NewsUkraine Recovery Fund: Steering Committee approves first investments amidst $300m ambitions

Ukraine CRF Steering Committee meeting Dec 2023 pic

Ukraine CRF - The Ukraine Community Recovery Fund (UCRF), a new pooled fund administered by the UN Multi-Partner Trust Fund (MPTF) Office, marked a significant step forward this week with its inaugural Steering Committee meeting.

The initiative, co-chaired by UN Resident Coordinator Denise Brown and Ukrainian Vice Prime Minister Oleksandr Kubrakov, has agreed on its first strategic allocation, targeting at-risk communities in the Sumy region.  

It underscores the fund's significance in bringing the UN system together to deliver efficient and integrated support. The Ukraine Community Recovery Fund stands as an example of what international cooperation and pooled resources can achieve. 

With an initial balance of $5.85 million, thanks to contributions from Denmark, Luxembourg and the Republic of Korea, the UCRF is aiming to raise $300 million over the next five years. This ambitious fundraising target underscores the fund's crucial role in catalyzing Ukraine's long-term recovery, focusing on rebuilding communities shattered by conflict. 

The first strategic allocation prioritizes agriculture and livelihoods support in Sumy, while also bolstering essential demining efforts within the framework of the Mine Action plan. This targeted approach reflects the fund's ability to deliver rapid and flexible assistance to areas where it's needed most. 

The groundwork laid by the initial financial investments could serve as a critical turning point accelerating the recovery of community life in Ukraine, highlighting the UCRF's potential to provide targeted aid amidst the complexities of the ongoing conflict. 

Ukraine CRF UN RC Denise Brown meeting with Oleksiy Kuleba
Photo: @UN_Ukraine. 
UN Resident Coordinator Denise Brown meeting with Oleksiy Kuleba, Deputy Head of the Presidential Office 
Picture above: Steering Committee meeting of the Ukraine Community Recovery Fund

The UCRF represents a vital partnership between the UN and the Ukrainian government, leveraging the expertise of both entities to ensure effective rebuilding efforts. However, Brown stressed the importance of continued support from both governmental bodies and private investors alike to achieve the fund's ambitious goals. 

As Ukraine navigates the challenges of reconstruction, the UCRF offers a beacon of hope, demonstrating the power of international collaboration and UN pooled funding resources in rebuilding lives and communities amidst the devastation of war. Its success will hinge on continued financial backing and a sustained commitment to supporting Ukraine's long-term recovery and development. 

More information: Ukraine Community Recovery Fund Approves First Strategic Allocation | United Nations in Ukraine