(BRIEF) On his second wartime stop in Ukraine, the First Vice-President of the European Bank for Reconstruction and Development (EBRD), Jürgen Rigterink, underlined the EBRD’s continued commitment to supporting Ukraine’s genuine economy and reform agenda. With €4 billion already deployed in Ukraine’s genuine economy since the start of the war, the EBRD intends to continue its support, adding to the recent accumulation of paid-up capital. Rigterink met with Ukrainian leaders, including Prime Minister Shmyhal and Finance Minister Marchenko, to discuss additional collaboration and possible spaces for investment, highlighting the importance of key reforms and the alignment of EU standards. The EBRD also signed a new agreement with PrivatBank to finance the industry. , underlining its commitment to maintaining essential facilities in the face of war.
(PRESS RELEASE) LONDON, March 16, 2024 — /EuropaWire/ — The First Vice-President of the European Bank for Reconstruction and Development (EBRD), Jürgen Rigterink, visited Kyiv to reaffirm the EBRD’s commitment to Ukrainian leaders and the Ukrainian business community. promote Ukraine’s genuine economy and reform agenda.
This is Mr. Rigterink in wartime Ukraine. In March 2023, he led a high-level EBRD delegation to Lviv in the west of the country.
The EBRD, the largest institutional investor in Ukraine, increased its funding in the country following Russia’s invasion. It poured more than €4 billion into Ukraine’s authentic economy in the first two years of the war.
Since EBRD governors agreed in December 2023 to increase the Bank’s paid-up capital by €4 billion, the Bank will continue to lend to Ukraine at those levels, with the option to make additional investments once the time comes for reconstruction.
“I continue to be inspired by the resilience of the Ukrainian people, businesses and the country as a whole. Every time I have come since the beginning of the war, I have faced disturbances and intrusions into people’s lives and yet demonstrate such tenacity and perseverance,” Mr. Rigterink said.
“The EBRD will also continue its assistance to Ukraine. This year we expect to continue with a combination of current capital operations for public and private companies, and long-term financing for investments. We are also in a position to assist in the implementation of key governance reforms and align Ukraine’s institutions with EU criteria as a component of its EU accession process,” he added.
In addition to his talks with Prime Minister Denys Shmyhal and Deputy Prime Minister Oleksandr Kubrakov, First Vice President Rigterink met with Finance Minister Serhii Marchenko and Andriy Pyshnyy, Governor of the National Bank of Ukraine.
In the business world, Rigterink met with the heads of the EBRD’s partner banks and talked to clients about existing projects.
On 13 March, Mr Rigterink signed a new agreement with the state-owned PrivatBank, expanding cooperation between the two institutions. The EBRD is granting an industrial financing cap of US$25 million to the Ukrainian bank’s developing industrial financing activities and to safeguard the flow of essential goods to and from Ukraine.
PrivatBank joins 11 other EBRD partner banks in Ukraine in the Bank’s Trade Facilitation Programme (TFP).
Mr Rigterink was accompanied by the EBRD’s Director General for Eastern Europe and the Caucasus, Matteo Patrone, as well as the EBRD’s Deputy Directors for Ukraine, Irina Kravchenko and Lesya Kuzmenko.
The EBRD is a committed and unwavering spouse from Ukraine. Over the past 30 years, the Bank has been the largest institutional investor in the country, with a cumulative investment of more than €18 billion in more than 500 projects. In a Ukraine at war, the EBRD’s investments focus on five themes: energy security, major infrastructure, food security, industry and the personal sector.
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SOURCE: EBRD
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