The Reconstruction of Ukraine
Key Takeaways
- Ukraine has demonstrated strong economic resilience, with many companies recovering to or exceeding pre-war performance
- The tech sector has grown into a $6.7 billion industry, driven by innovation including nationwide digital systems
- Investor interest is rising, supported by Ukraine’s economic adaptability, workforce strength, and closer alignment with Western markets
- Significant opportunities exist for private investment and public-private partnerships, particularly in energy, transport, and digital infrastructure
In this episode of Citi Institute podcast, host Alex Miller is joined by Alexander McWhorter, Citi Country Officer and Banking Head for Ukraine and Lenna Koszarny, Founding Partner and CEO of Horizon Capital.
They explore Ukraine’s remarkable economic resilience during the war, with many companies rebounding to pre-war revenue levels and others continuing to expand.
Alexander McWhorter highlights the strength of Ukraine’s economy, with GDP surpassing pre-war levels despite the ongoing conflict.
Lenna Koszarny outlines the scale of investment needed for reconstruction, emphasizing the significant opportunity for both private and public capital to support Ukraine’s recovery and long-term growth.
Together, they examine the opportunities ahead and the potential for sustained growth despite continued challenges.
Citigroup (“Citi”) and Horizon Capital are not affiliated and are independent of each other. Horizon Capital maintains a client relationship with Citi through Citi Investment Banking. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.
Alexander McWhorter, Citi Country Officer and Banking Head for Ukraine
Alex McWhorter is the Citi Country Officer (CCO) and Corporate Bank Head for Ukraine. He is responsible for Citi's franchise in Ukraine including leading the business and protecting the franchise.
Alex joined Citi in New York in 2003 in Market Risk Management, before moving to Corporate and Investment Banking in 2007 covering the Power sector. He served as a Director in the Risk CAO office for over three years where his responsibilities included leading coordination of Citi's CCAR efforts. Most recently before Ukraine, he served as UK Chief Risk Officer, and was responsible for the risk management of Citi's UK legal entities as well as supporting the EMEA CRO on regional support and crisis management.
Alex holds a Masters of Business Arts in Management from New York University, Stern School of Business, and a Bachelor of Arts in Economics and Psychology from Williams College, Massachusetts, United States.
Vice-Chair of the Board of the American Chamber of Commerce in Ukraine. Chairman of the Board of Junior Achievement Ukraine
Lenna Koszarny, Founding Partner and CEO of Horizon Capital
Lenna Koszarny is Founding Partner and Chief Executive Officer of Horizon Capital, the leading private equity firm in Ukraine with over $1.8B in assets under management, backed by 40+ institutional investors with a capital base exceeding $700B. Under her leadership, Horizon Capital has raised over $1b since the 2014 invasion, as well as catalyzed the largest investment in Ukraine in decades, a $1.5bn acquisition and capital expansion of Ukraine-based telecom players Datagroup-Volia and Lifecell by telecom and tech entrepreneur Xavier Niel. Ms. Koszarny is credited with the Forbes «2024 Deal of the Year» for attracting this $1.5B telecom investment for Ukraine, honored with 2025 Deal Innovation Award from the Global Private Capital Association for Datagroup-Volia-Lifecell Transaction, she was also recognized for raising the largest fund for Ukraine – $350M – during these challenging period for the country. In February 2022, Horizon Capital was honored as 2021 Firm of the Year for Central and Eastern Europe by Private Equity International.
Ms. Koszarny’s leadership has been recognized nationally and internationally, including Ukrainska Pravda’s «Top 100 Leaders of Ukraine: Beyond What is Possible» rating in November 2024, its «Top 100 Power Women Leaders» in March 2024 and its «Top 100 Leaders of Ukraine During Wartime» in November 2023, and her inclusion in Forbes Ukraine’s « Top 50 Women Leaders Leading Ukraine to Victory» in May 2023. In November 2024, she was included in the inaugural National Security News «Top 50 Women in Security List», the Financiers category. Ms. Koszarny leads Horizon Capital in an $12T industry with circa 15% senior women, inspiring greater engagement of women in private equity and investing. Under her leadership, HCGF IV is the first 2X Flagship Fund in Central and Eastern Europe, 1 of circa 10 in total, and 1 of only 2 globally that are led by a woman Founding Partner & CEO. She is a Board Member of the Global Private Capital Association (GPCA) uniting firms managing over $2TN in assets; an elected Member of the Mid-Market Platform Council of Invest Europe; a Member of the Private Equity Women Investor Network (PEWIN); a Founding Member of the Ukraine House Davos Organizing Committee, and in July 2022, was recognized in Private Equity International’s 2022 Women of Influence in Private Markets list. She is also Executive Vice-President of Ukraine Moldova American Enterprise Fund (UMAEF, formerly Western NIS Enterprise Fund), a $285M US-government backed fund; Chair of the Board of Directors, American Chamber of Commerce in Ukraine, whose members have invested over $50B in Ukraine; a Member of the Board of the Ukrainian Startup Fund launched by the Government of Ukraine (2019-2025); a Member of the Supervisory Board of Ukrainian Leadership Academy; and, served as the first Vice-Chair of the Advisory Council of Kyiv-Mohyla Business School.
On August 24, 2020, the 29th anniversary of Ukraine’s independence, Ukraine’s President Volodymyr Zelensky awarded Ms. Koszarny with an Order of Merit for Service to Ukraine, third level, for her contribution to the country’s economy and investment climate. She is also a recipient of a Commemorative Medal issued on the occasion of the 25th Anniversary of Independence by the President of Ukraine. In May 2024, she was awarded the 2024 Tryzub Leadership Award by The Myhal Family Foundation, in partnership with The Shevchenko Foundation. Ms. Koszarny is a CPA and a 1991 HBA graduate of Ivey Business School. She has been residing and working in Kyiv, Ukraine for over 30 years.
