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European Bank for Reconstruction and Development (EBRD) stepped up its investments in the country by committing over €1.2 billion

January 14, 2015 | Cbonds

In response to adverse macroeconomic conditions and geopolitical situation in Ukraine during 2014 the European Bank for Reconstruction and Development (EBRD) stepped up its investments in the country by committing over €1.2 billion to 36 public and private sector projects, reinforced by technical assistance and extensive policy dialogue. This is the highest ever annual financing provided by the Bank since it began operating in the country in 1993.

Significant investments were made in Ukraine’s gas transportation, road, municipal and agribusiness infrastructure and in agribusiness production. Over €300 million were respectively channelled into the financial sector (mainly to support trade finance operations) and the infrastructure sector, where investments were made into road rehabilitation projects, municipal utilities as well as sea port infrastructure upgrades. Agribusiness sector remained traditionally important for the Bank and attracted funding worth over €250 million to the existing and new clients. Almost €160 million were allocated to various energy sector projects, which included both traditional and alternative power generation.

The Bank also launched a specialised €150 million facility for its existing clients to address their liquidity and working capital needs, as well as to overcome difficulties and constraints caused by the financial crisis and the reduced availability of external funding.

Governors of the EBRD approved additional Bank contributions of €350 million for the completion of the New Safe Confinement in Chernobyl on the site of the 1986 nuclear accident. EBRD shareholders also established the EBRD-Ukraine Stabilisation and Sustainable Growth Multi-Donor Account, which will support Ukraine’s efforts to reform its economy, improve its business climate and return to a path of sustainable growth.

In the use of the Account funding there will be a strong emphasis on improving the investment climate and combatting corruption, stabilising the banking sector, increasing energy security, expanding private sector competitiveness and upgrading municipal infrastructure.

The Bank played a pivotal role in developing and driving anti-corruption efforts in Ukraine, in particular by devising an appropriate structure and effective legal foundation, which culminated in the appointment of the Business Ombudsman. This significant anticorruption initiative is financially supported by the Multi-Donor Account.

At end of the year the Bank opened its second office in Ukraine in Lviv, aimed primarily at supporting small and medium-sized enterprises through tailor made industry experts’ assistance.

The EBRD is the largest international financial investor in Ukraine. As of 1 January 2015 the Bank had total cumulative committment of €10.4 billion in 344 projects in the country.

Організація: Україна

Повна назва організаціїУкраїна
Країна ризикуUkraine

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