we Distributed family housing form for families In the region of Kiev to to Irpil and we also worked hard for energy supplies different equipment generators by our Rescue services and of course it's been very important that we've been able to act quickly fast and we've been able to distribute Of course Finland is very committed to continue our support together with our European Union allies and with our international allies as well When it comes to to reconstruction Well, of course, I want to underline and the most important thing is is to act now when the need is there for Finland It's been all together last year only and as you know, we've been supporting Ukraine since 2014 Last year only more than 300 million euros including material support humanitarian and All equipments everything included but of course then we have to look at the our European commitment our Development financing together with our global Entities if you like and therefore is so important that for instance here today We are together to look at the way how we Operate how we coordinate with what kind of emphasis we work and of course the most important thing is to have a dialogue with you Ukrainians decision-makers Everybody the people that what are the real needs and that's why we really really appreciate that Thank you so much Moving to madam Rena Basso, so you're heading an extremely important organization In terms of of course reconstruction and development globally and you're playing such an important role in Ukraine If my numbers are correct here, you've deployed 1.7 billion euros and a further 200 million Mobilized from partner banks to support the real economy in Ukraine through investments in vital infrastructure energy Food security trade and support for the private sector a lot of people talk about we need an a Marshall plan for Ukraine So tell us a little bit about because I'm you have of course people also that are working with you on the ground So what is the role EBRD is playing right now in terms of these immediate needs? But also crucially then if we say this is a Marshall plan for Ukraine, obviously we are in the 21st century So what are the things you're working on and what would be things that are maybe a little different things We should be paying attention to to make it really relevant for then Not only rebuilding but building a modern economy in the 21st century Ukraine So thank you, but I think I thought it has already been said what is very very important is to support Ukraine now and Indeed we need to prepare for reconstruction and to think about it and to get organized about it But I think that the more we do now the better first of all the more it will give chance to the country to win the war and The less we will have to do in reconstruction and in a way. It's not and I think we are in an environment Which is we already start to reconstruct reconstruct everything we do in terms of emergency repair Since the attack on the key infrastructure have started in October is I mean starting already to reconstruct Of course, we will have to do much more later on but Really providing support now is absolutely key at EBRD because we are a bank focusing mainly on the private sector What we've done this year is really to focus on the real economy. How what we can do effectively to support The real economy so the key infrastructure to keep going and we provided financing to buy gas very early on to support the electricity network company and we provided now 300 very in the 450 million financing to the company this year and Including emergency repair in order to help them to buy Generators to buy the material they need in order to fix as quickly as possible the infrastructure but also the railway company and Also a lot of focus on the private sector food say I mean in their agri business working directly with the Our clients there but also in resharing with the banking system What is absolutely amazing and I was in Ukraine before I mean in October is the fact that everything continues to function I mean and we all think about we see the very very I mean Devastating destruction and so forth But when you think that the banking sector the whole of their branch opened in the country for clients and I mean everything Function, so it's of course they need support, but I mean the resilience is really impressive So that's what we've been doing and other if I've been focusing more on budget support because the government need money because of the collapse of tax revenues because of the GDP shrinking and also additional expenditure related to the war So but so there is a big good complementarity there I think what so we need to continue to do that and we are committed to do this Going next year We've been able to do that thanks to donors and share all the support because for the bank. It's very challenging to it's a high level risk We we are financing clients who may I mean for investment They are doing which may be destroyed the day after so the capacity to repay is not is not I mean very Clear But we are we have been able to take this risk And we take half of the risk on our balance sheet and we get donor support for the remaining 50% and it has been a huge International effort because we got 1.2 1.3 billion of donor support from EU countries the US I mean all our shareholders and that has been very important And I think it's important to acknowledge also the level of support received. I mean the mobilization For Ukraine and that has been very important to keep going this year and it Continuing to do that will be important in the future one important dimension in the reconstruction will be the reform agenda and we are Continue of course in the war. I mean you focus on the emergency So the deep structural reform are much more difficult to undertake But it's important to say now we are still working a lot with our clients for example in the SOE sector to Ensure that good governance in there that you have good governing body International members for International standards for the governing I mean the board members and so forth and this is something we remain very demanding and we will continue to do so because it's key to ensure that the money we Invest is well spanned that we continue to fight corruption and so forth and moving forward I think that we will have to continue to work and this will be part of the Marshall plan or the reconstruction plan to bring in continued transformation of the country improve the efficiency of Public administration