Making borscht, as the war rages on

No, unfortunately this story is not about cooking a delicious and hearty Ukrainian borscht, one could enjoy in the middle of a cold winter.

This story is about making a different kind of borscht, the one which will help Ukraine rebuild itself after the war. It is a story of how a small, international, highly-experienced, non-government Agency is developing a mosaic of state-of-the-art investment projects in Ukraine. Projects, which will help the country become a blossoming European democracy. And each of these projects is like its own borscht being skillfully and lovingly prepared in the middle of an ongoing war by a dedicated group of professional chefs (read project development professionals).

Making a proper Ukrainian borscht is simple, but certainly not easy. The process takes skill, love and most importantly proper ingredients. The cooking process cannot begin until all the ingredients are obtained, examined and prepared. Same with complex international projects. All project ingredients must come together before the financing and implementation (aka cooking) processes begin.

The Rebuilding Ukraine Agency has been on the cutting edge of project development in Ukraine since its founding in March of 2022. As a rapid deployment member-owned organization, the Agency has dedicated itself to the development of projects and services, which are critical to Ukraine’s survival and reconstruction. Some of the key sectors, where the Agency’s members have been making an impact are infrastructure construction (including demining and unexploded ordnance utilization), construction materials, energy, and rehab wellness. Thus, skilled project sponsors, professional service providers, investors, financiers, attorneys, insurance providers are fundamental basic ingredients for the proverbial project borscht. The Agency has built out an amazing team consisting of large international construction, engineering, energy, architecture firms, as well as small, specialized companies and professionals in every area expertise needed for successful project development and implementation. Key ingredients sourced. Check.

Next set of ingredients needed are the local partners. These include federal, state and local governments, local banks and private businesses. Their roles range from developing conducive investment support legislation, providing needed infrastructure and local expertise, supplying equity co-financing and bankable balance sheets, providing market access and personnel. These ingredients are very hard to come by, especially during the war and thus not all projects the Agency is working on have them. Partial check.

Along the way, the project chefs must battle corrupt rodents, ingredient spoilage, malaise and incompetence. All ingredients must conform to certain international compliance standards and be transparent. Thus a whole Grey2White® compliance and due diligence program has been developed to make sure the ingredients going into the projects are perfect and the cooking process is properly managed. The program is headed by a former US Federal Prosecutor and SEC Branch Chief. Check

Once all project ingredients are assembled, the cooking process begins. Depending on the project, the process varies. However the common elements are development of legal contracts, development of feasibility studies, market studies, preparation of applications for financing, due diligence, lender consents, infrastructure services, equipment procurement, construction, environmental compliance etc. etc. The cooking process can take months and sometimes years. Thus, although the Agency chefs do not know when the war will end, and have to manage each project in a way which would keep the wartime risks to the minimum, they fully understand that in order for Ukraine to fully benefit from their project borscht cooking process, the final product must be ready in time for when the reconstruction and rebirthing efforts will begin. That is the ultimate combination of art and skills, which only can come from decades of experience of working in Ukraine and in multiple post-conflict markets, as well as from love, commitment and dedication to Ukrainian prosperity and independence. Some projects the agency has been working on have begun the cooking process and some are still waiting for the missing ingredients. Partial check.

On February 15th and 16th at the Rebuild Ukraine event in Warsaw, select Agency members ECC Corporation, MI Gruppa, Depsol Technologies, Berehove Rehabilitation and Wellness, along with the BAV Corp, Broad Street Capital Group, CC-Solutions, Global Insurance Services, Prostir, Rebuilding Ukraine Association (501c3 non-profit) will present their project development skills, project ingredients and those projects, which are in the cooking stage. Several memorandums and project mandates are expected to be signed and announced at the event. The Agency’s management and Directors are expected to speak at the forum’s events and will describe in detail the Agency’s capabilities and project development process, along with the necessary ingredients needed for successful completion.

Although I sometimes wish that my posts would be more focused on lighter subjects such as photography, food and travel, I know deep in my heart that the successful development and implementation of properly prepared and “cooked” international projects would be the best borscht Ukrainian people can enjoy, as the country rebuilds itself after this horrible war ends.