Streamline Your International Invoice Format for Planning

International invoice format for Planning

right into it okay let's get started so I'm Dan Rundy I'm a senior vice president here at csis I'm really grateful to have uh the deputy secretary uh for Management and Resources at the state department uh Rich Verma bassador Rich Verma is known in Washington as the nicest guy in Washington one of the most decent people in Washington one of the smartest people in Washington and one of the most effective people in Washington so I was really when he asked us to host him the answer of course was yes like in capital letters like of course we're going to do that we're very fortunate as a country that he said yes to public service and we're very fortunate that um he's been entrusted U to manage the US relations pieces of the US economic relationship with Ukraine which is what we're going to talk about today so I think everybody here knows that csis has done a ton of work uh with the help of many people in this room on the issue of Ukraine we've done an enormous amount of scholarship we've done more than 30 meetings ra private meetings more than two dozen public meetings we've produced three dozen papers we convened a high level commission that has met five times uh with the uh suggestion of my very smart and amazing former colleague Elizabeth Hoffman she said we need to take Hill staffers and we need to take members of Congress so we graveled and begged and found the money for that and uh Elizabeth is such who isn't here right now but I just want to give her a shout out we've taken 25 or so Hill staffers and probably about a dozen members of Congress let me tell you a story about that so all the research all the stuff that you do with a think think what's that matter well one of the house members that we took was a republican who was like not super jazzed about like supporting a Ukraine supplemental so he went he was kind of like uh it was a little bit like this and a little bit kind of like I'm not sure I'm like buying this so he went and he saw all the things that you know all who followed this carefully saw he saw what happened in bcha he looked in the eyes of people who'd lost their homes or had terrible things happen to them and he was moved he's a very he's a very serious man of Faith his name is Chuck Edwards He's a uh first-term member of Congress from a conservative District in Western North Carolina he's my friend and um so he came back he Saidi I'm a convert on Ukraine so as a Junior House member in the Republican party you get kind of one dib a year to talk to the Republican conference in the house so he used his one speech like his one 62 shot two weeks before the vote for the April supplemental say I just came back I'm a convert and I went with csis and I want you to vote for for the house in the house for the supplemental for Ukraine so when people say like okay like well what's the you know what's the benefit of doing this stuff you have to do the research you have to do the convenings but then you have to bring and enable and connect with decision makers so one of the beauties of csis is we can convene across the poal Spectrum and that was one of the things I I think we're really proud of so I'm proud to have done this with many many people here at csis and work with my colleagues so uh we're going to have a conversation with Ambassador ver but it's in the context of of the work that we've been doing and I think that's why Ambassador Verma and his really able team reached out to us is because of because of this background so um I'm GNA stop there uh but I'll just say like I don't think you know Ambassador Verma needs much of an introduction with this group um it was just over a year ago that secretary Penny pritzker gave her first public appearance here as us special envo for Ukraine's recovery during one of our doing business in Ukraine conferences um the I think what I think would be most useful for uh deputy secretary Verma to to make some remarks perhaps and then I think we'll have a conversation does that make sense okay come on come on over here thanks deputy secretary okay Dan thanks um thanks so much um your leadership on this topic has uh been essential the what you just shared about Congressman Edwards is um is so valuable and I've had a chance to talk to him about ukra train as well and and really a great public servant so we're grateful for his involvement we're grateful for all of your scholarship everything that csis has done um on Ukraine and frankly so many other subjects um I've had a long uh partnership with this great organization sat in this room probably eight months ago to talk about the Secretary of State's modernization agenda um sat with uh John Hamry uh a couple times over the years so this is a a pillar and your work on Ukraine helps us so much so much because this is this is a really hard set of issues so I appreciate you giving me this opportunity um we did think this was the right time to tell you about what we've been doing on the economic uh recovery side and so that's what we want to focus on uh today so I have some remarks that I look forward to your uh to your questions you know uh a little over a mile from here on the corner of 22nd and peace streets you can see a proud statute of one of Ukraine's greatest poets terce chevchenko in a park that Congress renamed Ukrainian Independence Park just last year as many of you know shevchenko spent years in prison by the zaris Russian government because he supported a free and independent Ukraine 165 years ago he wrote words