EBRD unveils EUR 2B resilience package in response to war on Ukraine

That's according to a press release posted on the bank's website, Ukrinform reports.

The Bank has also pledged to do all it can to help with the country’s reconstruction, once conditions allow.

Funding will be made rapidly available to support Ukrainian companies– for example, with deferred loans, liquidity support, and trade finance. Where possible, businesses will be helped to relocate so their work can continue.

In addition, the Bank’s Resilience and Livelihoods Framework will help in countries directly affected by inflows of Ukrainian refugees. Women, children and the elderly make up the majority of displaced citizens, and municipal authorities face huge challenges in managing the influx of people, the press release said.

It is noted that this package was endorsed today by the Bank’s Board of Directors and represents a first round of support. The EBRD had previously declared its unwavering support to Ukraine and its people, and condemned the aggression by the Russian Federation and Belarus.

"Our shareholders have given their full support to this package, and our staff are already working on the ground to implement these steps. We are facing an unparalleled crisis, but throughout our history, we have been a Bank that rises to the challenge. The people of Ukraine have our complete backing," EBRD President Odile Renaud-Basso said.

On February 24, 2022, Russian President Putin launched a large-scale invasion of Ukraine. Russian troops have been shelling and destroying infrastructure and residential areas in Ukrainian cities and villages using artillery, multiple launch rocket systems and ballistic missiles.

Martial law was imposed in Ukraine and general mobilization was announced.

Ukraine filed a lawsuit against Russia to the UN's International Court of Justice in The Hague.