EBRD appoints new managing director for Ukraine and Moldova

MOSCOW. April 25 (Interfax) - The European Bank for Reconstruction and Development (EBRD) has appointed Arvid Tuerkner as its new managing director for Ukraine and Moldova, Ukrainian media reported, citing a press release from the bank.

Tuerkner, who is currently the EBRD's managing director for Turkey, will take up his new position on May 1. He will supervise the development of the EBRD program for Ukraine, which is focused on five investment themes: support for energy security, vital infrastructure, food security, trade and the private sector, along with policy dialog helping Ukraine and Moldova to progress towards European Union membership, the bank said.

Tuerkner will replace Matteo Patrone, who after five years in the role will become the EBRD's vice president for banking.

Ukraine is a priority investment destination for the EBRD, with over 4.1 billion euros deployed there since the start of the conflict with Russia in 2022. "Future investments in wartime and in reconstruction will be supported by a 4 billion euro paid-in capital increase agreed by EBRD shareholders at the end of last year," the bank said.

At the end of 2023, the governors of the EBRD approved a resolution to increase the bank's paid-in capital by 4 billion euros or 13% to 34 billion euros in order to finance projects in Ukraine and other countries where the bank has a presence. For this purpose, the bank will issue 400,000 additional shares and EBRD members will be able to subscribe to them in proportion to their stakes in the bank.

The additional capital will enable the EBRD to continue providing a sustained level of annual investment in Ukraine of around 1.5 billion euros during the conflict with Russia, supported entirely by its own balance sheet, and to have the means to increase its support up to 3 billion euros annually once reconstruction begins.