EBRD-led Ukraine Investment Platform launched in Tokyo

MOSCOW. May 12 (Interfax) - The development finance institutions (DFIs) of the Group of Seven (G7) countries, i.e. JBIC and JICA (Japan), CDP (Italy), FinDev Canada (Canada), Proparco (France), DFC (the United States), BII (the United Kingdom), DEG (Germany), and the European Bank for Reconstruction and Development (EBRD) have held negotiations in Tokyo and agreed to establish the Ukraine Investment Platform, Ukrainian media reported with reference to the EBRD press service on Friday.

In their statement in February 2023, the G7 leaders reaffirmed commitment to continued humanitarian assistance, support for Ukraine's energy sector, and assistance to help maintain Ukraine's economic and financial stability, it said.

"The needs of Ukraine in a period of reconstruction are vast and beyond the scope of any single institution. As a result, careful coordination is needed between Ukraine's partners to maximize effectiveness, create synergies and increase impact," the EBRD said.

Based on the G7 leaders' statement on assistance to Ukraine, the G7's DFIs and the EBRD discussed how they can work together to contribute to the reconstruction of Ukraine. While not all DFIs have a mandate to operate in Ukraine, the G7's DFIs are aligned on the importance of action being taken to support reconstruction, it said.

The G7's DFIs and the EBRD will strive to expand the Platform to other institutions to invest in Ukraine in the future, the EBRD said. "The European Development Finance Institutions (EDFI) have been invited to this process and, along with the G7's DFIs, welcome and support this initiative," it said.

"The Ukraine Investment Platform will aim to strengthen cooperation and promote information exchange and co-financing among participating institutions for the reconstruction assistance of Ukraine with a mainly private sector focus," it said.

The Platform will also address the needs of neighboring countries affected by the crisis and will be "coordinated with and advance identified needs under the G7 Multi-Agency Donor Coordination Platform for Ukraine," it said.

Closely coordinating their steps with respective governments, the G7's DFIs and the EBRD will "promote measures to address the lack of financial capacity, especially in the private sector," it said.

The G7's DFIs and the EBRD seek to contribute to the recovery of Ukraine's economy, industry and infrastructure and the reconstruction of people's lives in the country, as well as stability in the international community, it said.

As the largest institutional investor in Ukraine, the EBRD has the skills, relationships and operational experience enabling it to play an especially important role in the country, it said.