The European Bank for Reconstruction and Development (EBRD) has agreed to pay € 2 bln to help residents, companies and countries affected by the war against Ukraine.
The Bank also promised to do everything possible to help rebuild Ukraine as soon as possible. They are talking about the restoration of livelihoods and business, critical infrastructure, and services.
According to the EBRD's website, the package was approved by the bank's Board of Directors on Wednesday, March 9, and it is the first round of support.
Funding will be provided as soon as possible to support Ukrainian companies, for example in the form of deferred loans, liquidity support and trade finance. The companies may want to relocate so that they can continue to work, - the Bank.
It is reported that the sustainability program in Ukraine will focus on four main elements:
deferred payments, debt write-offs and restructuring;
trade finance, including fuel imports;
emergency liquidity financing, in agreement with partners;
emergency support for reforms.
In addition, the program will help countries directly affected by the influx of Ukrainian refugees.
In the countries neighboring on Ukraine, the program will focus on:
energy security, in particular through emergency purchases of electricity to compensate for the loss of imports from Russia and Belarus;
municipal services and livelihoods for displaced persons;
providing liquidity for small and medium enterprises.
The EBRD emphasizes that the framework could also be extended to other countries that are particularly concerned about their energy security. The bank expects that the crisis will have serious consequences for many countries where it operates, the statement said.
Earlier, the EBRD declared its unwavering support for Ukraine and its people and condemned the aggression of the Russian Federation and Belarus.