EBRD expects to invest 1.5 billion euros in Ukraine in 2024

EBRD expects to invest 1.5 billion euros in Ukraine in 2024

EBRD to Allocate Additional 1.5 Billion Euros to Ukraine in Support of Infrastructure and Economy

The European Bank for Reconstruction and Development (EBRD) plans to spend 1.5 billion euros in Ukraine next year in support of infrastructure and the economy.

According The Guardian, it comes on top of 3 billion euros already projected for 2022 and the remainder of 2023.

Last year the bank, which is founded in 1991 as a post cold-war era institution to support eastern Europe, deployed 1.7 billion euros with significant expenditure on rebuilding gas and rail networks.

"The Ukraine economy has proved very resilient. Everything is functioning. Banks are functioning, there has been no bank run. There was a huge shock at the beginning with a minus 30% [in GDP]. But not the situation has stabilised. This resilience is due to the amazing resilience of the people and their capacity to find a solution and continue doing their business and relocate and so forth. So very very impressive," said Odile Renaud-Basso, president of the bank.

The World Bank has estimated that it will take 11 billion euros for critical and priority reconstruction and recovery investments in 2023.

The European Commission and the EBRD will help Moldova restore two railway sections, the launch of which will contribute to the country's economic development and also facilitate the railway transit of Ukrainian goods to the EU.

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