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British International Investment (BII), the UK’s development finance institution, has announced plans to provide up to £30 million to bolster Ukraine’s international trade amid ongoing economic challenges.
The funds will support the European Bank for Reconstruction and Development’s (EBRD) Trade Facilitation Programme in Ukraine, aimed at maintaining critical trade flows. This move comes as Ukrainian businesses struggle to access international markets due to war-related disruptions and reduced risk appetite from foreign commercial banks.
Nick O’Donohoe, BII’s Chief Executive, said, “Maintaining Ukraine’s ability to trade internationally is crucial for its economic survival. Our support for the EBRD facility will enhance this capacity during these challenging times.”
Francis Malige, Managing Director of Financial Institutions at EBRD, also welcomed the collaboration, stating it would increase “the scale, efficiency, and quality of recovery efforts” in Ukraine.
The commitment is part of a larger £250 million allocation to BII for Ukraine’s reconstruction, announced at last year’s Ukraine Recovery Conference in London. It underscores the UK’s ongoing support for Ukraine’s economic resilience.
At the conference, the EBRD also extended its support for Ukraine through multiple financing and prefinancing agreements, bringing the total EBRD financing deployed in wartime Ukraine to €4.5 billion.
As Ukraine grapples with severe disruptions to trade flows and supply chains, such financial support aims to play a crucial role in sustaining the country’s import and export activities, vital for providing essential goods and services to its population.
