EBRD heads visit Lvov to plan investments in west Ukraine

MOSCOW. March 6 (Interfax) - First Vice President of the European Bank for Reconstruction and Development (EDRD) Jurgen Rigterink, leading a high-level delegation of the bank, has discussed in Lvov the further strengthening of the bank's obligations to Ukraine, Ukrainian media said, citing the EBRD press service as saying on Friday.

Lvov and western regions of Ukraine are close to the border with several member states of the European Union, the EBRD said in a statement. As the largest city in the west of the country, Lvov received a considerable amount of internally displaced persons, which puts pressure on key municipal services at the time when the city needs to generate incomes. In December 2022, the EBRD loaned 25 million euros to Lvov and its municipal enterprises, and the credit support from the United States covered half of this loan to ensure liquidity to adapt.

The EBRD delegation and Lvov Mayor Andrei Sadovy visited several EBRD projects implemented in Lvov and the region, it said. One of them is Bank Lviv, which received a ten-million-euro syndicated loan for small and medium-sized enterprises in August 2022.

In addition, EBRD representatives were acquainted with the implementation of the M10 Lvov Industrial Park project located in 60 kilometers from the Polish border. Its first phase, the construction of a 14,400-square-meter warehouse complex, is nearing completion. In December 2022, the EBRD pledged to invest up to $24.5 million in the purchase of a 35% share in the project.

According to the EBRD press service, other meetings also included visiting new production capacities recently created with the EBRD's support by the Enzym yeast plant, discussions with representatives of the Kormotech pet food producer, the Galnaftogaz (GNG) fuel filling stations operator, the Prana ventilation systems producer, and Softserve IT company.

As reported, in 2022, the EBRD allocated 1.7 billion euros to Ukraine, while attracting additional co-funding from its partner banks and international grants and guarantees from donors and shareholders.

The EBRD, Ukraine's largest institutional investor, has pledged to invest three million euros in 2022-2023 and expressed readiness to play a leading role in financing the country's reconstruction when conditions allow.