KIEV, October 6 (RIA Novosti) - The European Bank for Reconstruction and Development (EBRD) plans to invest one billion euros ($1.4 billion) in Ukraine's economy by the end of the year, the bank's director for Ukraine said on Monday.

"This year we plan to invest one billion euros from our own funds in Ukraine's economy," Andre Kuusvek said.

The official said that the bank has already invested some four billion euros in Ukraine with around $1 billion being spent on a record 32 transactions in 2007.

Early in the year the EBRD announced a grant of 135 million euros to support international efforts to clean up the territory of the Chernobyl nuclear power plant in Ukraine, the scene of the world's worst civilian nuclear power disaster in 1986.

The European Bank for Reconstruction and Development was set up to support the emerging private sector in former communist countries. The largest single investor in the region, using foreign direct investment and its own finances, the bank is owned by 61 countries.