EBRD First Vice President Reaffirms Support for Ukraine’s Economy Amidst War Challenges

EBRD First Vice President Reaffirms Support for Ukraine’s Economy Amidst War Challenges

(IN BRIEF) During his second visit to wartime Ukraine, the First Vice President of the European Bank for Reconstruction and Development (EBRD), Jürgen Rigterink, emphasized the EBRD’s ongoing commitment to supporting Ukraine’s real economy and reform agenda. With more than €4 billion already deployed in Ukraine’s real economy since the onset of the war, the EBRD aims to continue its support, particularly with the recent increase in paid-in capital. Mr. Rigterink met with Ukrainian leaders, including Prime Minister Shmyhal and Finance Minister Marchenko, to discuss continued collaboration and potential investment areas, emphasizing the importance of key reforms and EU standards alignment. The EBRD also signed a new agreement with PrivatBank to bolster trade finance, highlighting its dedication to sustaining essential services amidst wartime challenges.

(PRESS RELEASE) LONDON, 16-Mar-2024 — /EuropaWire/ — The First Vice President of the European Bank for Reconstruction and Development (EBRD), Jürgen Rigterink, has visited Kyiv to reaffirm to Ukrainian leaders and Ukraine’s business community the EBRD’s commitment to further supporting the Ukrainian real economy and reform agenda.

This is Mr Rigterink’s second visit to wartime Ukraine. In March 2023 he led a high-level EBRD delegation to Lviv in the west of the country.

The EBRD, Ukraine’s biggest institutional investor, substantially increased its financing there in the wake of Russia’s invasion. It has deployed more than €4 billion in Ukraine’s real economy in the first two years of the war.

With the EBRD’s Governors agreeing in December 2023 to increase the Bank’s paid-in capital by €4 billion, the Bank will be able to continue lending to Ukraine at these levels, with the potential for more investment once the time comes for reconstruction.

“I continue to be impressed by the resilience of the Ukrainian people, businesses and country as a whole. Each time I have visited since the war began, I have experienced the daily disruptions and intrusions into people’s lives, yet they show such tenacity and perseverance,” Mr Rigterink said. 

“The EBRD will likewise persevere with its support to Ukraine. This year, we hope to continue with a mix of working capital operations for public and private companies, and long-term financing for investments. We also stand ready to support the implementation of key reforms to improve governance and bring Ukraine’s institutions in line with EU standards as part of its accession process into the European Union,” he added.

As well as holding talks with Prime Minister Denys Shmyhal and Deputy Prime Minister Oleksandr Kubrakov, First Vice President Rigterink also met Finance Minister Serhii Marchenko and Andriy Pyshnyy, Governor of the National Bank of Ukraine.

In the business community, Mr Rigterink met leaders of the EBRD’s partner banks and held talks with clients on existing and potential projects.

On 13 March, Mr Rigterink signed a new agreement with state-owned PrivatBank, expanding cooperation between the two institutions. The EBRD is making available a US$ 25 million trade finance limit to support the Ukrainian bank’s growing trade finance business and to safeguard the flow of essential goods in and out of Ukraine.

PrivatBank joins 11 other EBRD partner banks in Ukraine under the Bank’s Trade Facilitation Programme (TFP).

Mr Rigterink was accompanied on his trip by EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone, and EBRD Deputy Heads of Ukraine Irina Kravchenko and Lesya Kuzmenko.

The EBRD is a committed and steadfast partner of Ukraine. Over the last 30 years the Bank has been the largest institutional investor in the country, with cumulative investment of more than €18 billion in more than 500 projects. In wartime Ukraine, EBRD investment is pursued under the five themes of energy security, vital infrastructure, food security, trade and support for the private sector.

Media Contact:

Tel: +44 207 338 7805
Email: Group-PressUnit@ebrd.com

SOURCE: EBRD