EBRD, DFIs sign memorandum on joint investments in Ukraine

MOSCOW. June 22 (Interfax) - The European Bank for Reconstruction and Development (EBRD) and 18 Development Finance Institutions (DFIs) signed a memorandum of understanding at the Ukraine Recovery Conference in London to promote joint investments in the private sector of the Ukrainian economy.

"This agreement [...] delivers on an initial commitment by the EBRD and the G7's DFIs to establish the Ukraine Investment Platform, announced during the G7 meeting in Tokyo last month," Ukrainian media reported, citing the document.

"The EBRD-G7 DFI-EDFI Ukraine Investment Platform will aim to promote co-financing among participating institutions through strengthening cooperation and information exchange for the reconstruction assistance of Ukraine with a mainly private sector focus," it said.

"The financial needs of Ukraine during a period of reconstruction are vast and beyond the scope of any single institution. The private sector will play a crucial role in restoring the Ukrainian economy. As a result, careful coordination is needed between Ukraine's partners to maximize the effectiveness and impact of their interventions," the document said.

The bank said it was willing to work together with the DFIs to increase the efficiency and quality of recovery efforts in Ukraine and the neighboring countries affected by the crisis.

The memorandum was signed by British International Investment, Cassa Depositi e Prestiti, DEG (Deutsche Investitions- und Entwicklungsgesellschaft), Development Finance Institute Canada (DFIC), Japan Bank for International Cooperation (JBIC), the Japan International Cooperation Agency (JICA), Societe De Promotion Et De Participation Pour La Cooperation Economique (PROPARCO), the U.S. International Development Finance Corporation (DFC), the Belgian Investment Company for Developing Countries (BIO), Compania Espanola de Financiacion del Desarrollo (Cofides), Finnfund, the Investment Fund for Developing Countries, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, Norfund, Oesterreichische Entwicklungsbank, Sociedade para o Financiamento do desenvolvimento, instituicao financeira de credito, the Swiss Investment Fund for Emerging Markets, and Swedfund International.