COFIDES has joined a multilateral initiative to support the reconstruction of Ukraine and has signed a Memorandum of Understanding between the European Bank for Reconstruction and Development (EBRD) and the main bilateral Development Finance Institutions (DFIs), agreeing to provide a framework of collaboration for possible co-investments during the reconstruction phase of the country, mainly in the private sector.
This agreement, signed during the Ukraine Recovery Conference in London, 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, with new participants now joining to bring the total number of participants to 19.
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.
Building on the G7 Leaders’ Statement on assistance to Ukraine and the G7 Leaders’ Statement on Ukraine (19 May 2023), the EBRD and participating DFIs have agreed on how they can work together to contribute to the reconstruction of Ukraine.
Through the Memorandum of Understanding, the signatories are pleased to collaborate to increase the scale, efficiency and quality of recovery effortsin Ukraine and countries in Ukraine’s neighbourhood that are negatively affected by the Russian war on Ukraine.
The EBRD-G7DFI-EDFI Ukraine Investment Platform will aim to promote cofinancing among participating institutions through strengthening cooperation and
information exchange for the reconstruction assistance of Ukraine with a mainly private sectorfocus.
The EBRD is the largest institutional investor in Ukraine, and therefore has a distinct and important role in the country. Given its skills, relationships and operational experience in the region, it will act as the Lead Institution for co-investments under thenewly established Investment Platform.
Partners, in close consultation with respective governments, will promote measures to address the financing gap for reconstruction, especially by working with the private sector. Their aim will be to contribute to the recovery of the economy, industry and instrastructure and the reconstruction of people's livelihoods in Ukraine as well as stability in the international community.
COFIDES Chairman, José Luis Curbelo, stressed that "development finance institutions can play an important role in the future reconstruction of Ukraine by financing private sector investment. It is essential to recover the infrastructure and financing of industry necessary for Ukraine to move forward. Ukraine's stability is a global challenge that is everyone's responsibility.
The 19 signatories to the Memorandum of Understanding are:
ABOUT COFIDES
COFIDES is a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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