EBRD notes importance of continuous support for Ukraine

EBRD notes importance of continuous support for Ukraine

A sustained high level of support for Ukraine is a key challenge ahead, the European Bank for Reconstruction and Development(EBRD) said on Monday, October 2, after further military funding was excluded from a U.S. congressional budget deal.

That's according to Reuters, Ukrinform reports.

"What happened in the U.S. Congress raises some questions," EBRD President Odile Renaud-Basso said in a media briefing in London ahead of the International Monetary Fund and World Bank annual meetings next week in Marrakech.

"The U.S. president reaffirmed a strong commitment, but this is a very important question for Ukraine," she added.

EBRD financing in Ukraine has provided 1.2 billion euros so far in 2023, and the bank said is on track to deliver its commitment to finance at least 3 billion euros in the 2022-2023 period. The bank's financing is focused on the real economy and reconstruction efforts.

Shareholders of the EBRD continue talks to boost its capital by 3 billion-5 billion euros, Renaud-Basso said, adding that the bank should announce a decision on capital increase by year-end.

The capital increase is "triggered because of Ukraine," the EBRD president said.

"It will allow us to continue to support all our countries of operation, some of them need a lot of financial support because they have been either directly or indirectly impacted by the war," she added.

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