OREANDA-NEWS. January 31, 2007. The European Bank for Reconstruction and Development (EBRD) became the biggest finance investor into Ukraine's economy in 2007, the bank told.

The aggregate annual investments amounted to USD 1 bn, as was projected at the start of the year. The bank's contracts with Ukraine also hit a record of 32. The funds allocated under syndicated loans tripled, as compared to 2006, hitting EUR 321 M vis-a-vis the record of EUR 500 M. The number of the bank's Kyiv-based staff increased by 30 percent, and a new regional office was opened in Dnipropetrovsk.

The bank approved two policy documents to further its activities in Ukraine, namely the Strategy for Ukraine, signed in October, and the Program of Cooperation between the EBRD and Ukraine in the Public Sector, signed in June.

A number of specific project contracts were also concluded, including a EUR 100 M loan for the communal "Kyiv Subway" and "Kyivpastrans" (bus and trolleybus) enterprises. The program stipulating provision of USD 100 M in loans for the gasoline station network "OKKO" run y OJSC "Halnaftogaz" has been implemented.

Furthermore, the EBRD granted a USD 50 M credit to Ukreximbank as part of its EUR 100 M program of cooperation with finance institutions in the domain of energy efficiency and renewable energy.

The bank also granted a USD 100 M syndicated loan to Kreditprombank.

As of early January the EBRD's overall investment commitments with Ukraine totaled EUR 3,2 bn within 158 projects.