The European Bank for Reconstruction and Development is planning a raft of new investments in Ukraine to underpin the country's democratic transformation under President Viktor Yushchenko

The European Bank for Reconstruction and Development is planning a raft of new investments in Ukraine to underpin the country's democratic transformation under President Viktor Yushchenko. In an interview Wednesday, Jean Lemierre, the bank's president, said that the newly elected Ukrainian leader had one year to carry out tough changes ahead of parliamentary elections next March. "It's very important to convey a message of economic change in Ukraine for domestic Ukrainians and foreign investors," Lemierre said during a trip to France. The EBRD, which is the biggest investor in Ukraine, is working with Kiev on privatizing the country's telecommunications monopoly, Ukrtelecom, and parts of its banking sector. "These sectors have to go private quickly," said Lemierre, who discussed the plans with Yushchenko over dinner two weeks ago. In a month, the bank will also unveil a series of new loans for small businesses and infrastructure projects in eastern Ukraine, where many voted against Yushchenko in presidential elections in December. Lemierre said that two or three loans worth between $40 million to $50 million would be provided to local government agencies for projects such as improving drinking water.