Ukraine to receive €100 million from Council of Europe Development Bank: Funds allocation
Photo: Council of Europe Development Bank (europawire.eu)
The Administrative Board of the Council of Europe's Development Bank (EBRD) has approved a new project "HOME. Compensation for destroyed property", which provides for a EUR 100 million loan to Ukraine, according to the Ukrainian Ministry of Finance.
According to the press service, the funds raised will be used to support the direct assistance mechanism, through which the final beneficiaries, including combatants, the disabled, and large families, will receive compensation for housing destroyed as a result of hostilities and terrorist attacks by the Russian Federation in the form of certificates for the purchase of housing.
The housing sector remains one of the most affected by the war, with total losses estimated at nearly $50 billion.
The project provides compensation for more than 2,000 housing certificates, which will allow about 5,700 Ukrainians to receive compensation for destroyed housing. The project will be implemented throughout Ukraine.
The HOME project will be implemented within the framework of the current legislation, in particular. This will allow citizens to submit requests and receive the relevant certificates for compensation for damaged property. After automated verification, the application for a certificate will be processed and approved by a special State Compensation Commission. The entire course of the application will be available in the Diia mobile application.
Council of Europe Development Bank
In June 2023, Ukraine completed the accession process and became the 43rd member state of the Council of Europe Development Bank.
In November 2023, the Council of Europe Development Bank (EBRD) approved a EUR 100 million loan to the Ministry of Health of Ukraine to finance the restoration of the healthcare infrastructure destroyed by the war. This is the bank's first lending operation in Ukraine since the country's accession in June 2023.
The Council of Europe Development Bank, headquartered in Paris, was founded in 1956 to finance the resettlement of refugees and displaced persons after World War II.
With assets of 30 billion euros, it lends to member governments to finance social investments such as schools, hospitals, and public housing.
Earlier, the governments of the Council of Europe's shareholders agreed to increase its capital to help Ukraine.
