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EBRD reaffirms strong commitment to Ukraine at Recovery Conference
- EBRD fully committed to London’s Ukraine Recovery Conference
- New investment commitments expected in several areas, along with support for reform
- EBRD is Ukraine’s largest institutional investor
The United Kingdom hosts the 2023 Ukraine Recovery Conference on Wednesday and Thursday, with the EBRD – Ukraine’s largest institutional investor – bringing its deep knowledge of the country to bear on discussions about what reconstruction could look like and how best to plan and finance it.
This London conference on the future, organised jointly by the UK and Ukraine, takes place at the same time as Ukraine’s launch of a counteroffensive to retake Russian-occupied territory.
Ukraine, now a candidate to the EU, has committed to build back better, pursuing an active reform stance despite the war.
EBRD President Odile Renaud-Basso will be participating in a plenary session entitled Framework for Lasting Recovery at the main conference, whose themes are Unity, Diversity, Delivery and whose main topics will be attracting the private sector to help finance reconstruction, rebuilding infrastructure and improving reform and governance.
The Bank also expects to sign three Memoranda of Understanding (MoUs) with Ukrainian Prime Minister Denys Shmyhal on further work to boost Ukraine’s energy security, one covering hydropower in the wake of Nova Kakhovka, one electricity and one gas.
Finally, the EBRD will sign a statement of intent on relaunching the insurance market in Ukraine.
The Ukrainian government has announced a "build back better" approach to energy sector recovery, with an emphasis on renewable energy sources and energy-efficient technologies. Before the war, the country, an exporter of electricity, was already developing renewable energy alongside its nuclear energy resources. Ukraine’s electricity sector has undergone severe bombardment by Russian forces through the winter.
This event will be supported by the EBRD’s Ukraine Stabilisation and Sustainable Growth Multi-Donor Account, grouping Austria, Denmark, Finland, France, Germany, Italy, Japan, the Netherlands, Norway, Poland, Sweden, Switzerland, the United Kingdom, the United States and the European Union.
It will bring together officials from governments and donor agencies, as well as civil society, to publicly explain all the work underway to ensure that Ukraine’s recovery and reconstruction process is transparent, accountable, digital, and efficient. It will also explore questions related to management of state property and corporate governance of state-owned enterprises (SOEs).