€840 Mln From the EIB for the Restoration of Ukraine

by Meifan Honcharuk
Thursday, June 22, 2023
€840 Mln From the EIB for the Restoration of Ukraine

Ukraine-EIB Memorandum of Understanding, access to the "EU for Ukraine Fund", €100 for consulting and lending from EFSD+

On June 21, on the Ukraine Recovery platform, minister of Infrastructure Oleksandr Kubrakov and president of the European Investment Bank Dr Werner Heuer signed a Memorandum of Understanding, according to which projects for the reconstruction of Ukraine's infrastructure will be financed for €840 million.

"Since the beginning of the full-scale invasion of the Russian Federation, the European Investment Bank has allocated €1.7 billion of emergency aid 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," Oleksandr Kubrakov.

"Ukraine's recovery is vital and the Memorandum of Understanding we signed together today will support the country's critical infrastructure. We have rebuilt before, we will build back again," Werner Heuer.

"No political process has been so powerful in Europe like the enlargement that took place two decades ago. It provided guidance and incentives, and brought wealth and competitiveness for the entire EU. Ukraine is heading towards the same avenue." 

What projects will be involved: restoration of urban infrastructure (schools, hospitals, roads, water supply, etc.), transport infrastructure (roads, bridges, public transport), implementation of energy-efficient solutions in municipal buildings.

According to the memorandum, emergency projects for the recovery of Ukraine will also be sponsored partly by the EIB trust fund EU for Ukraine Fund. Ukraine also received credit guarantees from the European Fund for Sustainable Development Plus.

Separately, the EIB has prepared for Ukraine an option for consulting on technical issues in the amount of ≈ €100 million.

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