The European Bank for Reconstruction and Development has said that Ukraine will not face a default and therefore it is going to invest close to 1.2 billion dollars in the country this year, the director of the EBRD in Ukraine, Andre Kuusvek, has said.

He said that there was no risk of economic default of Ukraine and the EBRD believed in Ukraine’s future. “We are the biggest institutional investor in the country. Last year we invested 1.2 billion dollars and keep the same target for this year, maybe a bit more,” he said.

Kuusvek said that Ukraine is not the only country hit by the crisis. The GDP decrease forecast for Estonia, Latvia and Lithuania varies from 8.5% to 12% which is similar to Ukraine.

April 14, 2009
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