EBRD confirms stabilization of the Ukrainian economy

Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), has noted the stabilization of Ukraine's economy and the continuation of work in a large part of its territory. She also spoke about negotiations with the Ukrainian government on preparing the country for the winter period.

The meeting between Ukrainian President Volodymyr Zelenskyy and Odile Renaud-Basso took place on September 29 during her last visit to Kyiv.

Audile Renaud-Basso said that the EBRD is actively working to increase its authorized capital, which will provide additional funding for Ukraine's recovery.

In terms of specific initiatives, the EBRD plans to support Ukrenergo in building air defense, provide large gas reserves together with Naftogaz, and finance Ukrhydroenergo projects. The bank will also provide funding for the development of Ukrzaliznytsia and transportation infrastructure.

As for the private sector, the EBRD intends to focus on increasing production capacity in agriculture and cooperate with banks to finance small and medium-sized enterprises, particularly in the field of risk insurance.

President Zelenskyy emphasized that investments were coming to Ukraine even during the war, but that the country's economy needed to increase their volume to recover. He noted that the creation of a reliable air defense system and the creation of new jobs will help people return to Ukraine, even in difficult times of war, and will ensure the continuation of the country's life.

During the meeting, the Head of State thanked the EBRD for its continued support in countering the Russian invasion and for financing Ukraine's development projects.

According to Zelenskyy, Ukraine is interested in continuing cooperation with the EBRD in areas such as energy security, trade finance, support for infrastructure and municipalities, food security, the corporate sector, and others. He also emphasized the importance of attracting private capital for the country's recovery.

In early September, the Ministry of Economy of Ukraine reported that the Ukrainian economy had adapted to the force majeure conditions and showed growth for the first time since the beginning of the war. According to the State Statistics Service, GDP in the second quarter of 2023 grew by 19.5% year-on-year. The growth was across all components of demand.

In early September, it became known that the access roads to the checkpoints on the western border would be overhauled as part of the project "Development of the Trans-European Transport Network (Ukraine - Road Corridors)" between Ukraine and the European Bank for Reconstruction and Development (EBRD).