The European Bank for Reconstruction and Development (EBRD) is ready to participate in the international program of financial support for Ukraine, the bank has said in a statement.
The bank is prepared to invest at least EUR 5 billion in Ukraine by 2020, and could invest more if economic conditions permit. The EBRD considers that in order to regain the confidence of investors, Ukraine must agree on a macroeconomic stabilization program with the International Monetary Fund (IMF) and deal with corruption. The EBRD said that it would work closely with the authorities in Ukraine. As reported, the European Commission has agreed on a package of assistance to Ukraine, which foresees the issue of EUR 3 billion from the EU budget in the coming years, EUR 1.6 billion in macro-financial aid in the form of loans, an aid package in the form of grants totaling EUR 1.4 billion. In addition, the aid package includes EUR 8 billion from the European Investment Bank and the European Bank for Reconstruction and Development, as well as a potential EUR 3.5 billion raised through the Neighborhood Investment Facility and the creation of a donor coordination platform. The aid package also foresees the modernization of the Ukrainian gas transportation system and work towards the development of reverse flows, in particular through Slovakia. At the same time, it is planned to accelerate the introduction of an action plan for visa liberalization. The EBRD in 2013 reduced investment in Ukraine by 12.2%, to EUR 820 million, and in 2012 - by 8.4% compared to 2011, to EUR 934 million. The EBRD is the largest financial investor in Ukraine. As of early 2014, the bank had undertaken the issue of EUR 8.7 billion ($11.9 billion) under 321 projects in Ukraine.