Europe development bank raises aid for Ukraine

The European Development Bank’s annual general assembly this week raised one billion euros ($1.04 billion) in aid for Ukraine, according to the institution’s president.

The funding supplements a two-billion-euro “resilience package” announced by the European Bank for Reconstruction and Development at the outset of Russia’s invasion of Ukraine.

“Donors have expressed the intention” to provide one billion euros to the bank “in response to the war on Ukraine,” EBRD president Odile Renaud-Basso noted at a press conference in Marrakesh, Morocco.

The EBRD predicted this week that the Ukrainian economy will contract by 30% this year, which is higher than prior estimates.

Ukraine predicts that it will require approximately $5 billion per month to cover its fiscal deficit. It also wants funders to concentrate on future restoration efforts.