By the end of 2023, the EBRD will allocate up to three billion euros to Ukraine

In 2022-2023, the European Bank for Reconstruction and Development (EBRD) will allocate up to €3 billion to help Ukrainian business and the economy.

This is stated in the official press release of the EBRD.

Since the beginning of the full-scale invasion, the bank has allocated more than a billion euros in financial aid to Ukraine.

"The main focus will be on supporting the “real” economy — energy and food security, restoring railway infrastructure and supporting the pharmaceutical industry," the EBRD informs.

The president of the European Bank for Reconstruction and Development Odile Renaud-Basso stated that after her recent meeting with Volodymyr Zelensky, she had "no doubts about the scale of the assistance needed, and the EBRD is determined to do everything possible to play its part."

"It is horrifying to see the damage caused by the Russian invasion, and at the same time it is touching to see the resilience of the population. I said this on February 24 and will continue to say it — we are on the side of Ukraine," she added.

• The European Bank for Reconstruction and Development (EBRD) has updated its forecast for the contraction of Ukraineʼs economy. Due to the war, the economy is predicted to fall by 30% in 2022, and growth is predicted to be only 8% in the following year. Before that, the EBRD predicted a 25% growth for 2023.