As part of a four-point plan to help businesses and other parts of normal life continue in Ukraine, Kiev-based Bate C Toms is proposing that the World Bank provide US$2b of cover for companies through its Multilateral Invetment Guarantee Agency. He links the loss of insurance cover to a shrinking in investment levels. He says: 'Investment has steeply fallen off. We have seen billions of dollars in potential foreign investment frozen because of fear of conflict... Most companies cannot get insurance today at reasonable prices.'
Risk cover
Chair of the British-Ukrainian Chamber of Commerce, Mr Bate is also manager of law firm BC Toms which is based in both Kiev and London. He suggests that signatories to the 1994 Budapest Memorandum - including the UK, Russia and the US - should help business life continue despite the military problems by providing risk insurance. He is also calling for the appointment of legal ombudsmen to help tackle corruption, respect for the other provisions of the Budapest Memorandum and a $40b modern day version of the Marshall Plan for Ukraine. Source: Kyiv Post
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