Minister of Finance of Ukraine Met with the President of the EBRD

During a working visit to Washington, Minister of Finance of Ukraine Sergii Marchenko met with President of the European Bank for Reconstruction and Development Odile Renaud-Basso.

Deputy Minister of Finance Olga Zykova and Deputy Minister of Finance for European Integration Yuriy Draganchuk also took part in the meeting.

The parties discussed joint projects that are currently being implemented and further areas of cooperation.

Sergii Marchenko thanked for the unwaver position in this unprovoked russian war, namely for unconditional support for Ukraine, condemnation of russia's actions and suspension of cooperation with the aggressor country.

“Thanks to cooperation with international partners, Ukraine is able to maintain financial stability in the country, despite the catastrophic consequences of the war. We are grateful to the EBRD for a significant financial contribution, it is important for us to continue cooperation in the face of a full-scale invasion. In particular, in the energy sector, support for municipalities affected by the war, diversification of energy supply, agribusiness and SMEs”, Sergii Marchenko said.

In August of this year, the Minister of Finance of Ukraine Sergii Marchenko and the President of the European Bank for Reconstruction and Development, Odile Renaud-Basso signed an agreement on amendments to the Guarantee Agreement regarding the Power Transmission Network Modernization Project. The changes envisage the allocation of EUR 97.3 million to support the sustainability of the operation of NPC "Ukrenergo". In June, NEC "Ukrenergo" already received EUR 50 million from the EBRD to support liquidity.

In April 2022, the Board of Governors of the European Bank for Reconstruction and Development, for the first time in the history of the Bank, adopted Resolutions of the Board of Governors, which provide for the suspension and change of access of russia and Belarus to the Bank's resources.

During the meeting, the Minister of Finance noted that one of the priority tasks of the Government today is to ensure a stable heating season for citizens, in the conditions of russia's aggressive actions to destroy critical infrastructure. The parties discussed the possible support of the Bank in this issue.

Additional information

EBRD is one of the largest institutional investors in Ukraine. The total amount of financing allocated to Ukraine by the Bank as of August 2022 is EUR 17.6 billion within the framework of 516 projects.

In the public sector, there are 9 joint projects with the EBRD at the stage of implementation with a total amount of loans of EUR 1.76 billion (attracted by the state or under state guarantees).