Multiple countries have pledged a total of $13.8 million to help Ukraine overcome its economic struggles, The European Bank for Reconstruction and Development (EBRD) announced on Monday.
Grants were made to the EBRD-Ukraine Stabilisation and Sustainable Growth Multi-Donor Account by Germany, Finland, France, the Netherlands, Sweden, Switzerland and the U.K. Other countries including the U.S. and Japan are considering donations as well.
"We are very grateful for this support from donors," Sevki Acuner, EBRD director for Ukraine, said. "This adds real impetus to the bank’s ability to scale up its investments in Ukraine and to support it as it deals with significant economic and financial challenges. Moreover, the resulting improvement in the investment climate will attract further investment into the country."
The primary goal is to improve the country's investment climate, combat corruption and stabilize the banking sector overall. Modernization projects will also be pursued to improve competitiveness and upgrade infrastructure.