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EIB to provide €840 million for Ukraine's recovery

EIB to provide €840 million for Ukraine's recovery The EIB will provide 840 million euros in loans to Ukraine (Vitaliy Nosach, RBC-Ukraine)
Author: Maria Kholina

According to the press service of the Ministry of Community Development, Territories, and Infrastructure of Ukraine, the European Investment Bank (EIB) will provide €840 million for the implementation of priority infrastructure recovery projects in Ukraine.

The memorandum of understanding was signed by Vice Prime Minister for Ukraine's Recovery, Oleksandr Kubrakov, and EIB President Werner Hoyer during the Ukraine Recovery Conference in London.

The €840 million outlined in the memorandum will be directed towards the preparation, assessment, financing, and implementation of the following recovery projects:

  • Municipal infrastructure, including schools and hospitals;
  • Public buildings with a focus on energy efficiency;
  • Water supply and wastewater infrastructure;
  • Transport networks and urban public transport.

Additionally, the EIB will finance the development of digital transformation and enhance cybersecurity measures.

The memorandum entails cooperation between Ukraine and the EIB regarding:

  • Utilization of the EU for Ukraine Fund, a special trust fund by the EIB;
  • Financing projects in Ukraine supported by the guarantees of the European Fund for Sustainable Development Plus (EFSD+).

The Ministry of Recovery and the EIB will also collaborate on the implementation and application of a technical and advisory assistance package for Ukraine worth approximately €100 million.

Since the start of Russia's full-scale invasion, the European Investment Bank has already provided Ukraine with €1.7 billion in emergency aid.

London conference

As reported by RBC-Ukraine, a conference dedicated to Ukraine's recovery is currently taking place in London. It involves over a thousand representatives from 61 countries, including officials, representatives of non-governmental organizations, and hundreds of business leaders and entrepreneurs.

US Secretary of State Antony Blinken announced during the Ukraine Recovery Conference in London that the United States will provide an additional $1.3 billion in assistance for Ukraine's recovery following the Russian invasion.

British Prime Minister Rishi Sunak announced financial assistance of $3 billion for Ukraine over the next three years.

Furthermore, Sunak unveiled a military risk insurance scheme aimed at expediting Ukraine's recovery efforts.