European Bank for Reconstruction and Development (EBRD) First Vice President Jurgen Rigterink led the bank’s high-level delegation to western Ukraine to discuss in Lviv further strengthening the bank’s commitments to Ukraine as the country enters its second year of war, the EBRD press service reported.
With the participation of EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone and the bank’s Deputy Head of Industry, Trade and Agribusiness in Ukraine Lesya Kuzmenko, Rigterink discussed future investments with Lviv Mayor Andriy Sadovy.
According to the press release, Lviv and western regions of Ukraine are near the border with several European Union countries. As the war challenges Ukraine’s ability to import and export through its Black Sea ports, road and rail connections to the west of Lviv become crucial to support the economy. The area is also seen as a likely starting point for future reconstruction efforts.
That said, as the largest population center in the west, Lviv has received a significant number of internally displaced people, putting pressure on key municipal services at a time when the city needs to generate revenue. In December 2022, the EBRD provided EUR25 million to Lviv and its municipal enterprises, and U.S. credit support covered half of that loan to provide liquidity for adaptation.
EBRD representatives reportedly visited the city’s hospital and the Nezlamni rehabilitation ecosystem being built in Lviv, where war wounded warriors have access to multidisciplinary teams of surgeons, trauma surgeons, prosthetists, psychotherapists and rehabilitation specialists.
The delegation also visited several EBRD projects in Lviv and the region and discussed existing and potential projects with clients. In particular, among them is the Bank Lviv, which received a syndicated loan of EUR 10 million in August 2022 for lending to small and medium-sized enterprises.
In addition, representatives of the EBRD got acquainted with the implementation of the project “Lviv Industrial Park M10”, located 60 km from the Polish border. Its first phase = construction of a warehouse complex of 14,400 square meters is nearing completion. In December 2022 the EBRD undertook to invest up to $24,5 mln to acquire a 35% share in the project.
According to the bank’s press service, other meetings included visits to new production facilities recently created with the EBRD’s support by yeast producer Enzyme, communication with representatives of pet food producer Kormotech, gas station operator Galneftegas (GNG), ventilation system producer Prana and IT company Softserve.
In Lviv EBRD representatives also visited the Superhumans rehabilitation center – a humanitarian project of the bank’s client, owner of one of Ukraine’s largest container terminals TLC Andriy Stavnitser. The center provides prosthetic limbs for adults and children.
The delegation toured the small company, a car wash that was destroyed by rocket fire last April, but resumed and returned to work within a month.
As reported, the EBRD allocated a record EUR1.7 billion to Ukraine in 2022, while attracting additional co-financing from partner banks and international grants and guarantees from donors and shareholders.
The EBRD, Ukraine’s largest institutional investor, has committed to invest EUR3 billion during 2022-2023 and is ready to play a leading role in financing the country’s reconstruction when conditions permit.
The press release stresses that since the start of the war, the EBRD has moved quickly from condemning the Russian invasion to preparing an immediate financial response. This assistance is aimed at ensuring the sustainability of Ukraine and the refugee host countries in preparation for the country’s future reconstruction.
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