The Diplomat
The First Vice President of the Government, Nadia Calviño, signed yesterday an agreement with the European Bank for Reconstruction and Development (EBRD) by which Spain will provide guarantees for 100 million euros to help municipalities and strengthen food security in Ukraine.
The agreement was formalized during a meeting with the president of the EBRD, Odile Renaud-Basso, in the margins of the spring meetings of the International Monetary Fund, the World Bank and the G20, which are being held this week in Washington and in which Calviño is participating in her capacity as president of the International Monetary and Financial Committee (IMFC), the governing body of IMF policies.
This agreement, according to the Government, will help accelerate investments that boost agricultural production and protect the agricultural value chain in Ukraine and other affected countries, addressing the risk of food crisis and ensuring the maintenance of staple food supply.
In addition, the agreement will facilitate the provision of emergency liquidity to municipalities with the greatest budgetary difficulties and the uninterrupted supply of essential services, such as heating, water, sewage, solid waste and public transportation. This support will help preserve livelihoods and essential public services for Ukrainian citizens.
Spain has provided financial assistance to Ukraine through various instruments such as the World Bank, the European Union and, thanks to this agreement, the EBRD. Spain’s contribution to the European Peace Facility, an instrument of the European Commission, amounts to 320 million euros.
For its part, the European Bank for Reconstruction and Development has committed €3 billion in financing over the period 2022-2023 with international donors to help sustain Ukrainian businesses and the Ukrainian economy. The bank has operated in Ukraine for three decades and is the country’s largest institutional investor.
