EIB to allocate EUR 840M for Ukraine’s recovery

This was announced by Ukrainian Deputy Prime Minister for Reconstruction - Minister for Communities, Territories and Infrastructure Development Oleksandr Kubrakov, Ukrinform reports with reference to the ministry's press service on Facebook.

“Since the Russian Federation’s full-scale invasion, the European Investment Bank has allocated EUR 1.7 billion in emergency aid to Ukraine. These funds were directed to the needs of the state budget and support the Ukrainian economy. Today, we are expanding our cooperation in the reconstruction of Ukraine. We will work together on a number of projects aimed at restoring municipal and transport infrastructure, improving energy efficiency," Kubrakov said.

He stressed that EUR 840 million provided for in the document will be directed to the preparations, assessment, financing and implementation of recovery projects. The projects relate to municipal infrastructure; public buildings energy efficiency; water supply and drainage infrastructure; transport networks and urban public transport.

In addition, the memorandum provides for cooperation between Ukraine and the EIB on the use of a special EIB’s EU for Ukraine Fund; loans for projects in Ukraine with the support of guarantees from the European Fund for Sustainable Development Plus (EFSD+); implementation and application of a technical and consulting assistance package worth about EUR 100 million. The EIB will also finance the development of digital transformation and strengthening of cyber security.

As reported, the European Investment Bank is one of the largest creditors of Ukraine. Today, the portfolio of projects implemented by the EIB with the Ukrainian state, utility and business sectors totals more than EUR 7 billion.