Minister of Finance of Ukraine met with the President of the European Bank for Reconstruction and Development

The Minister of Finance of Ukraine Serhii Marchenko held an online meeting with the President of the European Bank for Reconstruction and Development Odile Renaud-Basso.

The parties discussed the implementation of the EBRD assistance package, joint projects to support the liquidity of state-owned enterprises of Ukraine and potential lending directions offered by the Bank.

As part of the Ukraine’s resilience package in reponse to the war, the EBRD has

announced allocation of EUR 2 billion in support of Ukraine's resilience and assistance to affected countries. It is planned that the funds will be used to provide credit vacations and restructuring, liquidity support, trade finance, including fuel imports and support for government reforms.

"I am grateful to the EBRD for its support during the difficult period of the war, as well as to all international partners who contribute to Ukraine's economic stability. Since February 24, 2022, we have already received unprecedented assistance, about EUR 1.5 billion and USD 1.6 billion in loans and grants from international financial organizations, the EU and foreign governments," stressed Serhii Marchenko.

The Minister of Finance also thanked Ms Odile Renaud-Basso personally for her support on the sanctions front. Until April 1, the EBRD is voting on the suspension of russia's and belarus' access to the Bank's resources, as previously reported by Serhii Marchenko in his appeal to his colleagues from the EBRD member countries.

Moreover, the parties discussed the possibility of restructuring the existing joint projects of Ukrzaliznytsia and Ukrenergo with the EBRD and directing these loans to emergency liquidity support.

Сurrently, one of the priorities for funding in Ukraine is the agricultural sector to support this year's spring sowing campaign. The Minister of Finance invited the EBRD to consider the possibility of providing credit programs for farmers.

At the same time, due to the existing demand from the agricultural, pharmaceutical and other industries, Serhii Marchenko asked the EBRD with a request to increase the limit for Ukrainian banks under the Trade Facilitation Program.

The parties agreed to continue discussions on further uses of credit support by the EBRD.