EIB to allocate EUR 2B for recovery projects under Ukraine Facility

That’s according to the Finance Ministry, Ukrinform reports.

The meeting was attended by Deputy Minister of Finance of Ukraine Olga Zykova, Head of Unit, Directorate General for Neighbourhood and Enlargement and Eastern Neighborhood of the European Commission Elena Visnar Malinovska and Head of the EIB Regional HUB for Eastern Europe Kristina Mikulova. Zykova emphasized the important role of the EIB in implementing projects under Pillar 2 of the Ukraine Facility, for which the Bank plans to allocate EUR 2 billion. The funds will be directed to modernization of key export routes and railway lines; increasing the production of hydropower and energy from renewable sources; strengthening the national power grid; restoring Ukraine’s healthcare facilities.

For 2024-2027, the Ukraine Facility provides EUR 9.3 billion for the implementation of investment projects (EUR 7.8 billion in guarantees and EUR 1.5 billion in grants).

It is noted that in addition to direct investment, the EIB is ready to provide significant advisory support to Ukraine through JASPERS (Joint Assistance to Support Projects in European Regions) in Ukraine. The EU’s JASPERS program supports the Government of Ukraine in preparing critical investments and strategies, as well as building capacity in priority areas of the economy.

The EIB will also advise on the implementation of the Roadmap for Public Investment Management reform, as well as the project selection methodology.

As Ukrinform reported, on February 10, as part of the visit of EIB President President Nadia Calviño to Kyiv, Ukraine and the European Investment Bank signed agreements providing for the allocation of €16.5 million from the EIB to restore critical infrastructure and implement energy efficiency projects, as well as €100 million to restore water, heat, and sewage facilities.

Photo credit: Finance Ministry