Barbara Rambousek, the EBRD's global director for gender and economic inclusion, spoke in an appearance Oct 2, 2024 at the "Business and War. Dialogues about the future" conference organized by the New Voice of Ukraine media outlet in Kyiv.
Outline:
Rambousek was asked about the investment potential and challenges in Ukraine. Key challenges, she said, include workforce reduction, skills gaps, and reintegrating veterans. EBRD supports clients through measures like the Veterans Charter, which has reached 15,000 veterans, she said. Gender equality is a focus, with women disproportionately affected by the war and needing support for re-entry into the labor market. The aging population and out-migration exacerbate long-term challenges, emphasizing the need for policy reforms and gender-inclusive strategies.
Transcript:
Interviewer 0:10
Great to have you here. Barbara Rambousek, Director of Gender and Economic Inclusion at the EBRD. The floor is yours. How do you see the potential for investment in Ukraine, and what challenges do you foresee for investors?
Inrterviewer 0:33
Should I repeat the question? How do you see the potential for investment in Ukraine, and what challenges do you foresee for investors?
Barbara Rambousek 0:45
Thank you for the question, and thank you for having me at this important event. The EBRD is probably one of the biggest institutional investors in Ukraine right now. We've invested almost 5 billion euros since 2022 across a broad range of sectors—from trade finance to energy security, vital infrastructure, and, importantly, the private sector, both corporate and SME levels.
There are significant challenges, but we also see a lot of commitment from our partners in the private sector in Ukraine, our policy partners in various ministries, and external investors. The challenges are real, but so are the opportunities.
One key challenge, which we've heard about from previous speakers today, is the focus on human capital. The workforce in Ukraine faces issues such as a reduction in size, skill shortages, internal displacement, and veterans returning to the workforce. Reintegration of veterans is particularly challenging, and the EBRD sees a role for itself in supporting clients and partners on this complex journey.
We've made 80% of our investments in Ukraine over the past few years, focusing on three key areas. First, helping clients protect livelihoods by facilitating business stabilization and growth, especially for SMEs, providing access to finance and non-financial services. Second, working with larger companies to broaden access to vital infrastructure like energy and food security, enhancing the resilience of the country. Third, supporting HR departments and building capacity to integrate veterans into the workforce.
For example, we recently launched a veterans' charter with 30 financial institutions in Ukraine to reintegrate veterans into employment in the financial sector. So far, we've reached about 15,000 veterans. While this is a small number compared to the overall population, it is a start that can be replicated. We are also expanding the veterans' and human capital charters to other sectors to support reintegration on a larger scale.
Finally, as a large institutional investor, we support policy reforms, especially in labor force-related areas. We work with the Ministry of Economy and the Ministry of Education to improve employment services and skill standards, aligning with EU accession requirements.
Interviewer 5:23
Let me ask you another question. You're the Director of Gender and Economic Inclusion at the EBRD. Gender equality is a hot topic in Ukraine, but how does gender inclusion in Ukraine compare to European Union countries? Be open and fair.
Barbara Rambousek 5:47
Thank you for the question. Gender is indeed an important topic in Ukraine, especially during the war. Gender gaps in Ukraine are largely comparable to many EU countries. However, the war has exacerbated some of these gaps. Many women, who make up the largest number of internally displaced persons and refugees, have been disproportionately affected in terms of access to the labor market. Women are now being required to return to or stay in the labor market due to large-scale mobilization and the need to fill job vacancies, especially in sectors where women were underrepresented.
There’s a need for upskilling and reskilling women, as well as investments in care—childcare, elderly care, and care for the sick—to enable women to participate fully in the economy.
Another challenge is Ukraine’s aging labor force, worsened by out-migration, particularly of women and children. This trend needs to be addressed, and that's where gender equality, increasing birth rates, and bringing women into the economy are crucial.
Interviewer 7:57
Thank you, Barbara. This was Barbara Rambousek from the EBRD. Thank you so much for your time.
Barbara Rambousek 8:04
Thank you very much.
Video recording below: Rambousek's comments start at 1:47:00
