EBRD First Vice-President Jürgen Rigterink this week led a high-level delegation from the European Bank for Reconstruction and Development to Lviv, western Ukraine, to discuss further increasing the Bank’s commitment to Ukraine as the country enters a second year of war.

The EBRD deployed a record €1.7 billion in Ukraine in 2022, also attracting additional co-finance from partner banks and international grants and guarantees from donors and shareholders.

The Bank, Ukraine’s largest institutional investor, has pledged to invest €3 billion in 2022-23 and stands ready to play a leading role in financing the country’s reconstruction when conditions allow.

Lviv and western Ukraine lie close to the border with several European Union countries. With the war putting in question Ukraine’s ability to import and export via its Black Sea ports, road and rail links leading west from Lviv are crucial for maintaining the economy. The area is also seen as a likely starting-point for future reconstruction efforts.