The European Bank for Reconstruction and Development is poised to agree only the third capital increase in its history, to pursue the “daunting financial challenge” of sustaining and rebuilding war-ravaged Ukraine.
The €4 billion ($4.3 billion) injection, recommended by directors and set to be approved by governors by the end of 2023, is seen as the “most efficient way” to pump in funds without the need to obtain time-consuming guarantees from shareholder governments.
EBRD believes the move will allow it to continue to provide €1.5 billion a year of financing to the country — a sum the London-based bank hopes will double to €3 billion ($3.7 billion) when the war is over and private sector enthusiasm grows.
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About the author
Rob Merrick
Rob Merrick is the U.K. Correspondent for Devex, covering FCDO and British aid. He reported on all the key events in British politics of the past 25 years from Westminster, including the financial crash, the Brexit fallout, the "Partygate" scandal, and the departures of Boris Johnson and Liz Truss. Rob has worked for The Independent and the Press Association and is a regular commentator on TV and radio. He can be reached at rob.merrick@devex.com.
