Today's Contents
The Reporter's Notepad
- Hill International tells URN it's prepping to help rebuild Ukraine, but is not fully convinced that now is the time
Just The Facts:
- Trump says he hopes for Ukraine-Russia deal this week
- Ukraine, US sign memorandum of intent on minerals deal
- Japan to lend Ukraine up to $3 billion to support recovery under G7 ERA initiative
- Naftogaz secures approval in French court to enforce $5 billion arbitration award against Russia
Here's What They Think:
- Le Monde: Europe must prepare to step up support for Ukraine if US withdraws
- Former Swedish PM Bildt: Putin still in control after 100 days of Trump
Sober Second Thought:
- It's not just money: private capital is needed to inject agility and innovation into Ukraine's reconstruction as well, research chief tells URN
The Rebuilders' Social
- Simplified investment rules, a Chernihiv district heating project, and opportunities in privatization in Ukraine explored.
Dear Subscribers,
We often hear about the few companies that are investing early in Ukraine's reconstruction. But we don't often hear from the companies that are dipping their toe in, doing the preparatory work. Those companies don't stand out as much in Ukraine - to the point that many people are unaware of their presence.
But the opinions of those companies - the ones that want to invest but are waiting to commit - are as important as the early investors. They, after all, represent the majority perspective on the reconstruction of Ukraine.
Ukraine Rebuild Newswire recently spoke with Chad Freeman, director of Global Recovery and Resilience for Hill International, a Philadelphia-based construction management firm with more than 4,100 professional employees in 100 offices worldwide.
Last September, Chad started working to boost subcontractor readiness in Ukraine, in conjunction with the US Department of Commerce, the US embassy and several Ukrainian ministries.
"Our work was geared at showing Ukrainian firms what to expect from an American prime firm and to try to get local partners prepped. We've been trying to follow on with that concept. So I went over in November, met with some people in Kyiv, and then I went again at the end of January and spent a week.
"What we're trying to do is get our company, along with our sister companies, positioned in Ukraine for the reconstruction."
The sister companies, like Hill International, are part of the Global Infrastructure Solutions Inc (GISI) group of companies. One such sister company is Palladium, an international development sector advisory, management and implementation firm already in Ukraine.
In February, Hill International signed a one-year MoU with the State Agency for Restoration and Infrastructure Development agreeing to cooperate in the reconstruction of residential buildings, roads and bridges, highways, energy structures, airports, transit, ports, water management, and others. The company also agreed to provide workforce training and qualification enhancement, procurement assistance, monitoring and compliance, and related support.
Chad says he has had little news since signing the MoU though:
"We've tried to schedule some meetings with them. I'm not faulting them; there's a lot going on and they're very busy. Unfortunately, if you're not sitting right there in Kyiv, ready to go when they're ready, it's kind of difficult."
So what's keeping Hill International from fully entering Ukraine? The answers are not surprising, but they're worth hearing again:
"Most definitely, there's going to have to be a ceasefire and some real movement towards ending the war before you see any of the real reconstruction considered viable. No one's going to invest and rebuild if it might be destroyed again, especially in infrastructure."
"Once we see that movement, we will make a deeper commitment to the country."
He also has a second concern, commonly voiced among companies looking to work on the reconstruction of Ukraine:
"We would like to have some assurances that, if we're going to be there, that we'll actually have a chance of winning work. We just want to know that it's a fair process. I don't think it's any secret that there is a perception of corruption in the local market. Nobody wants to invest only to find out that their tenders aren't even reviewed properly. I think that's pretty much the same for any American business considering work in Ukraine. And I would imagine it's the same for European businesses as well."
Trump says he hopes for Ukraine-Russia deal this week
US President Donald Trump said on Sunday he hopes that Ukraine and Russia will reach an agreement this week to end the war.
"BOTH WILL THEN START TO DO BIG BUSINESS WITH THE UNITED STATES OF AMERICA, WHICH IS THRIVING, AND MAKE A FORTUNE!" Trump said in a post on Truth Social.
