The Ukrainian Association of Venture Capital and Private Equity (UVCA) highlights the importance of adopting a law on public-private partnerships in second reading.
Open Letter of Investors to Members of Parliament of Ukraine
Next week, the law on public-private partnerships will be voted for in its second reading. The Ukrainian Association of Venture Capital and Private Equity (UVCA) emphasizes the importance of adopting this law promptly and without delay, especially on the eve of the donor conference.
"Public-private partnership is an extremely important tool for the development of the state and improvement of the quality of life and business standards. In most countries, the private market is an economic driver supporting the development of infrastructure, innovation and introduction of new technologies, which the state is unable to provide because of the lack of resources, and often competence.
It is extremely important to enable the private sector to support the development and economic growth of the country, especially given the state budget constraints, the private sector to participate in supporting the development and growth of the country and the economy”, commented the Executive Director of the Ukrainian Association of Venture Capital and Private Equity (UVCA) Jaanika Merilo.
“As a founding member of UVCA, we fully support the position of Association, venture capital funds and private equity funds that invest in Ukraine”, said Lenna Koszarny, Founding Partner and CEO of Horizon Capital.
“Public-private partnerships are an important catalyst for economic growth and can lead the way to attracting significant capital for large-scale investment projects critical to both the private and public sectors. There are significant programs with funds earmarked for Ukraine that cannot be fully implemented and funding deployed into projects until the law on public-private partnerships is approved by the Ukrainian Parliament. Last week we had a pleasure of witnessing Jaroslawa Z. Johnson, Chief Executive Officer of Western NIS Enterprise Fund, whose investment portfolio is managed by Horizon Capital, sign a Memorandum of Understanding with the Ministry of Economic Development and Trade in relation to a $30 million technical assistance program. This program focuses on four areas, one of which is a Local Economic Development Program that requires the adoption of the law on public-private partnerships to ensure that concrete projects may be launched. We thank the UVCA for their important stance on this issue and their commitment to accelerate the pace of attracting capital to Ukraine at this crucial time in the country’s history”, said Lenna Koszarny
UVCA was established in August 2014 at the initiative of Aventures, Horizon Capital and Jaanika Merilo. UVCA is an honorary member of the European Venture Capital Association (EVCA). Today, the Association includes almost all the leaders of the investment market in Ukraine: Horizon Capital, KM Core, AVentures, Intel Capital, SCM, Vostok Ventures, Capital Times, Warsaw Stock Exchange, and other international investors such as IFC, World Bank and the European Bank for Reconstruction and Development. The Supervisory Board of UVCA: Alexandr Soroka (Startup.ua), Bohdan Kupych (KM Core), Erik Nayman (Capital Times), George Logush (Kyiv School of Economics), Mark Watt (Noosphere Ventures), Michael Kharenko (Vostok Partners), Roman Simonov (Ukraine Partners (SigulerGuff)), Torben Maygaard (Ciklum).
EVCA is the main investors’ representative in the EU. The Association shapes the future direction of the private equity industry and promotes investment opportunities among entrepreneurs/business owners. The association includes investment companies, institutional investors such as pension funds and insurance companies, funds of funds, family offices. Currently, EVCA has 1,200 members.