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EBRD may slash financing for Ukrainian projects 30% in 2013 over poor investment climate
20.06.2013 16:36 "Agro Perspectiva" (Kyiv) —
The European Bank for Reconstruction and Development may provide Ukraine only about 70% of the annual financing total if the country does not improve the investment climate, EBRD Director for Local Currency and Capital Markets Development Andre Kuusvek told journalists on Wednesday, NRCU reports.
If conditions improve, financing might reach the level of past years, or about 1 billion euro, he said. Otherwise, it will only be about 70% of last years total, he said, adding that an agreement on a new Stand-By Arrangement needed to be reached with the IMF in order to achieve macroeconomic stability. EBRD First Vice President Philip Bennett said the bank had approved projects in Ukraine totalling 433 million euro since the beginning of the year, and a visit to Ukraine by senior bank officials had been «useful and productive.» During their meetings in Ukraine, much attention was paid to improving the investment climate, Bennett said. As reported, the EBRD invested 934 million euro in Ukraines economy in 2012, 8% less than the previous year. The bank remains Ukraines single biggest investor. It has made commitments to provide over 8.5 billion euro for over 300 projects.
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