A new branch of the European Bank for Reconstruction and Development (EBRD) opened in Lviv, Ukraine Tuesday, furthering outreach efforts to business in the western part of the country.
The EBRD has injected over $984 million into projects throughout Ukraine this year, and the bank will likely reach over $1.2 billion by the end of 2014.
The bank has a history of helping the region with financial support to the private sector. It has also been a crucial partner in supporting and developing the region's infrastructure, including the co-financing of the M06 (Kiev-Chop) Highway.
“We are ready to support feasible private sector projects as well as necessary infrastructure investments in the entire country," EBRD First Vice President Phil Bennett said. "By opening an office in Lviv we are signaling to the local and international business community that we want to contribute to Ukraine’s development and the importance we give to its regions in achieving that objective."
The office will initially be staffed by the bank's Small Business Support team personnel.