even if they have the in the context of the war there has been a huge effort you know, for example, we have nothing I think the Ukrainian administration are ahead of a lot of developed countries in Digitalization and and so forth. So they have the strategy still ongoing now But this will be part of the of the agenda one important element of also in the reconstruction will be coordination To have a good coordination and now I think the G7 has Set it put in place a coordination structure with with Ukrainian We with other IFIs have also developed a sort of and with the Ukrainian government They've put in place called operational coordination Structure in order to be sure that we are all moving in the same direction using I mean best the best Qualities of each of us in order to be the most effective possible on the ground Thank you so much moving to Germany mr. Cook is your State Secretary Federal Chancellor of Germany if I understand it correctly you are Advising on the economy to the Chancellor in that function, but also on EU affairs Yes. Yes, okay, so Of course you had G7 presidency Overall if you can also just from Germany's perspective How do you see Germany and Europe is responding to the immediate needs of the Ukrainian people and then I would also Like to get your perspective on of course reconstruction now But what are the elements that would make it number one relevant for Ukraine, but also then Making it building blocks of a modern economy in the future. So again for the 21st century. Yeah, okay So that question could fill and hold even evenings. I'll try to answer it briefly I think the the two things that were vital in terms of the Work that we did at the G7 level and the European level was on the one side the sanctions regime imposed by the G7 in record time I still remember the time between the shock of the night of the 24th of February But then immediately starting to think about what can we do to three to freeze the 300 billion of Central bank assets because we had seen some indications in the week before that money was being withdrawn and we said we have to before before The weekend ends we have to cut that channel of repatriation of funds That's the biggest damage we can do in the shortest amount of time on the Russian war machine So the fact that we were able not only to decide within the G7 On the policy, but also in the European Union of the 27 on legislative acts That we passed like literally 10 minutes before midnight From Sunday to Monday to make this effective. That was probably the the the first big rallying call to show We are very very united and then of course the elements of the sanction regime Number one two three that are less discussed. I think are now Seeing the damage they are extracting on the Russian war machine, you know the ban on all kinds of semiconductor exports the ban on all exports of dual-use goods I think is really hurting Russia's ability To to restock and is really causing damage in Russia And there was a lot of skepticism at the beginning on how effective this was but you know the sanctions regime We always said it's not going to work immediately, but we're seeing now That the the toll being extracted is very severe also on on Energy the fact that we were able to rid ourselves of first of Russian coal then of Russian oil now of Russian gas I think Yes gas prom will make a lot of money looking back in 22, but The sources of revenue in 23 are getting less and less the fact that we've now Have a hard cap on Russian oil the fact that we are not importing any molecules in Germany very few molecules in the rest of Europe that will Very strongly impact adversely the the ability of Russia to finance this this war operation So in that sense, I think in terms of how did we respond? I think it's it was quite forceful and one of the One of the biggest moments I had in the in the last year was in May when I accompanied Chancellor Olaf Scholz I'm in presidents Macon and Draghi and Johannes together with President Zelensky announced the candidacy status of Ukraine well the support of those of the four countries for the Kennedy status and as you know There was a lot of controversy at the time about this question within the European Union and the fact that in Kiev They announced it basically solved the questions three days later the European Union made the decision unanimously So in that sense that was also I think a very important impetus because it goes exactly in the direction of what Odil was saying What is important for private sector investment the fact that the European Union has now said we will give candidacy status assures every investor that in the next five years whatever amount it takes Of time it takes all of the rule of law questions all the questions of concern to private sector investors are being incentivized in a massive way by the the sort of alignment that there will be on Coming to the to the Akhi of the European Union So I think that is both important for Ukraine per se as striving to the European Union But also for investors and incentivizing this investment because it gives you a very clear path into a the all of the legal requirements, but also a lot of the funding that will become available as the Proximity to between Ukraine and the European Union and gets closer and closer Thank you so much. I'd like to go back to the Deputy Prime Minister because a number of you mentioned the private sector So what are your plans in terms of? Reforms of the private sector as part of the broader reconstruction effort. Could you tell us a little more about what you're planning there? For private sector. Yes, so for private sector. I mentioned before we are working out insurance mechanism that will allow them to Invest in Ukraine during the war time. So it's actually it's it's a new mechanism previously something common. It was previously During the war like 30 30 years or 40 years ago So now we were asked to expert credit agency and Viga and DFC just to to review their portfolio of the products and proposed the product products will that will we will satisfy this company willing to Invest to Ukraine right now during the war time. I think it was a deal. So we need to invest now Not to wait until the war will be finished. So for for other things that we keep providing corporate governments reform and now We have in this supervisor board of NAFTA gas within that we will set up a new supervisor board of NAFTA gas that will be The interviewing will be finished and they are the whole