11:59 13.04.2024

EU allocates EUR 121 mln for additional capitalization of EBRD to increase assistance to Ukraine

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EU allocates EUR 121 mln for additional capitalization of EBRD to increase assistance to Ukraine

On April 12, the Council of the European Union at the level of finance ministers decided to increase the EU's share in the European Bank for Reconstruction and Development (EBRD): the EU will subscribe for 12,102 additional shares at EUR 10,000 each until July 30, 2025.

"This capital increase should ensure the Bank's support for resilience and reconstruction in Ukraine beyond 2023 and the continued support in all of its countries of operation," the EU Council said in a press release.

It is specified that the subscription will be paid for in five equal annual installments and the decision will expand the geographical coverage of the EBRD's operations to sub-Saharan Africa and Iraq on a limited and progressive basis.

"Good news! The Ecofin Council approved EU participation in EBRD capital increase for its continued support for Ukraine. EU-EBRD partnership has never been stronger," Executive Vice President of the European Commission Valdis Dombrovskis commented on this decision on X social network, thanking the legislators for their swift work on this file.

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