that still ring true today he said it was so peaceful so Serene we had just begun to break the chains that bind our folk in slavery when halt once again the people's blood is streaming and for what why are we here again because Russia cannot tolerate that ukrainians want to determine their own future their own economy their own identity ukrainians have been made to pay for aspiring to their rightful place as an independent transparent democracy integrated into International institutions and Global markets with their lives and livelihoods for 1,23 excruciating days of the kremlin's barbaric fullscale Invasion for more than two and a half years Putin has pummeled Ukraine with thousands of missiles drones and other weapons often facilitated from Iran and North Korea and with many dual use components imported from the People's Republic of China since March Russia escalated its attacks on Ukraine's energy grid including the most recent strikes in November forcing households to endure rolling blackouts just as the first snow falls in Ukraine Putin's bet is simple he thinks he can literally freeze Ukraine into submission he thinks he can break Ukraine's economy and ukrainians resolve to defend themselves he thinks he can weight out the will of Europe the United States and Ukraine's International Partners but that will not happen when Congress passed the supplemental Appropriations act in April with overwhelming 70% bipartisan majorities in the House and Senate the United States continues to S surge our security system and other forms of assistance since February 2022 we've committed over a hundred billion dollar with 65 billion in security assistance including air defense systems Precision aerial and anti-armor Munitions himars artillery rounds armored vehicles small arms and Equipment this includes the $725 million in support secretary blinkin announced last week together with support provided by our allies and partners Ukraine has man manag to tenaciously defend a 600m front push back the Russian Navy in the Black Sea and even capture Russian territory in kskk so this is a pivotal period on the battlefield and it's a pivotal period for economic recovery but let me focus on the economic recovery side since that is the set of responsibilities I took over from secretary pritsker just a few months ago so let me do three things with you this morning and then as I said take your questions one go a little bit deeper into where we are on the economic recovery piece uh two talk about what we now call the pritsker plan which I am happy to continue to implement uh and three very briefly on some of the things we're doing internally and the the way ahead so on the economic recovery side uh look against the backdrop of War Ukraine's economy is actually quite alive resilient and beating the odds Ukraine's GDP grew 5% last year it's on track to potentially grow more than 3% this year iron production is up 21% sunflower oil production is up 14% in 2024 grain production is up 7% and despite Black Sea attacks Ukraine has exported more than a 100 million tons of goods in 2024 a 36 .2% increase compared to the same period last year the investment climate in 2024 has improved over 2023 driven largely by EU membership negotiations better access to the EU single market and energy system and significant improvements in userfriendly government services like Ukraine invest Dia business and dia. City these efforts give investors access to e residency Easy Tax and registration research guides on regulation and a network of business support centers so despite Russia's brutal War Ukraine is actually creating the conditions for its economic dynamism now now that investment is already beginning to yield dividends in terms of future Ukrainian European and US private sector activity US banks are actually onboarding new clients brand name us companies are opening new stores dry ports are expanding as Ukraine's export prowess stretches Westward on Road River and rail 57% of private sector actors expect the economic situation to remain the same or improve by 2025 as reflected in overall business sentiments and the reason is simple Ukraine has so much to offer the world economically massive titanium lithium graphite and rare earth metal deposits has the world's largest reserves of black soil currently producing food to feed 100 million people primarily in Africa South America and Asia with the potential to produce for 500 million more it has key energy potential including Europe's largest gas storage and it has 4 trillion cubic meters of fuel reserves but Ukraine's people its people are its greatest assets mines like eigor Sikorski the Ukrainian born keev trained aviation pioneer who helped bring the helicopter and fix wi aircraft to life a Workforce including some abroad most longing to come home but have been trained in science technology engineering and Aerospace with an entrepreneurial drive that is almost unparalleled last year 37,000 new businesses were registered in Ukraine more than half were found founded by women I met some of these female entrepreneurs in ke last month they had growing businesses and technology and healthy snacks sustainable clothing household items employ employing hundreds of ukrainians these businesses are conquering markets on Etsy and in shops around the world even in Ukrainian Village in Chicago what's more they have plans to set up production here in the United States and for the American private sector interest in Ukraine continues to climb just last month I met with business delegations from California North Carolina