The European Investment Bank (EIB) and Ukraine signed a new memorandum of understanding this Friday to speed up the flow of 560 million euros for reconstruction projects in the Russian-occupied country.
The Memorandum of Understanding sets priorities and strengthens cooperation between the EIB and Kiev to accelerate local investment, with €560 million available for projects underway this year that need to be implemented quickly to ensure Ukraine has access to €500 million in EIB loans . and €60 million in EU grants in 2024.
In addition to supporting public sectors such as housing, municipal services, energy and transport infrastructure, efforts will also focus on strengthening the EIB’s support to the private sector and improving its advisory services.
The agreement also provides for the allocation of at least two billion euros from the Ukraine Fund, which the EIB is ready to invest in critical public sector projects such as the reconstruction of residential and public buildings, municipal infrastructure, energy, roads and railways, health and civil protection.
These projects include upgrading key export routes and railway lines, increasing hydroelectricity and renewable energy production, and strengthening Ukraine’s national electricity grid and health services.
This cooperation between the EIB and Ukraine, planned for the coming years, will be financed through the European Union (EU) Ukraine mechanism for a total of €50 billion, and €100 million will be allocated by the EIB for consulting.
The EIB, the EU’s financial arm, has been present in Ukraine since 2007 and, following the Russian invasion on February 24, 2022, increased its support to the country, committing two billion euros to emergency repairs to the country’s infrastructure. and signed a portfolio of projects totaling €7.3 billion.
Author: Lusa
Source: CM Jornal
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