Help business and economy: EBRD will allocate up to €3 billion to Ukraine
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The European Bank for Reconstruction and Development allocated more than 1 billion euros to Kyiv after the start of the war with the Russian Federation and intends to triple this amount. The tranche will go to support the real sector of the economy, including the pharmaceutical industry.
The European Bank for Reconstruction and Development (EBRD) is going to allocate up to 3 billion euros to help Ukrainian businesses and the economy. This is stated in a press release from the EBRD.
The financing agreement was formalized during a meeting in Kyiv between the president of the bank, Odile Renault-Basso, and the president of Ukraine, Volodymyr Zelensky.
“I really wanted to meet with Zelensky in order to personally express solidarity and support for Ukraine. He left no doubt about the scale of assistance. The EBRD is determined to do everything possible to help,” the head of the European bank said following the visit.
Zelensky, at a meeting with Renault Basso, stressed the damage done to the country's infrastructure by Russian missiles.
The EBRD has allocated more than 1 billion euros to Ukraine since the start of Russian aggression and intends to triple this figure by the end of 2023. The tranche will be spent to support the real sector of the economy – energy and food security, the restoration of railways, infrastructure and the pharmaceutical industry.
The bank has invested in Ukrainian electricity companies and provided Naftogaz with liquidity support of up to EUR 500 million. Negotiations are now underway to increase funding for urgent repairs to power grids and to support the municipal authorities of Kyiv, Lvov and Dnipro.
The Bank allocates donor money to Ukraine from the US and the EU and G7 countries, recently Norway allocated 200 million euros to support Ukraine, the press center of the organization noted.
EBRD and Ukraine's Post-War Reconstruction Plan
Volodymyr Zelenskyy previously called the visit of the head of the EBRD to Kyiv an important signal of support for Ukraine.
“Our cooperation is more relevant than ever, because now, due to the large amount of destruction resulting from missile strikes and kamikaze drone attacks, we need to work on a quick recovery our country,” Zelensky said.
The head of state thanked the EBRD for the decision to stop cooperation with Russia and Belarus.
According to the President, it is already necessary to work on the fast post-war restoration of Ukraine (Fast Recovery Plan) – the energy, infrastructure, educational spheres and the restoration of housing for Ukrainians. It will also require urgent raising of money.
On 15 September, the EBRD paid Ukraine €500 million for emergency spending, the first part of a €1.59 billion emergency solidarity package for Ukraine.
Deputy head of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Yaroslav Zheleznyak believes that during the war, Ukraine needs about $3 billion a month to finance its needs.