and Washington State they brought dozens of Representatives of companies working in construction manufacturing and Green Tech to the rebuild Ukraine conference in Warsaw more us companies this year than in 2023 they are ready to be part of Ukraine's economic future now not tomorrow but now but first obviously Ukraine must have robust security support and our defense production here at home has helped to meet this need we've invested in over 117 production lines across more than 31 States 31 American states which replenish our stocks with fresh howitzers from Minnesota Bradley Fighting vehicles from Alabama himar systems from New Jersey all of which are modernizing American armed forces I was privileged to join president zalinsky in his visit to General Dynamics Factory in Scranton in September where the 155mm shells coming off the assembly lines are saving Ukrainian lives and president zalinski said that directly to the workers there and I saw firsthand the mutual admiration and respect the ukrainians in Pennsylvania Factory workers have for each other both working around the clock in the service of a just cause Now American support and all of this has been essential and the Biden Administration has been with Ukraine's Defenders workers and Farmers every step of the way we have led an effort to support Ukraine's fullscale economic comeback and create the enabling conditions for the private sector private sector to play a catalytic role in Ukraine's economic recovery in total we've provided more than 33.1 billion in economic assistance since since February of 2022 this includes 28.1 billion in budget support to help keep their government functioning and their tax revenue going to support their war effort now Ukraine has used this crucial Lifeline to support their 50 thou 57,000 First Responders including firefighters who extinguish Flames Unleashed by Russian and Iranian weapons they've used it for their 517,000 doctors nurses and Heth healthcare workers who tend to Veterans wounded soldiers and childrens children and that they've used it for the tens of thousands of teachers working to ensure Ukraine's Next Generation can remain at home and get a good education on this it's worth noting it's American Allies and partners who are shouldering most of the weight providing twice the level of economic assistance we are so we hear that argument a lot about what are our International Partners do well uh in this case they're providing twice the level of economic assistance that we are and has been widely reported recently as part of our $50 billion G7 commitment the United States is providing $20 billion more in extraordinary Revenue acceleration loans serviced by the windfall revenues from immobilized Russian Sovereign assets together with our allies Canada and Japan the loan proceeds will be be provided through a new Financial intermediary fund or fif for Ukraine at the World Bank to support the dispersement of our joint project in fact the US announced the transfer of our2 billion loan to the fif just two days ago now our assistance is making Ukraine's private sector driven recovery and reconstruction possible and this is the key to making it sustainable and durable and this comes onp top of the $230 million already planned to support Ukraine's private sector including new financing for Farmers Crafts People manufacturers and small businesses in Rural and underbanked communities we expanded funding for Ukrainian entrepreneurs and Business Leaders from small businesses to Tech Founders to spend time at American companies incubators and universities to work alongside their us counterparts and build new markets in the United States and we crafted a new multi-million dollar joint science and Innovation fund for Ukraine to commercialize cuttingedge research in the service of Ukraine's economic development our assistance is also quite focused we're focused on resilience in key sectors like energy agriculture transportation and Logistics the defense industrial base and technology so just a few words on each of those and energy if you take Ukraine's energy sector perhaps the most urgent Lifeline for the country's economic survival is in the energy sector underscored by the energy resilience secretary blinkin and Minister subaya signed last week we are rushing $825 million for emergency economic assistance to help fortify power generation repair the grid deploy more massive protection of energy infrastructure provide backup power options and restore gas storage facilities and our leadership has had a catalytic effect through the G7 plus Ukraine Energy group led by the state department our partners have announced an additional $1 billion to repair and strengthen Ukraine's energy sector in recent month bringing total G7 plus support to Ukraine's energy sector to 5 billion dollar since February 2022 the American private sector I'm proud to say is providing key support helping to secure Ukraine's long-term energy sector for example Westinghouse is helping Ukraine to free itself from Russia's nuclear energy control by providing nuclear fuel to support Ukraine's nuclear reactors GE vnova and the manufacturing giant Honeywell have signed recent deals to expand Ukraine's wind and solar and to help Ukraine diversify its gas supplies away from Russia us companies are signing contracts to provide us LNG directly to Ukraine that's on energy on agriculture this is the crown jewel of Ukraine's traditional economy agriculture the United States has delivered generators to agricultural partners that enable them to export 167,000 tons of