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EBRD confirms €5 billion for Ukraine through 2020

World

A few hours after European Commission president José Manuel Barroso held a brief press conference to announce a proposal for European Union support for Ukraine, the would-be primary benefactor European Bank for Reconstruction and Development (EBRD) confirmed that the institution is in fact ready to invest some €5 billion in the country through 2020.

The EBRD’s official statement is as follows.

“The European Bank for Reconstruction and Development stands ready to support the economy of Ukraine with investments of at least €5 billion over the period until 2020 as part of a coordinated international financial assistance program in support of credible structural and macroeconomic reforms.

“The €5 billion amount may be exceeded if economic circumstances permit.

“The EBRD believes that it is essential for investor confidence that Ukraine agree on a macroeconomic stabilization program with the International Monetary Fund and that it tackle endemic corruption.

“The EBRD has been working over the last year on an anti-corruption initiative with Ukraine and the Bank looks forward to making progress on this with the new authorities.

“The EBRD will work together very closely with the authorities in Ukraine to help put in place the appropriate conditions that will support investment in the country.”

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