EBRD underscores support for Ukraine

by World Grain Staff
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LONDON, ENGLAND — European Bank for Reconstruction and Development (EBRD) President Suma Chakrabarti underscored the bank’s support for reforms in Ukraine during discussions in Kiev on Feb. 16 with Ukrainian Head of State Petro Poroshenko, Prime Minister Arseniy Yatsenyuk and other senior officials.

With Poroshenko, Chakrabarti discussed latest economic developments and expressed the bank’s strong support for Ukraine’s program of reforms. The EBRD was prepared to provide practical help, he said.

Both sides looked forward to the speedy finalization of an accord with the International Monetary Fund which would also support reforms and help to stabilize the economy which has been severely weakened and faces a sharp contraction in 2015.

The EBRD, with other international organizations, has worked with the Ukrainian authorities to improve corporate governance with the establishment of an Anti-Corruption Initiative and an independent business ombudsman to help create a more favorable investment climate.

Another focus of Ukraine’s reforms is the modernization and commercialization of Naftogas, the Ukrainian gas utility as well as providing generally for greater energy efficiency in the Ukrainian economy.

The EBRD invested over €1.2 billion in Ukraine in 2014.

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