Looking towards reconstruction, EBRD, EIB, World Bank to work with Ukraine to support agencies in improving project delivery
LONDON, June 22, 2023 – The European Bank for Reconstruction and Development (EBRD), along with the European Investment Bank (EIB) and the International Bank for Reconstruction and Development – part of the World Bank Group – agreed at the London Ukraine Recovery Conference to cooperate with the government of Ukraine on supporting institutional capacity building in ministries and agencies as the country prepares to embark on reconstruction of its economy.
The scale of reconstruction is vast and beyond the needs of any single institution. The latest needs assessment by the World Bank and Ukrainian government puts the cost of reconstruction over 10 years at $411 billion. To meet these needs, Ukraine must improve its implementation capacity for public sector projects so it can absorb and effectively use the large inflows of money which reconstruction can be expected to bring.
The three international financial agencies and the government of Ukraine pledged to join forces in helping Ukraine build institutional capacity in the public sector through deepening project preparation and implementation expertise.
The first step will be focused on providing technical assistance and sector expertise in the State Agency for Restoration and Infrastructure Development of Ukraine, to establish an effective Project Delivery Unit.
The exercise could then be extended to other critical sectoral ministries, state companies and agencies, with extensive training of civil servants and the engagement of essential international and local experts in key areas through transparent selection processes.
All these measures aim to address any lack of financial capacity contributing to the recovery of the economy, industry and infrastructure and the reconstruction of people’s lives in Ukraine, and will make it easier for domestic and international investment, especially in the private sector, to move forward.