grain despite the power outages we've supported trade talks for an export agreement on grain and wheat with Nigeria one of the world's largest grain buyers we've opened credit lines for Farmers we've provided them with seeds and equipment and importantly the state department and usaid have also worked to ensure that Dem mining Dem mining efforts Advance Ukraine's economic recovery the United States is Ukraine's largest Dem mining donor in Ukraine in September we could committed an additional $102 million to bring our total mining commitment to $284 million thanks to our efforts Ukraine has already demed an area the size of Belgium thus far and is launching new projects to Demi to demine thousands of hectares of arable land so the Biden Administration recognizes that agriculture has been and will continue to be one of the backbone sectors of the Ukrainian economy and for this reason I pleased Le to announce here today that working with Congress we will provide an additional $ 74.7 million to support export oriented agriculture so Ukraine's farmers and food processors can play a greater role in Ukraine's economic comeback flanked by the quote ABCD of Agriculture private sector ADM bungi Carill and Lou dfus we are supporting Ukraine to get quality Ukrainian produce and Grains on family tables around the world and to do so Ukraine has to keep working to keep it its ports operating the trains of the U or the Ukrainian rail Railways the iron people freighted with cargo and customs and border crossings to the EU Market open efficient clean and accountable that is why I also want to announce that working with with Congress the United States will provide more than $223 million in additional support to rebuild Ukraine's transportation and infrastructure and Logistics so I'm very pleased we could do this here at CIS Dan to announce these two funding commitments we have two more to two more to come up so th those are the first two so this includes upgrading Ukraine's EU Market border crossings as well as the Black Sea and danu River ports renovating the rail segments in EU border areas and in and enhancing Ukraine's ability to export goods to the European union now let me say a word about defense and the defense industrial base Ukraine's defense industrial base has grown more than tfold since February 2022 of course that is driven by the war needs of today but once the war ends Ukraine will have one of the most modern competitive defense industrial bases in Europe able to take global market share from Russia and Supply allies with NATO standard Munitions and Equipment the US has helped to drive that growth and with it transform Ukraine's defense industry into a modern western-facing sector we created an inter agency deal team together with Commerce and DOD to unleash more joint us Ukraine defense co-production on Ukrainian soil with us industry Ukrainian and other partners includ including three co-production Deals between us and Ukrainian defense manufacturers for small and medium caliber Munitions made in and for Ukraine and the first co-production deal between Ukraine and a US Prime defense company North or Grumman we use foreign military financing funds to launch a nearly $2 billion Ukraine defense Enterprise fund that is pioneering additional key defense production deals with Ukrainian counterparts at as we speak American defense CEOs have marveled at the realtime cuttingedge innovation of Ukraine's defense production the realtime eigor Sikorski style Ingenuity brought forward to 2024 the same is true with future Force Technologies Ukraine's cyber Warriors its Tech entrepreneurs and citizen programmers are turning their patriotism into digital Innovation some of the most dynamic innovation ecosystems have developed in small open economies facing a persistent threat from a geopolitical rival that existential threat can create a sense of national mission that facilitates an interdisciplinary approach to state sponsored R&D and overcomes the challenges of a small domestic Market this has been the case for example in Taiwan Estonia South Korea and Israel all of which have developed globally competitive Technology Innovation e ecosystems which are also linked closely to their defense sector that's why the 100 million in New American cyber security assistance I announced three weeks ago in Warsaw is both a form of security and economic support in fact Ukraine's Tech sector overall grew 7% in 2022 despite a 29% decline in the economy it has maintained uh 95% of its capacity and continues to support over 5,000 tech companies employing nearly 300,000 developers the war has actually led to a new crop of startups focusing on emerging Technologies such as AI which could play a more important role in increasing operational efficiency saving money time and even accelerated adoption of e governance take the DIA app Ukraine's usaid funded all in one government on your smartphone app it has more than 20 million monthly users 60 plus government services a digital passport facilitates access to Justice Services and in the early phase of the 2022 invasion was a source of embedded TV and radio radio Dia code was made open source this year with several countries interested in replicating it for their Digital Services across the world from Ecuador to Colombia to zamb to Kosovo government efficiency I know it's a topic of some interest so that is the economic side and I appreciate you letting me go into some detail very briefly let me just update you on the on the what we call the the pritsker plan because her vision really let us continue