Tokyo/Rome, 12 May 2023 - Issued today, on the occation of the G7 DFI Alliance (G7 Development Finance Institutions Alliance) meeting with the European Bank for Reconstruction and Development (EBRD) in Tokyo, the Joint Statement concerns the launch of a Ukraine Investment Platform – a co-investment platform to assist post-war reconstruction in Ukraine and the countries affected by the conflict.
Through the Ukraine Investment Platform, the G7 DFI Alliance aims to promote co-financing and co-investment activities to support the private sector in post-war reconstruction efforts in the area as well as wider collaboration between the Development Finance Institutions Alliance and the EBRD in favour of investments meeting high standards in terms of financial transparency, sustainability and impact assessment.
This meeting took place in conjunction with that of the G7 Finance Ministers and Central Bank Governors, in advance of the G7 summit in Hiroshima scheduled from 19 to 21 May 2023, the seventh under Japanese presidency.
Please find below the joint statement
May 12, 2023
Joint Statement on Establishment of the Ukraine Investment Platform
The development finance institutions (DFIs) of the G7 countries JBIC (Japan), JICA (Japan), CDP (Italy), FinDev Canada (Canada), Proparco (France), DFC (US), BII (UK), DEG (Germany) and the European Bank for Reconstruction and Development (EBRD) held discussions and agreed to the establishment of the Ukraine Investment Platform.
The G7 Leaders' Statement in February 2023 confirmed the G7 is committed to continued humanitarian assistance, assistance to support the energy sector as well as assistance to help maintain Ukraine’s economic and financial stability. The needs of Ukraine in a period of reconstruction are vast and beyond the scope of any single institution. As a result, careful coordination is needed between Ukraine’s partners to maximize effectiveness, create synergies and increase impact.
Based on the G7 Leaders' Statement on assistance to Ukraine, the G7’s DFIs and the EBRD have held discussions on how they can work together to contribute to the reconstruction of Ukraine. It is understood that not all DFIs have a mandate to operate in Ukraine. Nevertheless, the G7 DFIs are aligned on the importance of action being taken to support reconstruction. Once established, the G7’s DFIs and the EBRD are aiming to expand this platform to other institutions investing in Ukraine in the future. The European Development Finance Institutions (EDFI) have been invited to this process and, along with the G7 DFIs, welcome and support this initiative.
The Ukraine Investment Platform will aim to strengthen cooperation and promote information exchange and co-financing among participating institutions for the reconstruction assistance of Ukraine with a mainly private sector focus. It will also consider the needs of neighbouring countries affected by the war and seek to provide support. The Platform will be coordinated with and advance identified needs under the G7 Multi-Agency Donor Coordination Platform for Ukraine.
The G7’s DFIs and the EBRD, in close consultation with respective governments, will promote measures to address the lack of financial capacity, especially in the private sector. The G7’s DFIs and the EBRD aim to contribute to the recovery of the economy, industry and infrastructure and the reconstruction of people’s lives in Ukraine as well as stability in the international community. The EBRD, as the largest institutional investor in Ukraine, has the skills, relationships and operational experience that positions the EBRD in a distinct and important role in the country. The G7’s DFIs and the EBRD have worked hand in hand to enable the real economy to grow, support reforms and invest in the private sector nationally and locally.