The EBRD will allocate over USD 1.63 billion a year for Ukraine’s reconstruction
The European Bank for Reconstruction and Development (EBRD) has pledged a record 2.1 billion euros ($2.28 billion USD) in financial aid to Ukraine for 2023, with plans to invest about 1.5 billion euros ($1.63 billion) annually in the coming years, the EBRD said on its website.
“Investment in wartime Ukraine is expected to continue at around €1.5 billion euros ($1.63 billion) a year, with the capital increase giving scope for a doubling of activity when the time comes for reconstruction,” the EBRD said.
Read also: EBRD Chief Economist urges foreign aid to prevent economic crisis in Ukraine
The bank recalled that in 2023, EBRD leaders decided to increase the bank's paid-in capital by 4 billion euros ($4.35 billion), to EUR 34 billion ($36.94 billion), aiming to provide further support to Ukraine.
The bank provided Ukraine with 2.1 billion euros ($2.28 billion) last year and 1.7 billion euros ($1.85 billion) in 2022, enabling EBRD to meet its goal of investing 3 billion euros ($3.26 billion) in Ukraine for 2022-2023.
Donor financing during this period amounted to 1.6 billion euros ($1.74 billion). Over 409 million euros ($444 million) of this was allocated in 2023 alone.
Read also: EBRD allocates $385 million for urgent repairs to Ukraine’s power grid
“In addition to significant contributions from individual donors including Canada, Norway, Spain and the Netherlands, the European Union provided nearly half of the donor resources,” the EBRD stated.
The EBRD allocated 1 billion euros ($1.09 billion) in the private sector in 2023, including 600 million euros ($652 million) in credit funds through partner financial institutions in Ukraine and 400 million euros ($435 million) as part of its Trade Facilitation Programme.
The EBRD is currently focusing on five priority areas for investment in Ukraine: energy security, vital infrastructure, food security, trade, and support for the private sector.
We’re bringing the voice of Ukraine to the world. Support us with a one-time donation, or become a Patron!
Read the original article on The New Voice of Ukraine