running at full speed here and when I was US ambassador to India she was Secretary of Commerce to have Secretary pritsker of Secretary of Commerce when you're sitting in New Delhi is one of the greatest um gifts you could ask for to have a secretary of Commerce call you each day to say what are you doing for the US India economic relationship is unusual um and it was it was terrific so very proud to follow in her her footsteps but look Ukraine's reconstruction will be the largest undertaking since the Marshall Plan but unlike the Marshall Plan where the United States spearheaded the Reconstruction of multiple Nations ukra 's recovery involves a broad Coalition of contributors countries businesses and NOS focused on rebuilding a single nation crucially it is not Ukraine's Partners who are charting the course forward Ukraine itself is leading the way Guided by a Clear Vision and steadfast commitment to its economic Revival and integration into the European Union the Ukraine donor platform the club of leading countries that join with Ukraine to support reconstruction and economic recovery is a testament to what the international donor Community can do when it collaborates in 2024 the UDP as we call it made great strides systematizing the international effort to support reform launching the business advisory Council under American and German leadership and holding its first steering committee meeting in Kei but if it's going to reconstitute itself as the economic Ramstein it has the potential to be it must provide Ukraine with the Steady Hand on setting the overarching framework for reconstruction economic recovery and Euro Atlantic integration in a way that actually catalyzes private sector investment now the fivepoint pritsker plan which Penny laid out several months ago offers a road map for how this can be done here are the five points first equipping Ukraine with the planning capacity to provide strategic guidance and connective tissue across the Ukraine's government with oblast and cities into the international donor community and most importantly to the private sector second pushing the accelerator button together with the World Bank eiib ebrd and others to set up project preparation facilities to broaden the bench of shovel ready ready projects from a dozen to hundreds third deepening the reform agenda and attacking corruption particularly in areas like Customs that will put money in Ukrainian national coffers and create a more trustworthy environment for investors fourth marshalling capital for example in terms of insurance banking debt and equity and Fifth and finally getting Ukraine's refugees internally displaced people and Veterans Home trained and fully integrated into Ukraine's economy these form the building blocks of Ukraine tr's long-term economic recovery around which the UDP and private sector can rally on each the United States making tangible Investments to compress the time between the cessation of hostilities and Ukraine's fullscale recovery so again what are we actually doing first and foremost uh Ukraine must continue to get reconstruction management right this means addressing the twin challenges that secretary pritsker outlined in her plan project prioritization and the ability for infrastructure projects to absorb Capital to absorb capital on the first point our mission here is to help Ukraine reinforce the country's ability to do sound strategic planning and project prioritization given Frontline Manpower needs there is a Workforce Gap that for the moment must be filled creatively with surge capacity specifically in key Fields like engineering Ing and project management at the core of sound reconstruction infrastruct infrastructure planning this capability modeled after the modern Marshall Plan will be fundamental to Ukraine's current approach to reconstruction and to address the Second Challenge absorption capacity Ukraine needs the ability to get each of its infrastructure projects the port terminals the rail links the dist distributed energy generation from an idea to an actual investment that means putting them through the life cycle of project design feasibility studies Document prepar Preparation subcontracting designs and environmental impact studies all in line with EU standards as a builder secretary pritzer knew that this often unglamorous work was actually essential for reconstruction to succeed so today I pleased to announce the United States working with Congress will provide $35 million to the Ukraine recovery trust fund to support the Ukraine government's own internal project preparation facility co-developed together with the World Bank and crucially this ppf will sit in Ukraine's Office of Public private partnership this will help make the process of reconstruction a more seamless partnership between public capital and private Enterprise with more userfriendly interfaces for the private sector and on Capital mobilization the United States has also made significant strides to support Ukraine over the past year we've helped Ukraine's war Risk insurance Market we supported the marsh mullen's $50 million Unity facility that launched in January to help open Black Sea shipping to export life-saving grain we followed by supporting the development Finance Corporation to launch a new $50 million first ofit kind War risk insur reinsurance facility with Ukrainian insurance provider ARX in collaboration with broker Aon which went online November 1st this actually unlocked more than $200 million in new coverage in agriculture retail Renewables and elsewhere and already these are