European Investment Bank to allocate €840 million for Ukraine's recovery

Ukrainska Pravda
·2 min read
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Ukraine and the European Investment Bank have signed a memorandum on cooperation in Ukraine's recovery projects, which provides for the allocation of €840 million for the implementation of priority projects for the restoration of Ukraine's infrastructure in 2023.

Source: This was reported by the Ministry for Communities, Territories and Infrastructure Development of Ukraine on Facebook.

Details: The document was signed by Oleksandr Kubrakov, Deputy Prime Minister for the Restoration of Ukraine, and Werner Hoyer, President of European Investment Bank, on the sidelines of the Ukraine Recovery Conference 2023 in London.

Quote: "Since the beginning of the full-scale invasion of the Russian Federation, the European Investment Bank has allocated €1.7 billion of emergency assistance to Ukraine. This money was directed to the needs of the state budget and supported the Ukrainian economy. Today we are expanding our cooperation in the restoration of Ukraine.

We will work together on a number of projects aimed at restoring municipal and transport infrastructure, improving energy efficiency, etc. We appreciate the support that the Bank has already provided to the Ukrainians, and we thank EIB President Werner Hoyer for his cooperation and the critical important role of the Bank for the stability of Ukraine in the conditions of war," Kubrakov said.

Thus, €840 million provided for by the memorandum will be used for the preparation, evaluation, financing and implementation of restoration projects, including those in:

  • municipal infrastructure (schools, hospitals, etc.);

  • public buildings (taking into account energy efficiency);

  • water supply and drainage infrastructure;

  • transport networks and urban public transport.

The EIB will also finance the development of digital transformation and strengthening cybersecurity.

In addition, the memorandum provides for cooperation between Ukraine and the EIB regarding:

  • the use of the EU for Ukraine Fund, a special trust fund from the EIB;

  • lending funds to projects in Ukraine with the support of the guarantees of the European Fund for Sustainable Development Plus (EFSD +).

"The Ministry of Reconstruction and the EIB will also work on the implementation and application of a package of technical and advisory assistance for Ukraine worth about €100 million.

The European Investment Bank is one of Ukraine's largest creditors. Today, the portfolio of projects implemented by the EIB with the Ukrainian state, municipal sectors and business exceeds €7 billion," the ministry added.

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