Four multilateral development banks agree to harmonise procurement in Ukraine
The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Council of Europe Development Bank (CEB), and the World Bank have agreed to harmonise procurement practices for public sector investment, financed by the multilateral development banks (MDBs) in Ukraine.
“The cost of reconstruction following the Russian invasion of February 2022, based on damage done in the first year of war alone, has been estimated by the World Bank at US$ 411 billion over 10 years,” says a press release by the EIB. “With billions being committed to Ukraine for economic support now, and much more expected when the time comes for reconstruction, keeping procedures for managing investments transparent and simple is crucial.”
“The EBRD, approaching €3 billion of finance for wartime Ukraine, sees this agreement as an important step forward,” EBRD President Odile Renaud-Basso said. “Enhanced cooperation between multilateral development banks on harmonising procurement approaches will support Ukraine and its people.”
EIB President Werner Hoyer said Ukraine could count on EIB financial backing of over €2 billion for most urgent needs and the roll out of the EU for Ukraine Fund, backed by Member States contributions and European Commission guarantees of €500 million so far.
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