SAMARKAND, Uzbekistan (Reuters) – The European Bank for Reconstruction and Development pledged further support for war-torn Ukraine as shareholders consider a proposal to boost EBRD capital by 3 billion-5 billion euros.

The emerging markets lender has already earmarked 3 billion euros for Ukraine – which is fighting off a Russian invasion – to be invested in 2022-23, and EBRD President Odile Renaud-Basso told its annual meeting assistance would continue.

“Increasing paid-in capital will give us the means to sustain such level of investment and step up our investment (in Ukraine),” she told a briefing in the Uzbek city of Samarkand

The bank’s statement said a detailed proposal on a paid-in capital increase will be prepared by the end of this year. It added that shareholders had approved plans to expand operations to sub-Saharan Africa and Iraq.

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