EBRD in Ukraine Monthly

Our President Odile Renaud-Basso recently participated in the IMF/World Bank Spring Meetings where Ukraine was one of the key topics of discussion. Odile also, on behalf of the EBRD, received an Honorary Diploma from Ukraine's Prime Minister Denys Shmyhal, to recognise the tireless work of EBRD teams in support of Ukraine. That support will remain unwavering, Odile noted.?

We also welcome our new Managing Director for Ukraine and Moldova, Arvid Tuerkner . In the current edition of our newsletter, we ask for his thoughts on his new appointment.?

Thank you for reading our eleventh edition of EBRD in Ukraine Monthly. Scroll down for more news on the EBRD’s activities in the country.

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EBRD experts on Ukraine and its way forward

From the field: Meet the EBRD's new Managing Director for Ukraine and Moldova?

The EBRD's Arvid Tuerkner , previously Managing Director, Türkiye, has been appointed Managing Director, Ukraine and Moldova. He has just taken up his new responsibilities, and reflects on his new?role.?

You have been responsible for the EBRD's activities in Türkiye during a challenging time for the country. Do you think there are synergies you bring from your previous role to this one??

Indeed, the last few years have been quite challenging for Türkiye, not only in terms of the macroeconomics, but also as a result of the devastating earthquake last year. Of course, we cannot compare the situation in Türkiye with what is happening in Ukraine as the nature of the two crises is very different and requires different approaches.

But my time in Türkiye has reinforced my belief in the importance of a vibrant private sector. Despite the macroeconomic turbulence, Türkiye's private sector has always managed to prevail and innovate. This will be particularly important in Ukraine, and it is why I am a firm believer in the EBRD's emphasis on supporting Ukraine's private sector and real economy.

My experience in Türkiye has also taught me that it is very important to stay agile in the face of volatility for the EBRD as well. We've managed to tailor the EBRD's response to the changing needs of the Turkish economy, introducing new instruments that promote innovation and inclusion, and support the care economy. I think these issues will also be important in Ukraine and there are definitely some synergies there.

You're stepping in at a pivotal moment. The Bank has so far deployed more than €4 billion in wartime Ukraine, and has an ambition to invest around €1.5 billion annually going forward. Where do you see the Bank's focus in Ukraine over the short and medium term??

We have been focusing our activities along five areas where we saw a real need for our intervention: energy and food security, trade finance, private sector resilience and support for vital infrastructure.

I don't foresee a huge shift in areas of our activities, but it's clear that some are now more critical than others. It's clear that energy will be at the forefront, as the situation on the ground is worsening with the continuous assault on the country's energy infrastructure.?

Crucially, we will remain flexible in our approach to ensure our response is valuable and addresses the needs of the time.

What are you looking forward to the most in the coming months in your new role?

Of course, above all, I am looking forward to working with my team, whom I have already met in Warsaw, to support Ukraine and its people in the best way we can.

I am also very much looking forward to visiting Kyiv in the coming months to meet our clients and government partners, and discuss what more the EBRD can do to support Ukraine's economy and ensure that its private sector maintains the resilience we have seen so far.

More immediately though, I am looking forward to moderating our Ukraine Investment Outlook Session at the EBRD's Annual Meeting in Yerevan. We have a great panel representing both large investors and top government officials, and we will be discussing what needs to happen to mobilise finance and partnerships for immediate investment.