This follows last week's remarks from Trump and Secretary of State Marco Rubio who both said the US will abandon efforts to broker a Russia-Ukraine peace agreement if clear signs of progress are not seen soon, Reuters reported.
"Quickly, we want to get it done," Trump told reporters. "Now if for some reason one of the two parties makes it very difficult, we're just going to say, 'you're foolish, you're fools, you're horrible people, and we're going to just take a pass. But hopefully we won't have to do that."
Speaking in Paris after meetings with European and Ukrainian leaders, Rubio said the US would not "continue with this endeavour for weeks and months on end," stressing that a decision must be made "very quickly now — and I'm talking about a matter of days — whether or not this is doable in the next few weeks."
The Kremlin said on Monday it was satisfied with the US administration's stance ruling out NATO membership for Ukraine, but declined to comment on Trump's stated hopes for a deal this week, according to a separate Reuters report.
"I don't want to make any comments right now, especially about the time frame," Kremlin spokesperson Dmitry Peskov told reporters.
"President Putin and the Russian side remain open to seeking a peaceful settlement. We are continuing to work with the American side and, of course, we hope that this work will yield results," he added.
The US special envoys, Steve Witkoff and Keith Kellogg, are expected to meet with the foreign ministers and national security advisers of France, Germany, the UK, and Ukraine in London on Wednesday, Bloomberg reported.
The US is reportedly willing to ease sanctions on Russia and recognize its control over Crimea as part of a potential deal that would freeze the current front lines of the war, with Russia retaining control of occupied territories.
Ukraine's President Volodymyr Zelenskiy said Monday via X following his conversation with UK Prime Minister Keir Starmer ahead of the Wednesday talks, "An unconditional ceasefire must be the first step toward peace, and this Easter made it clear that it is Russia’s actions that are prolonging the war."
Ukraine, US sign memorandum of intent on minerals deal
Ukraine has signed a memorandum of intent with the government of the United States, confirming progress on the upcoming Agreement on Economic Partnership and reaffirming their intent to conclude the deal, according to Ukraine's economy ministry.
The memorandum outlines plans to establish a reconstruction fund as part of the broader economic partnership, according to the document published by the Ukrainian ministry.
It also reiterates the US commitment to investing "in a free, sovereign, and secure Ukraine," and acknowledges Ukraine's contribution to global security—particularly its voluntary renunciation of the world’s third-largest nuclear arsenal.
Additionally, the memorandum notes that the US "respects" Ukraine's efforts to avoid potential conflicts with its obligations related to EU accession and agreements with international financial institutions and other official creditors.
Both sides aim to finalize the agreement by April 26 and sign it "as soon as possible." Ukrainian Prime Minister Denys Shmyhal is expected to travel to Washington early this week to meet with U.S. Treasury Secretary Scott Bessent to advance the talks.
"There is a lot to do, but the current pace and significant progress give reason to expect that the document will be very beneficial for both countries," Yulia Svyrydenko, Ukraine's first deputy prime minister and economy minister, said in a LinkedIn post.
Svyrydenko also noted that the memorandum was the result of "professional work by the negotiating teams," who recently concluded another round of technical discussions in Washington.
Japan to lend Ukraine up to $3 billion to support recovery under G7 ERA initiative
Japan has signed an agreement to provide Ukraine with a 30-year loan of up to JPY 471.9 billion ($3 billion) to support the country's recovery and development efforts, according to a press release from Ukraine's finance ministry.
The funding is part of the G7's Extraordinary Revenue Acceleration (ERA) mechanism, which aims to deliver around USD 50 billion to Ukraine, according to the release. The loan will be serviced and repaid using future revenues generated from frozen Russian assets.
"Japan is an outstanding example of international solidarity, becoming one of Ukraine's leading partners during our struggle for freedom and dignity," said Ukraine's Finance Minister Sergii Marchenko.
"The signing of today's agreement will not only help meet our urgent budgetary needs but also serves as a reaffirmation of Japan's sincere commitment to the shared values that unite our countries," he added.
