The EBRD is asking for recapitalization of 3-5 billion euros to support Ukraine
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The Board of Governors of the European Bank for Reconstruction and Development (EBRD) recognized the need for additional shareholder support for the bank’s work in Ukraine, which intensified after the Russian invasion in February 2022, and estimates it at 3-5 billion euros. This was reported in the bank following the results of the annual meeting held in Samarkand (Uzbekistan), reports Interfax-Ukraine.
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“The proposal from the Board of Directors on the volume of EBRD support for Ukraine and the potential increase in paid-in capital will be submitted to the Board of Governors for a final decision by the end of 2023,” the message says. The Board of Directors considers paid-in capital the most effective, efficient and fairly distributed instrument for providing further support. “The increase in capital by 3-5 billion euros will make it possible to carry out investments of this nature and scale without the need for a systematic distribution of donor risks in 2024,” the EBRD noted. According to EBRD President Odile Renaud-Basso, such a decision reflects the commitment of the bank’s shareholders to support Ukraine, as well as their trust in the bank in fulfilling this role of support in Ukraine both during the war and the subsequent post-war reconstruction. If approved, the capital increase will be the third time the bank’s shareholders agree to increase its capital base.
EBRD shareholders include 71 countries, as well as the EU and the European Investment Bank.
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Source: Ministry of Finance
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