Development bank EBRD underscores support for Ukraine
London (AFP) - The European Bank for Reconstruction and Development (EBRD) expressed "strong support" for Ukraine and its programme of reform on Monday in a Kiev meeting with President Petro Poroshenko.
Ukraine's economy has been left "severely weakened" after 10 months of conflict with pro-Russian rebels and the country faces a "sharp contraction" this year, according to an EBRD statement.
EBRD President Suma Chakrabarti "discussed latest economic developments and expressed the Bank's strong support for Ukraine's programme of reforms," the statement said.
It said the bank, which invested over $1.2 billion (1.0 billion euros) in Ukraine last year, is "prepared to provide practical help".
Both Kiev and the EBRD are looking forward to the finalisation of an agreement with the International Monetary Fund to support reforms and bolster the economy, it said.
The EBRD has forecast Ukraine's economy will shrink 5 percent this year due to conflict in the country's east and uncertainty around international financial assistance.
