In the second phase of Ukraine’s reconstruction, international aid should be directed toward supporting industry and introducing modern technologies. At the same time, small and medium-sized enterprises (SMEs) in the service sector can also play a significant role in ensuring employment and generating income. However, to stimulate economic activity, the Reconstruction Program must include financial and credit mechanisms to support industrial enterprises and SMEs. In this context, it is worth noting that after World War II, the most important aspect of the Marshall Plan for Europe was the economic reconstruction of the manufacturing sector. Under the “Marshall Plan,” 143 programs for the supply of industrial equipment to European countries were financed. In addition, revenues to “counterpart funds” in Europe were used to finance government investments and industrial development programs. In particular, the Investment Program presented in Paris provided for the procurement of machinery and equipment for iron ore and steel mills, coal mines, oil refineries, power plants, and agriculture. At the same time, it should be borne in mind that in the second half of the 1990s and early 2000s, during the reconstruction of the Balkan countries, international donors were quite reluctant to provide grant or loan financing for the purchase of industrial equipment and, instead, focused on small loans to replenish enterprises’ working capital. In the absence of a strong domestic banking sector, this approach made it impossible to restart the operations of large industrial enterprises that had been shut down during the war. But what enterprises really needed after the war ended was an infusion of capital, technology, and management know-how to make the new businesses viable.
With this in mind, when developing Ukraine’s Economic Recovery Plan, significant attention must be paid, first and foremost, to issues of credit support and stimulating private investment in small and medium-sized enterprises. It is precisely this approach that will ensure the creation of jobs for the population, including returning migrants and demobilized military personnel. Second, a substantial portion of grant and loan assistance should be directed toward the restoration and modernization of industrial enterprises, the technological upgrading of production processes, and technical missions for entrepreneurs. The introduction of technologies that meet European standards will enable enterprises to regain their market position and integrate into global value chains.