The European Bank for Reconstruction and Development (EBRD) is opening a new regional office in Ukraine’s southern city of Odessa with the support of the European Union’s EU4Business Initiative.
Odessa will be the EBRD’s fourth office in Ukraine, joining the bank’s other offices in Kiev, Lviv and Kharkiv. Odessa is Ukraine’s naval gateway on the shores of the Black Sea and one of its most important industrial centres.
The new office will serve as a hub for the southern regions of Ukraine, where the bank will be able to work more closely with local clients and offer expert advice to small and medium-sized enterprises.
EBRD managing director for Eastern Europe and the Caucasus, Francis Malige, said: “The opening of our fourth branch after Kiev, Lviv and Kharkiv sends a strong message to the market as well as to domestic and foreign investors. Our commitment to Ukraine is also expressed in the provision of additional financial and human resources for the support of grass roots businesses. We are confident that our new office will contribute to the development of small businesses in the Odessa region and across the south of Ukraine.”
The bank and the European Union signed an agreement in May last year to support local businesses and create a network of 15 business support centres across the country. This latest development is an extension of that initiative as the EU hopes to increase local businesses’ awareness of the opportunities offered by the EU4Business Initiative.
Ambassador Hugues Mingarelli, head of the EU delegation to Ukraine, said: “We are coming closer to businesses in the regions. Opening a regional EBRD office in a business hub like Odessa is a logical choice and we are pleased to support this through the EU4Business initiative. The EBRD is our strategic partner, which will support the Ukrainian SMEs by providing them with expert advice on how to access the EU market as well as lending directly to them to meet for their growth needs. I am confident that soon we will also be able to enjoy very concrete results of this cooperation in southern Ukraine.”
The EBRD claims to be the largest international financial investor in Ukraine. The bank has made a cumulative commitment of almost €12.2 billion through 377 projects since the start of its operations in the country in 1993.