EIB provides €1.7B in aid to Ukraine since full-scale war - Kubrakov

EIB provides €1.7B in aid to Ukraine since full-scale war - Kubrakov

Since the beginning of the full-scale invasion, the European Investment Bank has provided Ukraine with €1.7 billion in financial assistance, which was primarily aimed at emergency repairs of the destroyed infrastructure.

This was stated by Deputy Prime Minister for Restoration - Minister for Communities, Territories and Infrastructure Development of Ukraine Oleksandr Kubrakov, Ukrinform reports citing the Ministry for Communities, Territories and Infrastructure Development of Ukraine.

He noted that in 2023, the Ministry of Infrastructure significantly expanded its cooperation with the EIB.

Read also: EIB’s EU for Ukraine Fund finances its first project worth EUR 25M

"To overcome the consequences of the hostilities at the end of last year, part of the EIB's loan funds were redirected to support the financing of priority expenditures of the State Budget of Ukraine. They were used to prepare housing and communal services for the heating season, restore and modernize infrastructure damaged by the hostilities," Kubrakov said.

According to the deputy prime minister, in 2024, the ministry hopes to scale up joint projects, including rebuilding as many communities as possible, helping them to implement the best European practices in this process.

The EIB is implementing a large number of projects with the ministry in social and municipal infrastructure reconstruction, energy efficiency, and transport infrastructure. In addition, the EIB has a number of projects with the Restoration Agency aimed at financing road projects. There are also joint projects with Ukrzaliznytsia and Ukrposhta. They are aimed at modernizing the Ukrainian railway and postal logistics infrastructure, respectively.

Read also: Zelensky meets with EIB delegation

In November 2023, the EIB opened a regional hub in Kyiv. It was created to strengthen support for Ukraine, in close cooperation with the EIB's offices in Moldova and Georgia. The regional hub was established as part of the EU for Ukraine Fund initiated by the EIB.

As Ukrinform reported, in December 2023, Ukrhydroenergo received a tranche of €133 million from the EIB. The funds will be used to reconstruct 21 hydroelectric units at stations in the Dnipro River basin, namely: Kyiv PSH, Kaniv HPP, Kremenchuk HPP, Seredniodniprovska HPP, Dniprovska HPP-1, and Dniprovska HPP-2.

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