March 30, 2015 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today tabled a report on Canada’s activities at the European Bank for Reconstruction and Development (EBRD) in 2014. Minister Oliver applauded the EBRD’s enhanced support in 2014 for Ukraine, a country that has been illegally victimized at the hands of its neighbour. He also noted Canada’s leadership in using the EBRD as one means of diplomatically and economically isolating Russia in the wake of its illegal occupation of Ukraine.
Finance Minister Joe Oliver
– The EBRD fosters transition to market economies and promotes private and entrepreneurial initiatives in countries from Central and Eastern Europe to Central Asia and the Southern and Eastern Mediterranean.
– Canada is a founding member and the eighth largest shareholder of the EBRD.
– Canada was the first shareholder on the EBRD Board of Directors to oppose all new projects benefiting Russia, and joined its Group of Seven (G-7) partners in taking this principled stand.
– Lending commitments to Russia at the EBRD decreased by over 66% in 2014—down to 7% of total EBRD investment in 2014, from 21% of total investment in 2013.
– In 2014, EBRD assistance to Ukraine totalled more than 1.2 billion euros—up from 798 million euros in 2013.
“I am pleased to present Parliament and Canadians with this annual report on Canada’s work with the EBRD. Through the EBRD, Canada promotes sound governance and economic growth in key regions of Europe. We are also proud to have played a role in ensuring that Russia does not benefit from the EBRD’s good work by opposing new Russian projects through the EBRD. Despite widespread condemnation, Russia refuses to end its illegal occupation of Ukraine. Canada unequivocally condemns Russia’s blatant violations of Ukrainian sovereignty.”
– Joe Oliver, Minister of Finance