procedure will be finished by the end of this Week and the next week it is going to be new supervisor, but it's it's important because NAFTA gas is a vital Company for energy systems. So it's and we will keep keep going and to provide and launch corporate governments So also another plans is the regulation for Ukrainian business and foreign business and for There's some There was some ideas and discussion about the text reform But I think that for now what we need it's just to keep the macroeconomic stability But now because if you look at our expenditure 50 percent of our expenditure is caused by our partners and 50 percent of our expenditure is is is covered by Ukrainian business by the revenue and the taxes that we collect inside of country so that's why we need to keep Ukrainian company operating and That's why we will together with our fis provide this different programs first of all its access to finance and It's it's it's insurance. This is the main thing that should be on the table right now during the wartime to persuade Ukrainian business continue working and to persuade foreign companies Come to Ukraine during the wartime and start business as you know our president said the Ukraine Exactly on the second day of the victory will become the mecca for investments. So that's why we we you know And he always stressed that for this company willing to come and to work Exactly on the next day. They should start it right now to make the preliminary studies to make some additional analysis not to waste time and to gain the biggest opportunity on the next day after the victory Modern Deputy Prime Minister one more thing. We haven't talked too much about the social aspect of the societal aspect of the of the needs that the Ukrainians have Of course, it's tragic for children. There is always the the risk of really losing The traction you need to have with children on education Healthcare etc. So could you just give us a sense of the needs and also what kind of Considerations you have around that societal tissue of Ukraine also for the reconstruction. I'm maybe it's already part of some of those Discussions that you're having with partners. So for social needs. I Would say so. I think that the big challenge for us is going to be unemployment rate unemployment rate related to the fact that Seven million Ukrainians living abroad right now and it's a majority of them 90 percent. It's a it's a Our labor that will very very actively engaged in the in the Ukrainian economy. So we need to return them back and Unemployment rate inside of country. So if you look at the numbers of national bank of Ukraine Estimate 30 30% of unemployment rate, but it means that 4.6 million Ukrainians can Searching for a job and not able to find but these numbers consist of 2.6 million out of country and That are willing to come right now and to work and 2 million inside of country. So that's why what we're trying to do right now. It's We understand that we rely a lot on our partners and which should show that we're also and no trying to Limit our costs and we're you know Decrease the expenditure for the unemployment fees what we're trying we're trying to stimulate people to work and we are great It called army of recovery So for those Ukrainians willing to work and participate in the recovery on this early stage or to help Regional state administration to participate in the preparation the heat and season they can join this army of recovery It's also governmental program that The main idea is just to Provide them with a proper job places for your friends willing to work So the main idea right now It's for those one that unable to find a job to provide it with the army of recovery for those who have entrepreneurship skills to provide some guarantees financial and Granting from the government to set up or enlarge their business and it is extremely popular program right now in Ukraine We have for for just for several months is 16,000 application from Ukrainians that previously had in Working experience in business just willing right now to set up or enlarge the activity during the wartime So we are like a government just need to provide people with opportunity to work and to develop their skills during the wartime because Residential restore restoring of the residential building and we're grateful for the partners that provide us with different construction and Workplace in that factors that influence Ukrainians to return back or to stay in Ukraine and to fight By the end. Thank you. We just got quick reaction because we're coming to an end, but just from Alexey you The deputy prime minister mentioned of course unemployment, so obviously there is war people are fleeing There's a lot of disruption. I have talked to some executives in Ukraine and I know how much Big companies are also part of the picture. So I'm just interested for example your employees How are you dealing with the fact that maybe some of them are displaced? How do you how do you take care of them? First of all, I'm very proud of for our employees I think the role of Ukrainian right now is the direct service to your country You can do it either on the battlefield or in the service You could shoot you could you should serve to your people. That is why we have some part of our employees on the frontline and The rest in the office, of course, we have some part that have left the country. We all understand it There are different circumstances Many of them have come back already and I'm really proud of it I know many of our personnel is actively working under the Schelling and Constant risk to their life and they are doing it absolutely voluntarily with open heart and mind and I'm sure that the strategy of breaking the spirit of Ukrainians will never work and Ukrainians will go ahead that is a very important and historical moment for us the next enemy Ukraine should fight is internal enemy Which is definitely lies in the area of anti-corruption Corporate governance reforms agenda judicial reform all the factors that are desperately needed to this country regardless of the war Let us remember Did Ukraine Suffer from equity shortage before the war? Yes We still were looking for international investment for IFIs to come and others And it didn't work in the way we wanted We should perform Reforms agenda as soon as possible and we cannot wait until the war is over. We should do it right now Because once once the war is over No one is willing to invest in the country which is not reformed And we're doing