EBRD in Ukraine Monthly

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 over 500 projects. The Bank has increased its investments in Ukraine in response to the war, deploying €4 billion in the country in the first two years of full-scale invasion.

This month, EBRD President Odile Renaud-Basso delivered a public lecture at the London School of Economics on the EBRD's vision for helping Ukraine achieve its European destiny. Our First Vice President Jürgen Rigterink visited wartime Kyiv reaffirming our commitment to support the country's real economy. In the current edition of our newsletter, we feature his insights from the trip.

Thank you for reading our tenth 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

In case you missed it

Odile Renaud-Basso outlines the EBRD’s vision for helping Ukraine achieve its European destiny during a public lecture at the 英国伦敦政治经济学院 . The event marks the anniversary of the collaboration between the LSE and Università Bocconi .

You can also read the speech here.

From the field: Jürgen Rigterink on his second visit to wartime Ukraine

First Vice President of the EBRD, Jurgen Rigterink has recently visited Kyiv to reaffirm to Ukrainian leaders and?Ukraine’s business community the Bank's commitment to further supporting the country's real economy and reform agenda.

Please tell us about your week in wartime Kyiv. How are our partners on the ground doing?

I continue to be impressed by the resilience of the Ukrainian people, businesses and country as a whole. I have witnessed there the daily disruptions and intrusions into people’s lives, yet they show such tenacity and perseverance. Our first three meetings were held in a bomb shelter. I was told one of the air alerts was the thousandth in Kyiv since the start of the invasion...

But as soon as we emerged, we kicked off our meetings with the Prime Minister of Ukraine, Denys Shmyhal, Deputy Prime Minister Oleksandr Kubrakov, the Minister of Finance, Serhii Marchenko, and the Governor of the Central Bank Andriy Pyshnyy. We continue to be impressed by their focus and determination under extreme circumstances. And while they praised us for our unwavering support and for being the largest institutional investor since the start of war, we assured them that we will keep supporting the Ukrainian economy.

Please tell us more about our private sector clients and the banks. How are they coping?

We held meetings with several private sector clients including banks and agri-companies on the ground. Notwithstanding the conflict, private sector clients still want to invest, and our work is now more relevant than ever. The Governor of the Central Bank Andriy Pyshnyy also told us that despite the war, the banking system remains resilient. PrivatBank is a good example. Our longstanding partner and Ukraine's largest bank has a growing trade finance business. During my visit, we signed a new agreement with them, making available a US$ 25 million trade finance limit to help them safeguard the flow of essential goods in and out of Ukraine.

What are the EBRD’s priorities for Ukraine, after this visit?

I left Ukraine with a heavy heart but filled with renewed determination and commitment to what we as a Bank are doing there. We will persevere with our 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.

I want to extend my deepest thanks to EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone , and EBRD Deputy Heads of Ukraine Irina Kravchenko and Lesya Kuzmenko who accompanied me.

This trip will be etched in my memory for many years to come.