Signing of an Investment Agreement for the Project for Export-Oriented Industry Promotion in Ukraine and Moldova (Private Sector Investment Finance): Contributing to the reconstruction of both countries by promoting private investment in their export-oriented ICT and tech industries

[Goal 5] Gender Equality
[Goal 8] Decent Work and Economic Growth
[Goal 9] Industry, Innovation and Infrastructure


On February 19, the Japan International Cooperation Agency (JICA) signed an agreement with Horizon Capital Growth Fund IV, L.P., a private equity fund for Ukraine and Moldova, for Private Sector Investment Finance of up to $20 million, on the occasion of the Japan-Ukraine Conference for Promotion of Economic Reconstruction. JICA's investment in this fund will be used for the sustainable development of export-oriented ICT and tech companies in Ukraine and Moldova. This is the first Private Sector Investment Finance for the Europe region since JICA decided to resume the scheme in 2012.

Since the Russian invasion of Ukraine on February 24, 2022, Ukraine and Moldova have been facing a humanitarian and economic crisis, and according to the results of a survey by the World Bank, a total cost of US$486 billion will be required over the next 10 years for their rehabilitation and reconstruction, with private sector investment—in addition to public sector support—being essential. While traditional industries such as agriculture have been negatively affected by the invasion, the ICT sector, which is an export-oriented industry, has remained robust, and as a key sector supporting the economies of both countries, is deserving of investment.

Signing Ceremony

Ms. Lenna Koszarny (Founding Partner and CEO, Horizon Capital) and Mr. Hataeda Mikio (Senior Vice President, JICA)

This fund aims to contribute to the sustainable development of the economies and societies of Ukraine and Moldova by investing in growth-stage export-oriented ICT and tech companies in both invasion-affected countries, and by developing these industries and creating jobs. This is a flagship fund that meets the standards of the 2X Challenge (Finance for Women), ensuring that more than 30% of its investees are female business owners and entrepreneurs, and is expected to promote gender mainstreaming. The fund will therefore contribute to the achievement of SDGs Goals 1 (No poverty), 5 (Gender equality), 8 (Decent work and economic growth), 9 (Industry, innovation and infrastructure), and 17 (Partnerships for the goals).In addition, this project will contribute to “Women, Peace and Security (WPS) Resolution 1325,” adopted by the United Nations Security Council.

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