By KYIV. May 12 (Interfax-Ukraine) – The European Bank for Reconstruction and Development (EBRD) at its annual meeting and business forum in Marrakesh (Morocco) has received commitments heading towards EUR 1 billion in donor funds to support its response to the war on Ukraine, the bank said on Thursday.
"These funds, some of which are subject to national approval processes, will be used alongside the Bank’s own to help infrastructures and companies in Ukraine and other affected countries deal with the consequences of the Russian-led invasion," the EBRD said.
The Bank’s Governors, who represent its 73 shareholders, expressed their solidarity with Ukraine and signalled their strong support for the EBRD’s efforts to respond to the crisis.
They also asked the Bank to be ready to play an active part in the country’s reconstruction in the future.
"We have a clear strategy for our response to Ukraine, and it is already being implemented. I am very grateful for the support from our shareholders, and the donor funds will enable us to deliver impact in Ukraine in 2022 and beyond," EBRD President Odile Renaud-Basso said in the release.
Because of the war we are being asked to provide more support in areas like working capital and emergency funding, and we are adapting very quickly to the changing needs.
"As for the future reconstruction, the EBRD will have a very important role to play as the largest institutional investor in the country. We will be ready for this when the time comes," she said.
The EBRD has pledged to invest an initial EUR 1 billion this year in support of the Ukrainian economy, which will be a mix of donor and the Bank’s own funding.
A second resolution approved at the Annual Meeting backed in principle the Bank’s proposed expansion of activities into sub-Saharan Africa and Iraq, the Bank said in the press release.
"This will not happen yet, because the Bank will be focusing intensively on helping in Ukraine and other countries affected by the war, and will lead to further discussions with its shareholders about the implementation of this decision," the EBRD said.
