At the 2023 EBRD Annual Meeting last May, the EBRD Board of Governors acknowledged that financial pressures created by the exceptional circumstances of supporting Ukraine would require a specific response requiring additional paid-in capital from EBRD shareholders. Last December, the Bank’s Governing Board approved an overall capital increase of €4 billion. This Capital increase will provide the Bank with the necessary resources to strengthen its operations in Ukraine while continuing to provide support to other countries of operation.
In confirming Ireland’s commitment to subscribe to the EBRD Capital Increase, Minister McGrath said:
“I am pleased to confirm Ireland’s commitment to, and support for, the EBRD capital increase. This capital increase will go substantially towards the EBRD increasing support for Ukraine while maintaining support to all other countries of operation. It will also sustain a financially strong EBRD which is able to pursue its mandate and to meet shareholders’ objectives. Russia’s unjustified and illegal war on Ukraine has shown that the Bank remains as relevant today as it did when it was established over 30 years ago and I believe that our decision reconfirms our support for the Bank and the important role it plays in Ukraine.”
EBRD President Odile Renaud Basso said:
“We are grateful to Minister McGrath and the Irish Government for today’s decision. As Ukraine’s largest international institutional investor, the EBRD maintains its unwavering support for Ukraine and continues to help the country to both reconstruct vital infrastructure and support its real economy. We are all acutely aware of the challenges of maintaining that support, but the Bank has shown itself a very dependable partner over many years, deploying record volumes of investment, pursuing tough but important policy reforms and collaborating closely with our international partners.”
