EBRD and EDFI members Sign Memorandum of Understanding to Foster Collaborative Investments in Ukraine’s Private Sector
London, June 21, 2023 – During the Ukraine Recovery Conference in London, in a significant step towards supporting Ukraine’s reconstruction, the European Bank for Reconstruction and Development (EBRD), members of EDFI and other G7 Development Finance Institutions (DFIs) have signed a Memorandum of Understanding (MoU) that provides a framework for collaboration and co-investments in Ukraine, with a primary focus on the private sector.
The EBRD and G7’s DFIs, with the support of EDFI, initially pledged to establish the EBRD-G7 DFI-EDFI Ukraine Investment Platform at the G7 meeting in Tokyo last month. With the addition of new participants, the total number of signatories now stands at 19, solidifying their commitment to supporting Ukraine’s recovery.
Colin Buckley, CEO of EDFI association and Managing Director of British International Investment (BII), highlighted the importance of collaboration to maximize the effectiveness and impact of DFI investment in Ukraine. He emphasized, “As Secretariat for the G7 DFI Alliance, EDFI played a key role in creating the platform. We are glad now that all of our members have joined it. The financial needs of Ukraine during this reconstruction period are immense. Together, we will ensure Ukraine is build back better.” Luuk Zonneveld, Chair of the Board of Directors of EDFI Association and CEO of Belgian Investment Company for Developing Countries (BIO), added “Through this Memorandum of Understanding, the signatories are demonstrating their commitment to coordinating their efforts and resources to maximize the impact of Ukraine’s reconstruction. By leveraging the private sector and working together, we can contribute to rebuilding Ukraine’s economy and infrastructure, ultimately fostering stability and prosperity in the region.”
The EBRD-G7-DFI-EDFI Ukraine Investment Platform aims to foster co-financing among participating institutions by strengthening cooperation and information exchange. The primary objective is to enhance the scale, efficiency, and quality of recovery efforts in Ukraine and neighbouring countries negatively impacted by the Russian war on Ukraine.
The signatories to the MoU are committed to addressing the financing gap for reconstruction in consultation with respective governments. Emphasizing the significance of involving the private sector, they aim to contribute to the recovery of Ukraine’s economy, industry, and infrastructure, while rebuilding the livelihoods of its people. Furthermore, they recognize the role of stability in Ukraine in fostering global security and prosperity.
The 19 institutions that have signed the Memorandum of Understanding are prominent players in the global development finance landscape. They include the European Bank for Reconstruction and Development, British International Investment PLC, Cassa Depositi e Prestiti S.p.A., DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, Development Finance Institute Canada (DFIC) Inc., Japan Bank for International Cooperation, Japan International Cooperation Agency, Societe de Promotion et de Participation pour la Cooperation Economiques S.A., United States International Development Finance Corporation, Belgian Investment Company for Developing Countries S.A., Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E., Finnfund, Investment Fund for Developing Countries, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Norfund, Oesterreichische Entwicklungsbank AG, Sociedade para o Financiamento do Desenvolvimento, Instituicao Financeira de Credito, SA, Swiss Investment Fund for Emerging Markets AG, and Swedfund International AB.
The collaborative efforts of these organizations signify a united front in supporting Ukraine’s reconstruction, creating a foundation for sustainable growth, and reaffirming their commitment to international development and stability.
EBRD President and DFIs