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How war in Ukraine gave birth to a new kind of reconstruction finance

Firefighters putting out a blaze caused by a Russian strike. Photo by Lviv Oblast Military Administration

Every month since Russia's full-scale invasion, European Bank for Reconstruction and Development (EBRD) officials have sat down with their Ukrainian partner banks to ask the same question: where are the gaps?

Those routine questions have become an unlikely source of financial innovation. As Ukrainian banks identify problems that existing financial products can't solve, the EBRD has begun developing new wartime lending tools to fill them.

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