To date, Japan has provided over $8.5 billion in budget support to Ukraine.
Naftogaz secures approval in French court to enforce $5 billion arbitration award against Russia
Naftogaz and its five affiliated companies have achieved a major legal milestone in their global enforcement campaign, as the Paris Judicial Court has recognized and granted leave to enforce a $5 billion arbitral award issued in The Hague against Russia, according to a company press release.
"This order by the French court recognizing and granting leave to enforce the final award enables Naftogaz to move forward with enforcement proceedings on French territory," said Roman Chumak, acting CEO of Naftogaz Group.
As part of its enforcement strategy, Naftogaz has already registered mortgages on Russian state-owned assets in France valued at over €120 million, according to the release.
Naftogaz launched arbitration against Russia in 2016 over the seizure of its assets in Crimea, claiming violations of a bilateral investment treaty. The company had been a major player in the region's gas sector, with extensive infrastructure, subsoil permits, and over 675 million cubic meters of stored gas.
In April 2023, a tribunal under the Permanent Court of Arbitration ordered Russia to pay over $5 billion in damages. Despite a Dutch Supreme Court ruling upholding the award, Russia has refused to pay, prompting Naftogaz to begin enforcement efforts in countries where Russia holds assets.
Naftogaz is coordinating enforcement actions across several jurisdictions, with efforts already underway in the United Kingdom and Finland. The French legal proceedings are being led by Paris-based dispute resolution firm Le 16 Law.
"The company remains resolute in its efforts to recover the full value of the award and defend the rights of Ukraine's state-owned enterprises on the international stage," said Chumak.
Separately, Russian news agency Interfax reported last week that a Russian court has increased a financial penalty against Naftogaz to $1.3 billion from around $150 million for violating a ban on conducting legal proceedings against Gazprom outside of Russia, in a gas transit dispute between the two companies.
Le Monde: Europe must prepare to step up support for Ukraine if US withdraws
As the US is threatening to withdraw from the Ukraine negotiations if no progress is made soon, Europe must prepare to boost its military support to Ukraine, Le Monde said in an editorial.
It remains uncertain whether the Trump administration will continue US military aid to Ukraine, as deliveries approved under the Biden administration near completion. President Trump's approach suggests a potential shift toward closer ties with Russia, which could result in Ukraine relying more heavily on European support, Le Monde's editorial read.
Former Swedish PM Bildt: Putin still in control after 100 days of Trump
Russian President Vladimir Putin is still calling the shots after 100 days of US President Donald Trump's term, despite Trump's promise that he would end the war in Ukraine in a day after taking office, former Swedish Prime Minister Carl Bildt wrote in an op-ed for the Kyiv Independent.
Trump could theoretically shift course by exerting real pressure on Putin and increasing support for Ukraine, which might bring him closer to the ceasefire he claims to seek. Without such a move, however, Trump risks continued failure in his pursuit of peace, according to Bildt.
It's not just money: private capital is needed to inject agility and innovation into Ukraine's reconstruction as well, research chief says
While private investment will be key to helping rebuild Ukraine, the call to mobilize investors around the world is about more than just money, says Taras Prodaniuk, partner and head of research at DataDriven.
"Private funders bring more than just capital," Prodaniuk said. "They contribute speed, flexibility, and innovation, often targeting areas and beneficiaries that are underserved by traditional funders. They can act quickly, respond to local needs, and support scalable solutions."
In a reconstruction effort dominated so far by international finance institutions, development finance institutions, multilateral lenders, and foreign governments, the stronger profit motive brought by private capital is also crucial to driving long-term growth, job creation, and competitiveness, he said.
Prodaniuk made the comments in an interview with Ukraine Rebuild Newswire as he discussed "Ukraine's Path to Recovery and Development," his consultancy's latest report on international development initiatives driving Ukraine's reconstruction and growth.
