"The EBRD believes that Federico Fubini's article published on November 24 does not reflect the institution's substantial support for Ukraine and its energy sector since the start of the large-scale war of aggression against the country in early 2022... Even the subtitle "Compromises harm Ukraine's accession to the European Union" is an inaccurate translation of what the EBRD President said. The President did not link "compromises" to damage to Ukraine's chances of joining the EU. She said that the bank is "vigilant" about the role of oligarchs in this context," the appeal reads.
Background
As previously reported, the Italian newspaper Corriere della Sera quoted EBRD President Odile Renaud-Basso as saying that the EBRD categorically states that it will not provide funding to Ukrainian companies controlled by oligarchs, including DTEK.
DTEK responded by saying that it was unpleasantly surprised by the EBRD's commentary containing inaccurate information about the company and its shareholder. After the adoption of the law on oligarchs, which was approved by the European Commission, the company's shareholder is categorically not an oligarch, DTEK emphasised.
"DTEK, along with all Ukrainian energy companies, have gone through two terrible military winters. We have invested $1.2 billion of our own funds to restore the energy infrastructure that was the target of about 200 missile and drone attacks by Russia. We have brought electricity back to almost 16 million Ukrainians, including the military, children, teachers and doctors. And we will do everything possible to get through the third difficult winter in the face of Russia's military aggression against Ukraine," the statement said.
ECA insured another investment loan against war risks
The Export Credit Agency (ECA) has insured its second project against war risks. The project is being implemented by "Vilis" with a total amount is UAH 92 million. The company is investing half of the amount (UAH 52 million) with its own funds, and attracting an investment loan from Ukreximbank for another UAH 40 million. This was reported by the Ministry of Economy of Ukraine.
"We understand that war risk insurance is not the only argument that can motivate investors to invest in Ukraine. But it is definitely a necessary tool to support our efforts to attract investment, especially when it is an investment in the real sector that will stimulate the production of goods made in Ukraine," Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, emphasised.
Reference. The possibility of insuring investments in the development of processing and export of goods against war risks is provided for in the amendments to the Law "On financial mechanisms for stimulating export activities".
Thus, an investor (Ukrainian or foreign) may apply to the ECA and receive investment protection if it owns more than 10% of corporate rights in the project. Another condition is that the investment funds the creation of facilities or infrastructure for the development of processing and exports. Besides, the investment objects must be located in Ukraine, and the goods to be exported should meet the requirements of the law on export promotion.
It is also specified that a bank providing funds for investment may insure its risks with the ECA if the borrower is a resident of Ukraine and the loan is related to investments in facilities or infrastructure for the development of processing and export of goods (works, services) of Ukrainian origin. Besides, the facilities and infrastructure for which the investment loan is provided must be located in Ukraine and the exported goods should meet the requirements of the law on stimulating export activities.
As reported on November 11, the Export Credit Agency of Ukraine concluded the first investment credit insurance contract against war risks. "We have a specific case — a Ukrainian commercial bank issued a loan for the purchase of a gas turbine generator, and ECA provided coverage for this investment,"- Yuliia Svyrydenko said.
