COFIDES joins a multilateral initiative to support the reconstruction of Ukraine that already includes 19 institutions

Agreement signed at the Ukraine Recovery Conference in London

This agreement is the product of the initial commitment by the EBRD and the G7 DFIs to establish the so-called Investment Platform in Ukraine, announced during the G7 meeting in Tokyo and which, with the incorporation of new participants, now reaches the figure of 19 institutions.

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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 Development Financial Institutions (IFD) bilateral, by which they agree to establish a collaboration framework to carry out possible co-investments during the country's reconstruction phase, mainly through the private sector.

 

This agreement, signed during the Ukraine Recovery Conference in London, is the product of the initial commitment on the part of the EBRD and the G7 DFIs to establish the so-called Investment Platform in Ukraine, announced during the G7 meeting in Tokyo last month and which, with the incorporation of new participants, now reaches the figure of 19 institutions.

 

Ukraine's financial needs during the reconstruction period are enormous and exceed the capacity of any single institution. The private sector will play a crucial role in restoring Ukraine's economy. Therefore, careful coordination between Ukraine's partners is necessary

to maximize the effectiveness and impact of their interventions.

 

Based on the G7 Leaders' Declaration regarding aid to Ukraine and the G7 Leaders' Statement on Ukraine (19 May 2023), EBRD and DFIs Participants have agreed how to work together to effectively contribute to the reconstruction process.

 

Through this Memorandum of Understanding, the signatories will collaborate to increase the scope, efficiency and quality of recovery efforts in Ukraine and neighboring countries that have been negatively affected by the Russia-Ukraine war conflict.

 

The Investment Platform for Ukraine EBRD-G7-DFI-EDFI aims to promote co-financing initiatives among participating institutions to mobilize the financial resources necessary in the reconstruction process.

 

The president of COFIDES, José Luis Curbelo, has highlighted that “development financial institutions can play a relevant role in the future reconstruction of Ukraine, by financing private sector investments.

 

The EBRD is the largest institutional investor in Ukraine and therefore has a leading role in the country. Given its competencies, relationships and operational experience in the region, it will act as the anchor institution for this platform.

 

The signatories, through close consultation with their respective governments, will promote initiatives to address the challenge of financing shortages and thus contribute to the recovery of the Ukrainian economy, industry and infrastructure.

 

El president of COFIDES, José Luis Curbelo, has highlighted that “development financial institutions can play a relevant role in the future reconstruction of Ukraine, by financing private sector investments. It is essential to recover the infrastructure and financing of the industry necessary for Ukraine to move forward. "The stability of Ukraine is a global challenge that is everyone's responsibility."

 

The 19 signatories of the Memorandum of Understanding are:

European Bank for Reconstruction and Development (EBRD)

British International Investment (PLC) (United Kingdom)

Cassa Depositi e Prestiti SPA (Italy)

DEG – Deutsche Investments- und Entwicklungsgesellschaft MBH

Development Finance Institute Canada (DFIC) Inc.

Japan Bank for International Cooperation (Japan)

Japan International Cooperation Agency (Japan)

Société de Promotion et de Participation pour la Coopération Economique SA

(France)

US International Development Finance Corporation (USA)

Belgian Investment Company for Developing Countries (Belgium)

Spanish Development Financing Company, COFIDES, SA, SME

Finfund (Finland)

Investment Fund for Developing Countries (Denmark)

Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden NV (Countries

Low)

Norfund (Norway)

Oesterreichische Entwicklungsbank AG (Austria)

Sociedade para o Financiamento do Desenvolvimento, Instituicao Financeira de

Credito, SA (Portugal)

Swiss Investment Fund for Emerging Markets AG (Switzerland)

Swedfund International AB (Sweden)