Financial sector news

Ukrainian banks have been actively cooperating with the European Bank for Reconstruction and Development (EBRD) to support the country's economy during and after the war. This cooperation gained new momentum after the EU Council approved the Ukraine Facility Plan, which includes a €45 billion financial assistance package.

One example of successful cooperation is Bank Lviv, which has been actively cooperating with the EBRD since 2018. During this time, dozens of joint projects have been implemented. In 2024, Bank Lviv plans to attract additional resources from the EBRD for lending, as well as portfolio guarantees to support small and medium-sized businesses (SMEs) in Ukraine.

‘The EBRD Business Forum is an extraordinary event, as it brings together representatives of companies, organisations and governments whose decisions will affect the global economic development in the near future. We managed to communicate not only with our regular partners, but also to establish new contacts, which promises to increase the volume of international financing of Ukrainian business projects with the participation of Bank Lviv,’ said Ashot Abrahamyan, Chairman of the Management Board of Bank Lviv.

He stressed that the Bank Lviv team will continue to actively attract international investments to strengthen the Ukrainian economy.

‘Cooperation with the EBRD gives Ukrainian banks access to important resources and expertise needed to support their clients in these challenging times. The plan for the Ukraine Facility also includes a number of measures aimed at stimulating investment and job creation in Ukraine.

Olha Stefanishyna, Vice Prime Minister for European and Euro-Atlantic Integration of Ukraine, in her online speech at the European Bank for Reconstruction and Development (EBRD) Annual Meeting and Business Forum, stressed that the only way to ensure the sustainability of Ukraine's transformation is to strengthen the country's defence capabilities.

The panelists discussed, in particular, the implementation of the Ukraine Facility Plan approved by the EU Council, as well as the importance of Ukraine's integration into the EU for the sustainability of the country's transformation.

‘The EU accession agenda has already become the main driver of systemic and democratic transformations in the country, and will be a key driver not only of recovery, but also of development, of adaptation of Ukraine as a country, as an economy, to its future in the EU and, above all, within the European internal market. This requires a huge number of sectoral transformations, alignment with European rules, and this process will begin with the start of accession negotiations. At the same time, the Ukrainian Plan is a basic set of indicators that will allow us to track progress in key areas related to investment, economic sustainability, etc.", the Vice Prime Minister said.