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The European Bank for Reconstruction and Development sees its investments in Ukraine for the coming year at €1.5 billion ($1.54 billion) as Russia’s ongoing invasion continues to devastate the country.
Author of the article:
Bloomberg News
Daryna Krasnolutska
Published Jan 16, 2025 • 1 minute read
(Bloomberg) — The European Bank for Reconstruction and Development sees its investments in Ukraine for the coming year at €1.5 billion ($1.54 billion) as Russia’s ongoing invasion continues to devastate the country.
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“Planning is a difficult thing in Ukraine” and “more is possible if we find the right deals,” Arvid Tuerkner, the EBRD’s managing director for Ukraine and Moldova, said in a zoom interview.
“Infrastructure, energy security are two top priorities and then comes the private sector and resilience in food security,” he added.
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The London-based bank invested a record amount of nearly €2.4 billion last year in Ukraine after raising its paid-in capital by €4 billion. EBRD focused its energy financing on decentralized small-scale generation capacity to helping ensure uninterrupted power supply to people and businesses.
Russia’s constant missile and drone attacks have damaged power generating facilities, causing blackouts across the country.
While the EBRD provided loans to Ukrainian state-run companies, including railways, more than 50% of its investments went into private business last year, said Tuerkner. The share will stay roughly the same in 2025 as the bank sees “good agriculture sector pipeline,” which is central to the Ukrainian economy, he said.
Ukraine should make progress with anti-corruption efforts and judicial reform to help investment climate as “there is hope” reconstruction may start this year following a ceasefire or a peace deal, Tuerkner said.
“Reforms are important and we want to help as much as we can,” he said, adding that Ukrainian government achieved “so many things” despite the war.
Tuerkner also urged Ukrainian government to advance in corporate governance reform as state companies will be involved in reconstruction. “This is why their governance, their capacity, their transparency and anti-corruption is a key role for making that reconstruction a success.”
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