having a cascading effect driving down War risk premiums and providing a path to a new insurance facilities for energy infrastructure and even laying the groundwork for future civil aviation Insurance to get Airlines back over Ukrainian Skies to airports in Lviv and keev now in 2025 the donor community's Collective Mission must be to provide catalytic Capital that Bridges from a public to private sector Le recovery and as one of America's leading investors once said private Equity can give the sign where quote smart money will go Horizon Capital Ukraine's largest Equity investor support supported by the US government has shown 20 to 25% return on investment in the past two years just this summer one of Ukraine's female founded Tech startups uh creatio gained unicorn status with a $1.2 billion valuation already steps are underway to catalyze more private Equity more private credit and venture capital and even as we continue to drive Capital we must recognize that clean sound accountable governments will perhaps be the biggest determinant of private sector investment eight out of 10 ukrainians support for further economic reform our support must Empower that transformative change ukrainians can believe in in deeper anti-corruption coruption de oligarch but also closing the door to the next generation of oligarchs and enforcing and reinforcing the rule of law and a Level Playing Field for business that's why the US has support supported Ukraine and its passage of more than 20 business friendly laws and regulations necessary to create the right conditions for private sector investment and finally we are working to address one of the most critical vulnerabilities for Ukraine's future economic comeback getting its people back to work we must support Ukraine to prepare core elements of its future Workforce refugees internally displaced people veterans and women armed with skills necessary to rebuild Ukraine as a modern digital driven country we have supported ukrainians to obtain textile worker qualifications and projects to train and employ women in high demand traditionally Mal dominated Fields like truck driving welding and operating heavy machinery and in this bid for Ukraine's economic recovery the United States is firmly on the side of Rous Lana the Riveter but as Ukraine's reconstruction needs increase scaling a Workforce ready to meet meet those demands again I am announcing today this this is our final and fourth announcement working with Congress the United States will surge more than $105 million in new funding to train and equip ukrainians for tomorrow's jobs in reconstruction and Industry so you've been very kind to let me lay out this uh amount of detail and Dan I will I will wrap up um and make no mistake our Collective support across the Euro Atlantic and indeed over 50 countries isn't charity Putin's war is about reconstituting a dictatorial corrupt Empire that seeks to undermine the shared values of NATO and the EU throughout the world with a tangible impact to America's economic and security interests both friends and adversaries across the world are watching to see how the us and our allies and partners respond I've personally seen firsthand the impact of our support at a US fund Center for Children forcibly TR transferred or deported from Ukraine's East I joined a group of kindergarteners painting beautiful pictures on satchels and bright yellows Blues Reds and greens I visited Ukraine's National Police to see firstand how they were using Cutting Edge Equipment ISR drones counter drone and jamming technology protective gear demining equipment and armored vehicles provided with us funding I've met with the makers of Ukraine vampire drones who with us assistance transferred an idea from their garage into 27 factories 2,000 workers thousands of 3D printers there is more work to do that's why we've also established a enterprise-wide Ukraine economic recovery working group at the state department we've identified 20 priority projects that we're driving and as the US economic recovery continues into 2020 uh five and Beyond new objectives will join that current line of effort for instance we must accelerate our cooperation with Ukraine on investment screening with the goal that reconstruction is in line with the EU and NATO critical infrastructure needs let me close with something uh personal so I've been exposed uh to Ukraine's greatness actually all my life through the vibrant Ukrainian American community in Pittsburgh not too far from my hometown of Johnstown Pennsylvania in fact at the University of Pittsburgh famous Cathedral of Learning the neogothic skyscraper that Towers over the city there are 31 nationality rooms depicting the ethnic groups that forged America's city of Steel in 1937 Pittsburgh's Ukrainian American Community advocated for their own National ity room in the wake of the hello deore the state sponsored famine inflicted by Stalin that led to the deaths of millions of ukrainians it wasn't until 53 years later in 1990 that Ukraine finally got its Nationality Room just as Ukraine was emerging from Soviet oppression as an independent state that Nationality Room is filled with the symbols of wheat sunflowers trees of life National Heroes the Trident icon of the Ukrainian nation and an engraved quote on the wall by Ukrainian philosopher gregori scor scor quote let the bright Sun bring the light let the dark disappear for the millions of Ukrainian soldiers Farmers mothers students the iron people of the Ukrainian Railways and entrepreneurs we must stay committed to making that Vision a