The Board of Governors of the European Bank for Reconstruction and Development (EBRD) has approved an increase in the bank's paid-up capital by 4 billion euros to 34 billion euros.

The bank's press service reported, "The increase will also ensure that the Bank is strong enough to continue fully supporting the other economies where it invests in tackling their transition challenges."

The EBRD has already provided Ukraine with over 3 billion euros in loans since the Russian invasion of the country in February 2022.

This latest step, following a recommendation by the EBRD Board of Directors in November 2023, completes the formal process of increasing the EBRD's statutory capital. The capital increase will take effect on December 31, 2024.