Federal Council wants 96 million francs for Ukraine reconstruction
Published: Friday, Sep 13th 2024, 12:30
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The Federal Council has requested a loan of CHF 96.11 million from Parliament for the reconstruction of Ukraine. Switzerland is to use this money to participate in a capital increase by the European Bank for Reconstruction and Development (EBRD).
At its meeting, the Federal Council adopted the corresponding message, as it announced on Friday. The member states of the bank had decided on a capital increase of four billion euros. Thanks to the EBRD's business model, this additional capital will generate loans of around 24 billion euros for Ukraine by 2032.
The war in Ukraine is causing a high death toll and immense destruction, as the Federal Council went on to write. The money will be used to make significant climate investments in cooperation with the private sector as part of the reconstruction process and to reform the business environment. Switzerland's participation underlines its role as a "credible and reliable partner".
The Federal Council has also requested an amendment to the EBRD's founding agreement so that the bank can gradually expand its activities to sub-Saharan Africa and Iraq. The EBRD was founded in 1991 to support the development of the market economy in Central and Eastern Europe. Switzerland is a founding member.
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