Sergii Marchenko and the EBRD President discussed prospects for further cooperation

Today, on 27 September, Minister of Finance of Ukraine Sergii Marchenko met with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso.

The meeting was attended by Deputy Minister of Finance of Ukraine Olga Zykova and EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone.

The parties discussed the current economic situation in Ukraine, the indicators of the draft State Budget for 2024, the status of joint projects and prospects for further cooperation with the EBRD.

In particular, the Minister of Finance stressed the importance of the support of international partners for the continuation of reforms in Ukraine and noted that the need for budget support to ensure the performance of the main functions of the state is estimated for 2024 at the level of the current year.

Sergii Marchenko thanked the European Bank for Reconstruction and Development for the financial assistance provided to Ukraine. 

"I am grateful for the Bank's determination and commitment in supporting Ukraine in the extremely difficult global economic environment caused by the russian invasion of Ukraine and for the significant increase in investments. The EBRD is a key partner that mobilizes funding to support liquidity and ensure stable operation of public sector entities, which is critical for the state and citizens under martial law," said Sergii Marchenko. 

At the same time, Sergii Marchenko noted that attracting funding for investment projects remains a priority for the Ukrainian side, which will help stabilise economic activity in the long term.

In addition, the meeting emphasised the need to increase the capacity to effectively use donor funds to implement rapid recovery projects.

Odile Renaud-Basso emphasized that the Bank intends to focus on priority areas for financing, such as the energy sector to strengthen the country's energy security and stabilize the electricity market in Ukraine, other critical infrastructure sectors, and investments in the private sector.

Additional information: 

In the public sector, 11 joint projects with the EBRD are under implementation with a total loan volume of EUR 2,364.0 million, of which EUR 606.2 million was raised in 8 months of 2023.

Priority areas of cooperation in 2023 :

• Special capital support project for NPC Ukrenergo (EUR 150 million loan from the EBRD under the state guarantee), which aims to cover critical operating costs of NPC Ukrenergo and ensure stable and uninterrupted electricity transmission services throughout Ukraine, as well as to increase the country's energy security and stabilize the Ukrainian electricity market in times of war.

• Project "Financing of Strategic Gas Reserves of NJSC Naftogaz of Ukraine" (EUR 200 million loan from the EBRD under the state guarantee). The aim of the Project is to support Naftogaz of Ukraine in creating strategic gas reserves, which are critical for ensuring Ukraine's energy security and the sustainable passage of the 2023/2024 and 2024/2025 heating seasons.

• The project "Emergency Restoration of Ukrhydroenergo" (EBRD loan - EUR 200 million under the state guarantee), the implementation of which will support the sustainability of the Company's operations and assist in restoring the operational reliability and efficiency of hydroelectric power plants affected by the military aggression of the Russian Federation against Ukraine.