"Although currently limited in scale, the presence of mid-sized private funders demonstrates growing interest and commitment. Their role will become increasingly vital as Ukraine moves from emergency response to reconstruction and growth," Prodaniuk said.
Foundations and philanthropies like the Howard G. Buffett Foundation show how private funding can effectively bolster Ukraine's institutional resilience, social recovery, and long-term capacity-building. Their agility, targeted impact, and complementary resources are vital to ensuring a more sustainable and inclusive recovery, Prodaniuk noted.
While private capital is expected to drive investment-led recovery, its role in providing technical assistance should not be underestimated, according to Prodaniuk.
In its report, the research provider and consultancy DataDriven says that, in addition to financial support, private funders often bring innovative, tech-driven solutions that can address local challenges more efficiently than traditional public approaches.
Prodaniuk also said that understanding Ukraine's development path is crucial for anyone considering investing in the country:
"Unlike traditional development contexts, Ukraine's trajectory involves three overlapping yet distinct processes: development, recovery, and reconstruction. Each follows its own logic but reinforces the others."
To support these processes, DataDriven identified three key mechanisms: (1) fiscal stability support to maintain state functions, (2) investment tools to engage the private sector- especially mid- and large-sized businesses, and (3) technical assistance to strengthen resilience and meet humanitarian needs.
According to Prodaniuk, Ukraine's fiscal stability remains largely reliant on external aid, with international partners covering around 75% of the country's financial needs.
Investment, Prodaniuk said, is gaining momentum through new DFI-led initiatives like the €40 billion Ukraine Investment Framework, which provides concessional loans, guarantees, and risk insurance to attract private capital.
Technical assistance is shifting focus as urgent humanitarian needs ease. With USAID’s recent withdrawal leading to cuts and closures, support is increasingly directed toward institutional reform, economic resilience, and capacity-building, especially at the local governance and small business levels.
"This is a complex and highly dynamic market with many actors operating across multiple sectors … Despite the challenges, Ukraine remains a promising country with considerable potential, and international support continues to be a vital enabler of its recovery and development," Prodaniuk said.
Asked about the impact of the U.S. foreign aid halt on Ukraine, Prodaniuk stated that DataDriven estimated the USAID's disbursement in 2024 accounted for around 3% of Ukraine's GDP.
"So, the recent freeze in USAID funding has severely impacted technical assistance, as the U.S. was the largest donor not only in Ukraine, but worldwide. Therefore, continued support from Washington is critical for Ukraine, and any negative shift in the provision of aid could trigger a crisis in the Ukrainian economy."
After the war, the investors will shift their focus to greater involvement in Ukraine's reconstruction. "This does not mean that all funding will be redirected immediately - we expect this to be a gradual process. Nevertheless, private-led reconstruction will inevitably become the number one priority," Prodaniuk said.
Social Media Posts
Simpler Investment Rules
The Ministry of Economy of Ukraine posted that the government has simplified rules for major investment projects in the country allowing investors to apply for funding for a project without waiting the standard 18-month period.
"Early investments will not count toward the total amount of “significant investments” as defined by law," the ministry said. "This is an example of effective government-business cooperation that drives economic growth and attracts long-term investment."
Chernihiv District Heating Project
Egis, the French construction engineering firm, posted about its role in technical supervision and quality control on a project to reconstruct the centralized district heating pipelines in Chernihiv, with support from the EU and Nefco.
"Together with our partners, Egis is helping Chernihiv shift to modern, energy-efficient solutions. By sharing our expertise, our team contributes to making the upgrade of outdated heating networks a real step toward comfortable, reliable, and sustainable heating for the city’s residents.
Opportunities in Privatization
Kostiantyn Koshelenko, former deputy minister at the Ministry of Social Policy of Ukraine, said in a LinkedIn post that one of the most powerful, "and underestimated" opportunity in Ukraine is transparent privatization and lease of state-owned property."
"Many assets have been neglected for decades. But that’s not just a problem — it’s a business opportunity. This is not about selling off the country.It’s about bringing dead assets back to life — through open, fair competition."
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