EBRD 2019 Investment in Ukraine Passes €1 bn. Mark
EBRD Ukraine, Kyiv, Ukraine,
Thu, Oct 17, 2019
President Chakrabarti and Minister of Finance Markarova
discuss strategic developments
EBRD President Suma Chakrabarti met Ukraine’s Minister of Finance Oksana Markarova
- EBRD annual investment in Ukraine passes €1 billion in October 2019
- President Chakrabarti and Minister of Finance Markarova discuss strategic developments
- Both sided commit to further increase of engagement
The EBRD’s engagement in Ukraine is on course for a new record with investment in the first ten months of 2019 already exceeding the €1 billion mark.
In a meeting with Ukraine’s Minister of Finance, Oksana Markarova, in Washington, D.C. today, EBRD President Suma Chakrabarti said: “This demonstrates the Bank’s commitment to Ukraine and our capacity to deliver which is benefiting from the dedicated way Minister Markarova is addressing the challenges and opportunities of the Ukrainian economy. If the current trend continues, Ukraine is very likely to be our top investment destination in 2019. We have promised to do more in our countries of operations in the years ahead and Ukraine symbolises that: more investment, more projects and more impact.”
The two delegations took stock of the Bank’s performance in Ukraine and discussed strategic developments. Minister Markarova noted: “We are impressed that the EBRD’s impressive performance in our country this year constitutes a solid basis for our future partnership. Before this background we see favourably the potential for the EBRD’s future expansion to other regions to deploy its expertise and achieve significant synergies with already existing countries of operations.”
The EBRD’s investments in 2019 cover a wide range of sectors and include major renewable energy projects in south Ukraine with total installed capacity of more than 300 MV, the subscription to Eurobonds issued by NAK Naftogaz and Ukraine Railways, an investment into Ukraine’s power transmission system as well as the launch of specialised lines of credit for women entrepreneurs and small and medium-sized businesses under the EU4Business programme.
In its engagement the Bank combines investments with reform dialogue and support for the development of a business environment which is governed by the rule of law and with transparency and efficiency offers a level playing field to all market participants. The EBRD was instrumental in setting up the institution of a Business Ombudsman and, together with the EU and other donors, is supporting the reform of the state administration with a dedicated programme.
Look forward, President Chakrabarti added: “We are expecting a record result in Ukraine this year. Our goal, however, must now be to achieve a comparable level of activity every year. This is our joint aim. Together, we – Ukraine and EBRD – can make it.”
The EBRD is the largest institutional investor in Ukraine. To date, the Bank has invested €14.6 billion in almost 450 projects. 75 per cent of the Bank’s investment is in the private sector.