On January 24 President Leonid Kuchma and First Vice President of the European Bank for Reconstruction and Development Charles Frank discussed the major avenues of cooperation between Ukraine and the EBRD. Charles Frank briefed Pres. Kuchma on his ongoing talks with the Ukrainian government, as well as on future EBRD joint projects with Ukraine, including credit for small and medium businesses as well as reforming the country’s banking sector, the President’s press service report states. Discussing the course of reforms in Ukraine’s energy sector, Pres. Kuchma stressed that all the problems facing potential investors will be dealt with by the Ukrainian government, Interfax-Ukrayina quotes Kuchma as saying. Messrs. Kuchma and Frank also focused on the completion of Khmelnytsky and Rivne Nuclear Power Plants. Speaking at a press conference, the EBRD officer said that Ukraine is the fourth largest recipient of EBRD loans for investment projects among the other 27 countries where the EBRD is investing. According to Charles Frank, EBRD’s total investment portfolio in Ukraine is almost EUR 1 billion, including about EUR 300 million in loans earmarked for new investment projects. Four Ukrainian banks signed agreements with the EBRD on a program to promote trade. The program involving Aval, Nadra, and Forum Banks (all based in Kyiv), as well as The First Ukrainian International Bank (Donetsk) stipulates, among other things, that the guarantees made by Ukrainian banks be confirmed by the EBRD.
