Vice-Minister of Finance M. Liutvinskas: "The Role of the EBRD in Ukraine Should Be Enhanced"
On 17-19 May, Vice-Minister of Finance Mindaugas Luutvinskas will participate in the annual meeting of the European Bank for Reconstruction and Development (EBRD) in Samarkand (Uzbekistan), where the main focus will be on the continued role of the EBRD in providing support to Ukraine, as well as activities in countries adversely affected by the war.
According to the World Bank, Ukraine's long-term reconstruction needs exceed EUR 400 billion, and in 2023 alone the country needs EUR 14 billion for urgent reconstruction. The speed of financial support and the close cooperation and coordination of activities of Ukraine's partners – donor countries and international financial institutions such as the EBRD – are extremely important in this regard.
"We support the activities of the EBRD in Ukraine, the bank specializes in working with the private sector, has many years of work experience in the country, which is extremely important in maintaining the vitality of the Ukrainian economy during the war and contributing to the country's reconstruction – both in the near term and in the longer term. We believe that the Bank's role and investments in Ukraine must increase, and this requires the strong support of the EBRD shareholder countries. We need to make decisions in the near future that would provide a solid basis for the Bank to take further steps in helping Ukraine," notes Vice-Minister of Finance M. Liutvinskas.
During the annual meeting of the Board of Governors of the EBRD, it is also expected to take a decision on the limited and gradual geographical expansion of the EBRD's activities.
"In the current geopolitical context, we understand the EBRD's strategic interest in expanding the scope of operations to new geographical regions outside of Europe. However, it is necessary to ensure that the development takes place gradually and is not carried out at the expense of Ukraine and other countries of the Bank's operations. Support to Ukraine must remain a fundamental priority of the EBRD, for this we must mobilize the necessary resources, as well as pay appropriate attention to investments in countries feeling the negative consequences of the war, including Lithuania," says M. Liutvinskas.
On the sidelines of the EBRD annual meeting, Vice-Minister M. Liutvinskas will meet on a bilateral basis with the delegations of the United States of America, Taiwan, EBRD high-level officials, with whom he will discuss both the Bank's strategic and operational issues, as well as the EBRD's investment plans in Lithuania, contributing to the greening of the country's economy, strengthening of energy independence and capital market development.
Last updated: 18-05-2023
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