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EBRD approves new strategy for Ukraine
EBRD, Kyiv, Ukraine,
Thu, Oct 11, 2018
- New country strategy for Ukraine identifies the EBRD’s operational and strategic priorities
- Privatisation, commercialisation and better governance in the public sector
- Energy security and energy efficiency
- Strengthening of the banking sector and development of capital markets
The EBRD Board of Directors has approved a new strategy for Ukraine which sets out the Bank’s priorities in the country for the next five years.
The EBRD will pay special attention to projects that will integrate investment and policy engagement in areas such as privatisation, energy security and efficiency, the financial sector, trade and infrastructure.
The EBRD’s operational and strategic priorities in Ukraine will rest on the following five pillars:
Promoting privatisation and commercialisation in the public sector to increase competitiveness and good governance: The EBRD will help stimulate private sector participation across sectors and further commercialisation of public sector firms. The Bank will continue to support the implementation of modern public sector procurement as well as the introduction of proper public governance.
Promoting the rule of law, fair competition in the private sector and support of companies that use best practice: The EBRD will foster competition and support anti-corruption efforts. Special attention will be paid to improved skills and to the employability of disadvantaged groups.
Strengthening energy security through effective regulation, market liberalisation, diversified and increased production and energy efficiency: The EBRD will pledge more resources to create a market structure for sustainable energy and improved energy connectivity. The Bank will assist in the creation of increased resource efficiency and will help promote renewable energy.
Enhancing the resilience of the financial system by strengthening Ukraine’s banking sector, and by developing capital markets and non-bank finance: The EBRD will promote a stable and efficient banking sector, a greater variety of non-banking financial channels and the use thereof.
Improving integration by facilitating trade and investment, expanding infrastructure links, and supporting convergence with EU standards: The Bank will invest in improvements to connectivity through better infrastructure. It will also help facilitate increased trade and investment flows.
The new medium-term strategy will replace crisis response packages for the country, which have been in place for Ukraine since 2014 and reflected the country’s volatile political and macroeconomic environment.
The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost €12.1 billion across some 400 projects since the start of its operations in the country in 1993.