The funds are earmarked for supporting a direct aid mechanism designed to compensate victims of the conflict and terrorist attacks perpetrated by the Russian Federation. The primary beneficiaries of this scheme will be combatants, disabled individuals, and large families who have lost their homes due to the hostilities.
The Ukrainian housing sector, bearing nearly $50 billion in losses, stands as one of the most severely impacted domains of the ongoing war. The NOME project aims to distribute over 2,000 housing certificates, potentially benefiting around 5,700 Ukrainians by providing them with means to acquire new housing. This nationwide project underscores the concerted effort to mitigate the war's devastating impacts on civilian lives and infrastructure.
The execution of the HOME project will adhere strictly to current Ukrainian legislation, enabling citizens to apply for and receive certificates compensating for their damaged properties. These applications will undergo automated verification before being reviewed and approved by a special State Compensation Commission. The Diya mobile application will offer transparency and updates on the application process for users.
The Role of the Development Bank of the Council of Europe in Supporting Ukraine
Ukraine's formal accession as the 43rd member country of the Development Bank of the Council of Europe in June 2023 marked a significant milestone in the nation's recovery efforts. In November 2023, the BDEB approved its inaugural credit operation in Ukraine post-accession—a €100 million loan to the Ministry of Health for reconstructing war-damaged health sector infrastructure.
Established in 1956, the Paris-based Council of Europe Development Bank initially focused on financing the resettlement of refugees and displaced persons after World War II. Today, with assets totaling €30 billion, it finances social investments, including educational institutions, healthcare facilities, and public housing, across its member states.
This recent financial aid reflects the international community's commitment, through institutions like the BDEB, to support Ukraine's resilience and rebuilding efforts amidst and in the aftermath of the conflict.
