About past, present and future of Ukraine

Search mobile

Main Business — Yulia Svyrydenko: The EBRD is interested in having the private sector become the foundation of Ukraine's recovery

Business

Yulia Svyrydenko: The EBRD is interested in having the private sector become the foundation of Ukraine's recovery

29 Feb, 2024
239
Yulia Svyrydenko: The EBRD is interested in having the private sector become the foundation of Ukraine's recovery

Share this article

The European Bank for Reconstruction and Development (EBRD) is interested in contributing to the recovery of the Kherson and Mykolaiv regions, which have been significantly affected by the war. This was discussed during a meeting between First Vice Prime Minister of Ukraine and Minister of Economy of Ukraine Yulia Svyrydenko and EBRD President Odile Rena-Basso in London.

"We sincerely thank the EBRD for its continuous support of Ukraine. The bank's contribution to Ukraine's recovery is invaluable. Last year, it provided a record €2.1 billion, with 50% of the funds directed to support the private sector. This once again proves that the EBRD is interested in having the private sector become the foundation of Ukraine's recovery. This year, the bank will continue to support Ukrainian businesses – a number of specific projects have already been developed in the fields of energy, manufacturing, logistics, agriculture, and others. Additionally, our partners from the EBRD are interested in actively participating in the recovery of the Kherson and Mykolaiv regions, which have suffered significantly during the war," emphasized Yulia Svyrydenko.

During the meeting, the parties also discussed business insurance against war risks, including insurance tools for vessels, cargo in transit, or in warehouses, and the potential expansion of insurance.

The cooperation between the EBRD and Development Financial Institutions (DFIs) was also addressed. The relevant mechanism – the Co-Financing Platform – was initiated to coordinate efforts to invest in Ukraine, especially in the private sector. DFIs from 19 countries have already joined the platform.

"The private sector will be the foundation of Ukraine's recovery, so it is important for us to coordinate efforts between international financial institutions for a more effective and comprehensive reconstruction of Ukraine with a focus on the private sector. Our cooperation should help restore the economy, industry, infrastructure, and normalize the lives of people in Ukraine. To achieve this, together with the EBRD, we will conduct a series of workshops to strengthen coordination among European development agencies for the reconstruction of Ukraine," continued Yulia Svyrydenko.

For your reference:

The European Bank for Reconstruction and Development (EBRD) provided a record €2.1 billion to Ukraine in 2023, following €1.7 billion in 2022. As the largest institutional investor in Ukraine, the EBRD significantly increased its investment volumes after the Russian invasion in February 2022 and surpassed its goal of investing €3 billion in Ukraine during 2022-2023 as early as October 2023.

Additionally, in 2023, the EBRD management decided to increase the Bank's paid-up capital by €4 billion to €34 billion to provide further support to Ukraine. Investments in Ukraine during the war are planned to continue at around €1.5 billion per year, with the capital increase enabling this amount to double when the time for reconstruction arrives.

During 2022-2023, the EBRD also managed to mobilize approximately €1.6 billion in donor funds for Ukraine, including non-financial guarantees. Over €409 million of this amount was allocated in 2023 alone. The European Union provided nearly half of the donor resources. Significant contributions were also made by individual donors, including Canada, Norway, Spain, and the Netherlands.

The Odessa Journal

The Odessa Journal

more articles

Top article

The Ministry of Defense has signed a contract for the construction of a service center for repairing drones in Ukraine
War

The Ministry of Defense has signed a contract ...

Dmytro Kuleba: Ukraine and Croatia have agreed to use Croatian ports for exporting Ukrainian grain
Business

Dmytro Kuleba: Ukraine and Croatia have agree ...

New sanctions: Defence industry, political parties and individuals linked to oligarchs
Business

New sanctions: Defence industry, political pa ...

Volodymyr Zelensky: We are preparing for the next Ramstein meeting, we expect solidly grounded decisions to meet the prospects on the battlefield
War

Volodymyr Zelensky: We are preparing for the ...