Ukraine and Austria agreed to foster economic cooperation

Ukraine and Austria agreed to foster economic cooperation

On September 4, 2022 the representatives of the Ministry of Economy of Ukraine and the Federal Ministry for Labour and Economy of Austria signed the Framework Agreement on economic cooperation in project development. 

In accordance with the Agreement on Economic Cooperation in Project Development, Ukraine and Austria have agreed:
• to utilize the economic potential to strengthen bilateral economic relations; 
• to promote the development of modern social and educational infrastructure, in particular the development of a network of modern medical and vocational educational institutions; 
• to promote the development of the insurance medicine market in Ukraine;
• to enhance the bilateral economic relations in the field of investments, innovations and implementation of economic projects, specifically related, but not limited to medical technologies and healthcare facilities.

The signed agreement is expected to enhacne the launch of a number of important projects in Ukraine, in particular, in the field of health care. Among the priorities are the construction and equipment of the National Children’s Specialized Hospital “Okhmatdyt” and the modern university clinic in Kyiv, as well as the creation of the National Rehabilitation Center in Lviv. The estimated cost of these projects will be more than € 500 million.

The implementation of the above mentioned socially significant projects will require related preferential long-term financing under the guarantees of European export credit agencies. It is expected that the effective rate of attracting funds will not exceed 3% per annum, and the borrowing period will be up to 14 years.

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