EBRD ready to invest heavily in Ukraine

The European Bank for Reconstruction and Development (EBRD) was ready to provide 5 billion euros (6.9 billion U.S. dollars) within the next six years to support structural and macroeconomic reforms in Ukraine, the bank said Wednesday. The EBRD could increase its funding if economic circumstances permitted, it said in a statement. The bank said it would coordinate efforts with the Ukrainian authorities to stabilize the country's macro-economic situation and improve the investment climate. Earlier in the day, the European Union (EU) said it stood ready to provide 11 billion euros (15 billion dollars) in financial support to Kiev in coordination with the EBRD and the European Investment Bank. The EBRD is the largest financier in Ukraine, investing 1.125 billion dollars in the former Soviet economy, in 2013, down 12.2 percent year on year.