The European Bank for Reconstruction and Development (EBRD) reaffirms its commitment to invest EUR 3 billion in Ukraine during 2022-2023, which is 50% more than before the war, EBRD President Odile Renaud-Basso said in an exclusive interview with Interfax -Ukraine.

"By the end of November, the Bank had already undertaken well over EUR 1 billion of activity in the country for the year 2022 and our full 2022 results will be announced at the beginning of next year," the head of the bank said.

"Half of that was on our own balance sheet, the other half in the form of generous support from our donors and partners in the form of funds, first loss or risk-sharing guarantees," Renaud-Basso said.

She said that in total, the bank has already mobilised more than EUR 1.4 billion of donor support, which includes EUR 1.1 billion of funding being secured and signed with a further EUR 0.3 billion having been pledged.

Among the donors, according to her, are the United States, which contributed $500 million to the Ukraine Crisis Response Fund, Norway, which is providing EUR200 million in support for Ukraine's energy and food security via the EBRD, and the Netherlands, which is extending EUR 72 million grant for Ukrenergo aimed at emergency repairs of the national electricity grid.

Reno-Basso added that the UK is providing a EUR 54.4 million guarantee to support an EBRD loan to Ukrenergo, while Canada and Germany provided EUR 36.5 million and EUR 50.0 million guarantees, respectively, to support EUR 300 million EBRD loan to NJSC Naftogaz Ukrainy for procurement of gas for the winter season.

In addition, the EBRD President said that the EU has provided guarantees worth EUR 66.8 million to support EBRD loans extended to Ukrenergo, Ukrzaliznytsia and Farmak.

"Other donors include France (which will be providing EUR 100 million of unfunded guarantees to Naftogaz and Ukrzaliznytsia), Spain (which committed to extending an up to EUR 100 million unfunded guarantee to support the food security and municipal sectors), Italy, Japan, Denmark, Switzerland and others," Renault-Basso said.

She said the EBRD continue to strongly support its clients and vital infrastructure into 2023.

"Our commitments to investments in Ukraine depend on several factors, including support from our shareholders and donors to share the risk on any new investments, the availability of sound, bankable projects in Ukraine, and the future direction of the war," the bank's president said.

She also stressed the importance of the involvement of the private sector.

"The needs for rebuilding the Ukrainian economy are huge, and they cannot all be covered by international financial institutions and multilateral development banks. The participation of private investors is crucial," Renaud-Basso said.

The EBRD is focused on supporting the real economy, she said, in addition to budgetary support provided by other international partners.

"Since the start of the Russian aggression, our investments target five main areas – energy security, trade finance, vital infrastructure and support to municipalities, food security, and the corporate sector (for instance in the pharmaceutical sector)," the president of the bank said.

According to her, it is too soon to tell how priorities and investments will change in 2023 as this depends on the war and many other factors, but the bank will in any case continue to strongly support the real economy.