reality thank you very [Applause] much thank you thanks Ambassador that was great thank you that was a lot of announcements no that's good we don't often get to make four announcements in one yeah exactly exactly for some reason you we need to do this soon yes that's what I understand that's I understand all right so let me I've got a ton of question questions but I know there's a lot of smart people here and I want to be respectful of your of your schedule so I thought that was really uh quite complete I want you to talk about loans so yeah the uh Lend Lease the British got Lend Lease loans in World War II starting in 1939 do you know Ambassador what year they paid back their Lend Lease loans I don't 2006 oh so my thought is if Ukraine was given I don't know 60 years to pay back loans at I don't know .5% as strikes me is that could be a big part of the of the future of of um we've talked a lot about American generosity I I suspect there's going to be a lot of of conversations about loans I know the B Administration announced recently a loan do you want to just talk a little bit about yeah and look I I think this is a super Innovative and creative uh way to support Ukraine's economic recovery give so much credit to delip Singh at the White House who really was a architect um behind this but if you think of uh the damage to Ukraine's economy um some estimates you know it ranges in the 500 billion range and that's just today as this war continues and and the impact to the population grows that number is going to grow substantially and you know again with our EU Partners um with the Russian seized assets um that are sitting in Europe uh delip and his colleagues were able to construct this uh50 billion package to leverage that Corpus of of Russian seized assets and again we will be providing $20 billion in loans um to the World Bank to the new facility that has been set up those will be provided on the economic side to support Ukraine's uh again economic needs the Canadians the japanes and others will come in with additional uh money the Europeans themselves will come in with a big trunch I think it's uh upwards of 20 billion uh 25 billion as well and so that'll have a huge impact again uh being paid back on the revenue generated by the by the seized assets uh over a period of time the the details on the payback and your historical example I think is important but I think we learned from it and I think it's a a very smart and compelling way to proceed great so Ambassador I got lots of other questions but I know there's lots of smart people here my I thought the announcements were really important on on the right topics I want to call in a couple people first uh and then I can take open questions I'm hoping to hear from my friend Natalie Jesco who's the former Finance Minister of Ukraine also a member of our commission and um also was the uh a debt workout lead uh for the uh for the common uh wealth Puerto Rico and then I want to hear from David Malpass is the former president of the World Bank who's also here but I want to First hear from my friend Natalie J I'm sure you have some thoughts a couple experts yeah they can thank me later for cold calling them sorry Natalie but I know I can CU you're my friend and so that's a good reason right right thank you very much and thank uh the United States for all the incredible support it's given to Ukraine since the fullscale invasion I I wonder if you can tell us a little bit about how uh this policy will will move forward I understand that the money is being surged now and I understand um we have that capacity with the authorizations but what happens after this maybe that leads to maybe a little bit of Dan's question are there elements that the Trump the future Trump Administration would be more open to like Len Le for Military Support um and do you think are you having conversations with the transition on Ukraine yeah so it's a great question so the um transition team I think just announced um its Point person for the state department transition I think yesterday and so we we are prepared to to have those briefings immediately once they arrive to the state department and there is a tradition of how to do this we know how to do um Transitions and and we will brief them on every detail now um I can't predict what happens in the future but what I can say is when you look at the let me let me stay in my lane on the economics side for a second which is when I when I talk about you know this is not charity this is about protecting Ukraine this is about American and European and other strategic International interests but also the economic reality when you look just look at the defense sector the 131 production lines ac across the country um the incredible uh investment but also as I said in my remarks this is about the private sector now kind of picking up the Baton and leading it doesn't mean that government support goes away in fact government support will continue to be important frankly I know there was a lot of debate over the supplemental spending bill but go ahead you know I'd encourage people to go back and look at the fact that 70% of the Congress supported that supplemental spending Bill it' be hard for me to think of another issue in America today where you could get 70% of the House and Senate to come together so let's see what is actually needed on supplemental spending I do think the um private sector is already racing you know on my one of my earlier trips we took representatives from the private sector they were already way down the line in conversations or already