Other

Soros ready to pour US $ 1bn into Ukraine

31 Mar 2015 - {{hitsCtrl.values.hits}}

AFP: US financier George Soros said yesterday he was ready to invest US $ 1 billion in Ukraine if the West promised to help the embattled country.
“Ukraine is defending the EU from Russian aggression” and helping its development will weaken Russian President Vladimir Putin, the Hungarian-born philanthropist said in remarks published in German by the Austrian business daily Der Standard.
He said Ukraine needed 50 billion euros to get itself back on its feet, and said he was prepared to pump US $ 1 billion (922 million euros) into agriculture and infrastructural projects.
Ukraine is at the edge of bankruptcy hit by the triple whammy of the war in its industrial east, a deep economic recession and the record devaluation of its currency. Its public debt is likely to reach 94 percent of its gross domestic product (GDP) in 2015.
Soros said his investments “should make a profit”, which would go to his foundation rather than him personally.
“The West can help Ukraine by making it more attractive to investors by giving them insurance against political risk,” he said.
“That could take the form of financing very close to the European interest rates, which are very close to zero.”
Ukrainian investment analysts ICU only predict a return to growth in 2017, and a sharp drop in GDP of 7.6 percent this year.

Other

Soros ready to pour US $ 1bn into Ukraine

Most Popular Articles

Shipping majors circle Sri Lankan ports amid regional expansion race

ADB sees slower growth, higher inflation for Sri Lanka through 2027

Sri Lanka’s IMF reserve target comes under pressure: KPMG

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

HMD introduces latest range of feature phones to Sri Lanka

Latest News

Spain training session cancelled before World Cup final

Messi and Argentina set for World Cup final showdown with Spain

Over 700 arrested in islandwide ‘Ratama Ekata’ operation

House of Fashions owner remanded after Customs arrest

Kuwait International Airport suspends operations temporarily