As indicated in the draft resolution, due to the war launched by Russia in Ukraine, the mandate of the ETVB has become particularly important, and the volumes of loans have also increased, given the demand observed in the Member States of the ETVB.
“Discussions regarding Ukraine’s membership in the ETVB took place in parallel. In April 2022, the Board of Governors of the ETVB unanimously approved Ukraine’s intention to join the ETVB: Considering the extremely difficult financial and economic situation of the country and the conditions Ukraine is facing due to the ongoing war, Member States supported the proposal for Ukraine to apply the principle of membership free of charge to the ETUC (the membership fee for Ukraine will be covered by the transfer of funds from the general reserves of the ETUC).
By increasing the capital, ETVB will be able to contribute more not only to the current needs of member states, but also to the reconstruction of Ukraine, which will become a member of ETVB in the near future, especially in the social field,” reads the document.
After the increase, the capital of Lithuanian-owned ETVB will amount to 22.356 million. euros, i.e. 0.229%. of the bank’s total capital.
ETVB is a unique international financial institution in Europe with an exclusively social mandate and finances projects for social integration, improvement of living conditions, development of public infrastructure, job creation, development of human resources, environmental protection, cultural and historical heritage protection and other fields.
Source: The Delfi
