G7 development finance institutions to boost cooperation in helping Ukraine

Development finance institutions from the Group of Seven countries have agreed to step up cooperation in supporting Ukraine's reconstruction.

Representatives of the institutions issued a joint statement on Friday to announce they will launch the Ukraine Investment Platform.

The statement said, "the platform aims to collaborate to exchange information on assistance for the reconstruction of Ukraine and to provide financial support, mainly in the private sector."

The institutions will also consider providing support for Poland, Lithuania and other countries that have accepted evacuees from Ukraine to help alleviate the impact of higher fuel and food prices.

Separately, Japan plans to provide assistance worth one billion dollars to Ukraine's neighbors through the Japan Bank for International Cooperation.

JBIC Governor Hayashi Nobumitsu said Ukraine needs help as Russia's invasion has been destroying buildings and key infrastructure.

He also said he believes the establishment of the platform will be an important opportunity to show solidarity with Ukraine.