involved in defense industrial based co-production um so again I I can't control what happens uh what decisions the next team makes we will make it you know as clear and apparent of why this is so much in America's national interest to continue to support the Ukrainian people in their fight for democracy and freedom um and that's all I that's all I can do quick follow up yeah may I ask you'd also include confiscation specific confiscation of those Russian Sovereign assets as a source I know the United States doesn't have a great deal of those assets but with the era legislation already adopted I really hope that that will be part of the trans so so the qu the questions about uh confiscation of of Russian assets yeah well look I mean I can tell you just again about the erra uh project which is you know a bit of a first of its kind even though there is historical president to use Russian seized assets and I think look Russia uh needs to pay for the damage that it has inflicted and that is the overarching um I think common theme that you would think would carry through and credit again to our White House colleagues and European Partners who have who have come up with this very very important mechanism to make sure that Russia is held accountable David Malpass hi David Mal thank you secretary that was very interesting and really good to have all the so many details I was struck by the complexity of it and so I wanted to ask you about the timeline for any actual projects you mentioned the industrial base and also the Horizon fund but will there be uh any timeline for actual investments in the infrastructure of Commerce or of Agriculture it still is basically lacking well I look I I think I I would say the Investments are taking place today right if you look at what's happening on uh rebuilding and protecting the energy infrastructure our companies are are at work today when you look at the co-production uh deals that were announced much of that work is already taking place now we've launched some new announcements which are exciting about expanding that the grain Investments the agriculture Investments have already been made your point about um what's coming down the pipeline we tried to give you a little bit of vision for that but there is much more in the pipeline talked to a lot of private Equity um you know part of this job um about attracting capital is you go out and tell this story and I've done that now in European capitals New York around this country there is no shortage of interest uh from people the key is to channel it into the sectors that the ukrainians actually have told us they need right so we're not running all over the place um and again we mentioned those energy defense industrial base agriculture transportation and Logistics um high-tech critical minerals those are the six sectors that they've told us they want the most focus on then the other part of this is really the absorba of capacity building up the the capability set going from idea to shovel ready project that's where your former institution and all the work of your former colleagues is going to be so important in the project preparation facility and just again um for a country that was not at War handling this amount of investment and this complexity of projects would be a huge undertaking to have a country fighting a hot War uh on the battlefield while doing economic recovery is a big undertaking and that's why we all need to be there to support that part of it too so long answer to your question I would say a lot of Investments have already occurred and there's a lot more in the pipeline that I think you will see on a fair nearly regular uh basis all right time for one more question okay take two ambass Michael thank you Jim Michael uh Mr secretary uh your description of the complexity of this is something that is stuck with me also uh because I've seen in other countries efforts to Marshall resources and institutional capacities to deal with complex situations and none as complex as is faced by Ukraine and I just wonder how do you see them doing in responding to this enormous challenge you know look um I actually think they're doing quite well and when you see just the level of energy the how hard people are working I mean lit literally Around the Clock um and when actually when I meet with American investors and American companies their experience is actually so positive right it is we took our first trip into Ukraine or we did our first deal or we engaged with the Ministry of Finance they are actually reporting back very positive efficient uh results now we have to stay on that Ukraine has a big reform um agenda so if you think about what we're trying to do you know and I say we are trying to do this is ukrainians Led what we are trying to support is um getting this money in um turning this into real projects that transform people's lives that improve uh safety helping on the workforce coming back in doing the reforms at the same time so there's a lot of balls in the air at the same time that's why I'm I'm hopeful and confident that our level of attention and enthusiasm to this effort um continues in the level that it is today it's just so critically important if you care about rule of law you care about security you care about democracy you care about um people's futures um you know this is um this is vitally vitally important to Ukrainian interest to our partners to us interest uh but really to security and stability around the world all right please join me in thanking the deputy secretary thanks very much thank you [Music]