EIB to allocate EUR 840 million to restore Ukraine's infrastructure

The European Investment Bank will allocate EUR 840 million ($916.9 million) in 2023 to help restore Ukraine’s infrastructure, said Oleksandr Kubrakov, Ukraine's Vice Prime Minister for Recovery, on June 21.

The minister signed a memorandum of cooperation for projects aimed at restoring Ukraine with the President of the European Investment Bank (EIB) Werner Hoyer, during the Ukraine Reform Conference held in London, UK, on June 21-22.

The funds specified in the memorandum will be used for the preparation, assessment, financing, and implementation of projects related to the restoration of municipal infrastructure, such as schools, hospitals, and other public buildings with a focus on energy efficiency.

Read also: European Parliament calls for NATO to invite Ukraine to join alliance

The funds will also support the restoration of water supply and drainage infrastructure, as well as transport networks and public transportation. The EIB will also provide funding for the development of digital technology and to strengthen Ukraine’s cybersecurity.

Furthermore, the memorandum outlines cooperation between Ukraine and the EIB in utilizing a special trust fund, the EU for Ukraine Fund, and lending to projects in Ukraine with the support of guarantees from the European Fund for Sustainable Development Plus.

Read also: European Parliament recognized the demolition of the Kakhovska dam as a Russian war crime

The Ministry of Reconstruction and the EIB will continue their collaboration on the implementation and utilization of a package of technical and consulting assistance for Ukraine, valued at approximately EUR 100 million, the memorandum reads.

The EIB is one of the largest lenders to Ukraine. Currently, the EIB has a portfolio of projects in partnership with the Ukrainian state, communal sectors, and business sectors, totaling over EUR 7 billion ($7.6 billion).

Since the start of Russia's full-scale invasion of the country, the EIB has provided EUR 1.7 billion ($1.85 billion) in emergency aid to Ukraine.

Read also:

• Ten European allies promise $111 million to help Ukraine protect civilians, infrastructure, and frontline pers

• Russian suicide drone hits infrastructure facility in Kirovohrad Oblast during night attack

• Minister Kubrakov presents infrastructure projects at G7 summit in Japan

We’re bringing the voice of Ukraine to the world. Support us with a one-time donation, or become a Patron!

Read the original article on The New Voice of Ukraine