Tip: Activate javascript to be able to use all functions of our website
Ukraine
Partner in Europe
After the end of the Soviet Union, Ukraine experienced a dramatic economic decline which was further enhanced by the financial crisis in 2008. Different factors, like oligarchic structures and deeply rooted corruption as well as the thereof resulting inefficiencies and constant degradation of infrastructure, render economic recovery difficult. In addition, the national currency devalued rapidly. As a consequence, the number of people living below the poverty line even increased over recent years.
When peaceful protests achieved the cancellation of a manipulated presidential election in 2004, hopes for modernisation and closer cooperation with the West were high. However, these hopes were frustrated. When the sitting Ukrainian president blocked the signature of the Association Agreement with the EU - which he himself had promised - in 2013, people took to the streets again and enforced political change. Since that moment, Ukraine implements, with great support from the international donor community, reforms aimed at leading the country closer to the EU. Nevertheless, the political situation remains difficult. Central aspects of these difficulties are, apart from the factors already mentioned above, the illegal annexation of Crimea and the continuing conflict with separatist forces in the East of Ukraine. In May 2019, Volodymyr Zelenskyi was inaugurated as the new president, the future course of the country remains to be seen.
KfW Development Bank supports Ukraine on behalf of the German Federal Government especially in the following areas: Good governance, improvement of the situation of internally displaced persons, increased energy efficiency, support to the development of small- and medium-sized enterprises, vocational training and nature conservation.
