PrivatBank Mikael Björknert stated to the Kyiv Post that American and international investors have shifted their interest from war curiosity to financing reconstruction. The central question now is how to mobilize sufficient capital for the estimated $600 billion in reconstruction costs. Björknert spoke on the sidelines of the spring meetings of the International Monetary Fund (IMF) and the Bank in Washington.
"When we talk about two phases – the war phase and the reconstruction phase – they are more curious during the war phase about what it is like to live there, how businesses are doing, and whether there is war fatigue," Björknert said. "But they are focusing much more on the next step, the reconstruction. And it is very much about how we ensure that we have enough capital for that."
Investors see reconstruction as necessary not only after the war but also during the conflict, particularly for state-owned enterprises like Naftogaz and heating infrastructure operators. This blurs the line between wartime and post-war recovery, Björknert noted. According to the updated Rapid Damage and Needs Assessment (RDNA5), Ukraine requires an estimated $588 billion for reconstruction and recovery from 2026 to 2035.
PrivatBank, the largest bank in Ukraine with 941 billion Hryvnias ($22.3 billion) in assets by 2025, is pushing for an expansion of risk-sharing limits, an increase in loan caps to $50 million, and the development of a war insurance market. This aims to unlock private investments that are currently blocked.
