Council of States approves CHF 96 million for Ukraine reconstruction
Published: Tuesday, Dec 3rd 2024, 12:30
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The Council of States has agreed to a loan of CHF 96.11 million for the reconstruction of Ukraine. It wants Switzerland to be able to use this money to participate in a capital increase by the European Bank for Reconstruction and Development.
The small chamber approved the corresponding federal decree on Tuesday by 36 votes to 2 with 3 abstentions. The National Council must now deal with the matter.
The background to the bill is that the member states of the bank have decided to increase its capital by four billion euros. According to the Federal Council, this additional capital will generate loans of around 24 billion euros for Ukraine by 2032.
The state government wrote in September that the money was to be used to invest in climate protection in cooperation with the private sector, among other things. The business environment was also to be reformed.
Giving a perspective
Every new euro of capital generates six euros in loans for Ukraine, explained Council of States member Franziska Roth (SP/SO) on behalf of the preliminary consultation committee. The capital increase also gives the Swiss private sector the opportunity to participate in tenders for projects financed by the European Bank for Reconstruction and Development (EBRD).
It is also about creating prospects for people from Ukraine who have fled to Switzerland, explained Economics Minister Guy Parmelin.
The Council of States also narrowly approved an amendment to the EBRD's founding agreement by 21 votes to 19 with one abstention. This should allow the bank to gradually expand its activities to sub-Saharan Africa and Iraq.
Beat Rieder (center/VS) opposed this point without success. He argued that Switzerland was already involved in the African Development Bank and that the EBRD was not needed in sub-Saharan Africa. Rieder raised the question of whether it was not rather a question of extending Europe's influence. With regard to Iraq, he expressed the suspicion that what was really at stake was access to oil and gas.
It was about stability in Iraq, Parmelin countered. This was also in Switzerland's interests. Moreover, it was merely a supplement. The bank is already active in Lebanon, Jordan and Turkey.
The EBRD was founded in 1991 to support the development of a market economy in Central and Eastern Europe after the end of communist rule. Switzerland is a founding member.
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