it right now I used to be the member of Ukrainian government for the last three years and I can tell you that Ukrainian government worked 24 seven during the war No governor no mayor of Ukraine left left the country left the job Is very important and we can perform during the war. We can do reforms during the war and maybe It is the best moment to do because during the war The situation is black and white You should win and you should survive That means you should do reforms right now. You do it immediately. So once you prevail the country is more capable And more interface oriented for the international investment Thank you so much We have two minutes left. So quick reactions going back to you minister skinari So I happened to come from a country that the Then became part of the you and I still remember the tremendous momentum that the accession process created unprecedented momentum in in the history of my country So I just wonder How you look from Helsinki now? Ukrainian is an EU kind of country to the future of the relationship between the EU and Ukraine What would be your hopes or how do you view it from Helsinki overall on that relationship? Finland, sweden, austria Becoming members 1995. I still remember that. Well, yeah, a lot of ambitiousness A lot of Implementation But as I said here earlier rule of law reforms Of course, there is a roadmap. There is a roadmap and everything is doable and For instance, Finland has supported Ukraine with the expertise and know-how of rule of law So all these elements are doable And of course, we really hope that we can see these reforms In action, but the most important thing is the spirit commitment of the country It's people and the decision-makers. So of course European Ukraine is is is a goal that we would like to see Thank you. Maybe the same question to you mr. Cookies Well, I mean, I think Ukraine has huge potential. I mean the The amount of skill and talent and natural resources available in Ukraine Should make every investor interested in the country. I mean, we're seeing that in the temporarily displaced people. There's no Country of origin of people coming to Germany who are as keen to learn the language to work With skills as developed even though they know they only want to stay in Germany The vast majority for a few months a year or two. They still if you talk to german industry federations, they're very keen To employing Citizens from the ukraine as soon as it's possible and usually it's it works very well and all of the companies from Germany investing in the ukraine already are saying As soon as the rule of law issues are resolved the quality of the the skills In the ukrainian population is enormous the labor participation rates is enormous the amount of Space and natural resources and energy in terms of renewable power Of the ukraine is immense. So in that in that sense I can only agree and of course the the integration into the u will bring a lot of Structural funds and and support mechanisms that will that will speed that up as the process towards Towards you extension happens. So in that sense, I think All all stars are aligned in that sense And then don't forget we have now as of December last year the The international multi agency donors platform set up. So the We now have a forum for all of the international and global support mechanisms and and we were very Conscious when we set this up at the berlin conference together with the european union and the g7 To crowd in private investors. So all of you from the private sector Please look at this platform very carefully because we want to crowd in Private capital alongside all of the government money To set up incentives for the reform Process and of course also the investment process. Thank you And just finishing our discussion today with madame renaud basso EBRD has played such a major role in in transforming Again, eastern europe and other economies. I followed your work very closely and When economies then graduate from your programs, it's also a signal or a sign of You know, they're in a good place already And so if if you look to the future as if you were to look to the graduation there What makes you just in very briefly what makes you hopeful when you look at the the landscape ukraine and Outside military risks, of course, also what would be the things that you would maybe point to in terms of risks as advice So that then really you see and yet another big successful Program being wrapped up in ukraine in the future over to you Now first I full share the idea that the fact that the war has really sort of Transformed in a way the government and do the the efficiency of the institution So in in the current under huge pressure and the need really to deliver things are functioning much better Then they used to be and I mean and some issues that really been addressed so I think that's a very positive place to be and I agree that the European perspective and european accession process will be a Key driver in terms of further reform rule of flow governance and so forth and This should really be this will really be the basis for transforming deep transformation of the country I think that The reconstruction will be a huge opportunity for investors because I mean and there has been some I attended some of some meeting with foreign investors In different countries where you see the appetite to I mean reconstruction means a lot of activity and and so forth That but what is important also is investment in the country and not only to rebuild but also to develop activity there And and there there is a huge potential We will need to think about specific instrument and I think everything you mentioned about You know insurance and so forth because probably still in the reconstruction phase There may be some remaining uncertainties of risk that needs to be covered But but i'm pretty sure that This could really be a big driver in in gross rebound and and more prosperity for ukraine Thank you with that advice. We are concluding our session today in a way What we've just did here we were talking about the immediate needs But also at the same time investing in the future That's frankly the philosophy of the annual meeting this year The dual vision of navigating 2023, but also simultaneously investing for the long term So thank you so much and particular. Thanks to the deputy prime minister and the CEO of nafta gas for joining us here I know it was not an easy journey. You left a country at war. So thank you so much for coming