By KYIV. May 12 (Interfax-Ukraine) – The development finance institutions (DFIs) of the G7 countries JBIC (Japan), JICA (Japan), CDP (Italy), FinDev Canada (Canada), Proparco (France), DFC (US), BII (UK), DEG (Germany) and the European Bank for Reconstruction and Development (EBRD) have held discussions and have agreed today in Tokyo to the establishment of the Ukraine Investment Platform, the press service of the EBRD said in a Firday press release.
The G7 Leaders’ Statement in February 2023 confirmed the G7 is committed to continued humanitarian assistance, assistance to support the energy sector as well as assistance to help maintain Ukraine’s economic and financial stability.
“The needs of Ukraine in a period of reconstruction are vast and beyond the scope of any single institution. As a result, careful coordination is needed between Ukraine’s partners to maximize effectiveness, create synergies and increase impact,” the EBRD said in the press release.
Based on the G7 Leaders’ Statement on assistance to Ukraine, the G7’s DFIs and the EBRD have held discussions on how they can work together to contribute to the reconstruction of Ukraine. It is understood that not all DFIs have a mandate to operate in Ukraine. Nevertheless, the G7’s DFIs are aligned on the importance of action being taken to support reconstruction.
Once established, the G7’s DFIs and the EBRD are aiming to expand this platform to other institutions investing in Ukraine in the future. The European Development Finance Institutions (EDFI) have been invited to this process and, along with the G7’s DFIs, welcome and support this initiative.
The Ukraine Investment Platform will aim to strengthen cooperation and promote information exchange and co-financing among participating institutions for the reconstruction assistance of Ukraine with a mainly private sector focus. It will also consider the needs of neighbouring countries affected by the war and seek to provide support. The Platform will be coordinated with and advance identified needs under the G7 Multi-Agency Donor Coordination Platform for Ukraine.
The G7’s DFIs and the EBRD, in close consultation with respective governments, will promote measures to address the lack of financial capacity, especially in the private sector.
The G7’s DFIs and the EBRD aim to contribute to the recovery of the economy, industry and infrastructure and the reconstruction of people’s lives in Ukraine as well as stability in the international community.
The EBRD, as the largest institutional investor in Ukraine, has the skills, relationships and operational experience that positions the EBRD in a distinct and important role in the country.
The G7’s DFIs and the EBRD have worked hand in hand to enable the real economy to grow, support reforms and invest in the private sector nationally and locally.
